Tower Research Capital LLC TRC Increases Position in Rowan Cos. (RDC)
Tower Research Capital LLC TRC boosted its stake in shares of Rowan Cos. (NYSE:RDC) by 91.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,666 shares of the company’s stock after buying an additional 3,658 shares during the period. Tower Research Capital LLC TRC’s holdings in Rowan Cos. were worth $135,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the stock. LS Investment Advisors LLC increased its stake 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 worth $134,000 after buying an additional 3,265 shares during the last quarter. Bank of Hawaii bought a new stake in shares of Rowan Cos. during the second quarter worth $179,000. Smith Asset Management Group LP bought a new stake in shares of Rowan Cos. during the second quarter worth $202,000. IBM Retirement Fund increased its stake 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 worth $224,000 after buying an additional 124 shares during the last quarter. Finally, Newgate Capital Management LLC increased its stake 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 worth $234,000 after buying an additional 3,196 shares during the last quarter.
Rowan Cos. (NYSE:RDC) opened at 14.99 on Monday. The stock has a 50 day moving average price of $13.53 and a 200 day moving average price of $15.93. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 8.37 and a beta of 1.53. Rowan Cos. has a 52 week low of $10.67 and a 52 week high of $21.83.
Rowan Cos. (NYSE:RDC) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.81 by $0.06. Rowan Cos. had a net margin of 10.24% and a return on equity of 9.22%. The firm earned $611.90 million during the quarter, compared to analysts’ expectations of $470.98 million. During the same period in the previous year, the business earned $0.68 earnings per share. The business’s revenue for the quarter was up 20.3% on a year-over-year basis. Equities research analysts expect that Rowan Cos. will post $1.67 EPS for the current year.
A number of equities research analysts recently weighed in on RDC shares. Jefferies Group reaffirmed a “buy” rating and set a $18.00 price objective (down previously from $21.00) on shares of Rowan Cos. in a research report on Thursday, August 4th. Evercore ISI reissued a “buy” rating on shares of Rowan Cos. in a report on Wednesday, June 29th. Johnson Rice raised Rowan Cos. from an “accumulate” rating to a “buy” rating in a report on Monday, June 13th. JPMorgan Chase & Co. set a $19.00 price target on Rowan Cos. and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Finally, FBR & Co reissued a “buy” rating on shares of Rowan Cos. in a report on Thursday, September 8th. Six equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and ten have given a buy rating to the company’s stock. Rowan Cos. presently has an average rating of “Hold” and an average price target of $17.26.
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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