Prudential Financial Inc. Acquires 32,523 Shares of Rowan Cos. (RDC)
Prudential Financial Inc. raised its position in shares of Rowan Cos. (NYSE:RDC) by 5.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 672,850 shares of the company’s stock after buying an additional 32,523 shares during the period. Prudential Financial Inc. owned 0.54% of Rowan Cos. worth $11,883,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. LS Investment Advisors LLC boosted its position in shares of Rowan Cos. by 75.6% in the second quarter. LS Investment Advisors LLC now owns 7,582 shares of the company’s stock valued at $134,000 after buying an additional 3,265 shares in the last quarter. Bank of Hawaii purchased a new position in shares of Rowan Cos. during the second quarter valued at about $179,000. Smith Asset Management Group LP purchased a new position in shares of Rowan Cos. during the second quarter valued at about $202,000. IBM Retirement Fund boosted its position in shares of Rowan Cos. by 1.0% in the second quarter. IBM Retirement Fund now owns 12,690 shares of the company’s stock valued at $224,000 after buying an additional 124 shares in the last quarter. Finally, Newgate Capital Management LLC boosted its position in shares of Rowan Cos. by 31.7% in the second quarter. Newgate Capital Management LLC now owns 13,273 shares of the company’s stock valued at $234,000 after buying an additional 3,196 shares in the last quarter.
Shares of Rowan Cos. (NYSE:RDC) traded down 4.09% on Monday, hitting $14.54. The company had a trading volume of 1,319,739 shares. Rowan Cos. has a 52 week low of $10.67 and a 52 week high of $21.83. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 8.12 and a beta of 1.53. The stock’s 50-day moving average is $13.39 and its 200 day moving average is $15.99.
Rowan Cos. (NYSE:RDC) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.81 by $0.06. The firm earned $611.90 million during the quarter, compared to analyst estimates of $470.98 million. Rowan Cos. had a return on equity of 9.22% and a net margin of 10.24%. The business’s revenue was up 20.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.68 earnings per share. Equities analysts expect that Rowan Cos. will post $1.67 EPS for the current year.
Several brokerages have recently issued reports on RDC. JPMorgan Chase & Co. set a $19.00 target price on shares of Rowan Cos. and gave the stock a “buy” rating in a report on Wednesday, August 3rd. FBR & Co restated a “buy” rating on shares of Rowan Cos. in a report on Monday, September 19th. Evercore ISI restated a “buy” rating and issued a $23.00 target price (up previously from $22.00) on shares of Rowan Cos. in a report on Thursday, July 7th. Jefferies Group restated a “buy” rating and issued a $18.00 target price on shares of Rowan Cos. in a report on Wednesday, August 17th. Finally, Credit Suisse Group AG set a $15.00 target price on shares of Rowan Cos. and gave the stock a “buy” rating in a report on Saturday, September 17th. Six research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the company. Rowan Cos. has a consensus rating of “Hold” and a consensus target price of $17.67.
Rowan Cos. Company Profile
Rowan Companies plc is a provider of offshore contract drilling services to the international oil and gas industry. The Company operates through two segments: deepwater and jack-ups. Its deepwater segment consists of drillship operations. Its fleet consists of approximately 30 mobile offshore drilling units, including self-elevating jack-up rigs and ultra-deepwater drillships.
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