UBS Asset Management Americas Inc. Acquires 6,041 Shares of Rowan Cos. (RDC)
UBS Asset Management Americas Inc. raised its stake in shares of Rowan Cos. (NYSE:RDC) by 6.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 102,805 shares of the company’s stock after buying an additional 6,041 shares during the period. UBS Asset Management Americas Inc. owned 0.08% of Rowan Cos. worth $1,815,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. LS Investment Advisors LLC raised its position in 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 during the last quarter. Bank of Hawaii purchased a new position in shares of Rowan Cos. during the second quarter worth $179,000. Smith Asset Management Group LP purchased a new position in shares of Rowan Cos. during the second quarter worth $202,000. IBM Retirement Fund raised 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 worth $224,000 after buying an additional 124 shares during the last quarter. Finally, Newgate Capital Management LLC raised 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 worth $234,000 after buying an additional 3,196 shares during the last quarter.
Shares of Rowan Cos. (NYSE:RDC) traded down 0.72% during trading on Tuesday, reaching $15.22. 364,661 shares of the company traded hands. Rowan Cos. has a 52 week low of $10.67 and a 52 week high of $21.83. The stock has a market capitalization of $1.91 billion, a PE ratio of 8.50 and a beta of 1.53. The firm has a 50 day moving average of $13.57 and a 200 day moving average of $15.93.
Rowan Cos. (NYSE:RDC) last announced its earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 company earned $611.90 million during the quarter, compared to analyst estimates of $470.98 million. During the same quarter last year, the business earned $0.68 EPS. The firm’s revenue for the quarter was up 20.3% compared to the same quarter last year. On average, equities analysts predict that Rowan Cos. will post $1.67 EPS for the current year.
A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. set a $19.00 price objective 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 price objective (up 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 price objective on shares of Rowan Cos. in a report on Wednesday, August 17th. Finally, Credit Suisse Group AG set a $15.00 price objective on shares of Rowan Cos. and gave the stock a “buy” rating in a report on Saturday, September 17th. Six analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $17.15.
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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