TIAA CREF Investment Management LLC Lowers Stake in HollyFrontier Corporation (HFC)
TIAA CREF Investment Management LLC reduced its position in shares of HollyFrontier Corporation (NYSE:HFC) by 12.8% during the third quarter, Holdings Channel reports. The institutional investor owned 464,869 shares of the company’s stock after selling 67,943 shares during the period. TIAA CREF Investment Management LLC’s holdings in HollyFrontier Corporation were worth $11,389,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of HFC. Assetmark Inc. raised its stake in shares of HollyFrontier Corporation by 5.6% in the third quarter. Assetmark Inc. now owns 5,021 shares of the company’s stock worth $123,000 after buying an additional 265 shares in the last quarter. Bellwether Investment Group LLC purchased a new stake in shares of HollyFrontier Corporation during the second quarter worth approximately $139,000. Van ECK Associates Corp raised its stake in shares of HollyFrontier Corporation by 8.9% in the second quarter. Van ECK Associates Corp now owns 8,065 shares of the company’s stock worth $192,000 after buying an additional 660 shares in the last quarter. GAM Holding AG raised its stake in shares of HollyFrontier Corporation by 70.2% in the second quarter. GAM Holding AG now owns 8,296 shares of the company’s stock worth $197,000 after buying an additional 3,421 shares in the last quarter. Finally, Trust Co raised its stake in shares of HollyFrontier Corporation by 7.0% in the second quarter. Trust Co now owns 8,590 shares of the company’s stock worth $204,000 after buying an additional 565 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.
HollyFrontier Corporation (NYSE:HFC) opened at 30.03 on Friday. HollyFrontier Corporation has a 1-year low of $22.07 and a 1-year high of $39.17. The company has a 50-day moving average price of $31.56 and a 200 day moving average price of $26.72. The firm’s market capitalization is $5.28 billion.
HollyFrontier Corporation (NYSE:HFC) last posted its quarterly earnings results on Thursday, November 3rd. The company reported $0.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.02. HollyFrontier Corporation had a positive return on equity of 3.30% and a negative net margin of 3.40%. The firm had revenue of $2.85 billion for the quarter, compared to the consensus estimate of $2.60 billion. During the same period in the previous year, the business earned $1.82 earnings per share. The company’s revenue for the quarter was down 20.6% compared to the same quarter last year. Analysts expect that HollyFrontier Corporation will post $0.66 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 16th. Investors of record on Monday, November 28th were paid a $0.33 dividend. The ex-dividend date was Wednesday, November 23rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.40%. HollyFrontier Corporation’s dividend payout ratio (DPR) is presently -65.02%.
A number of research analysts have issued reports on HFC shares. Barclays PLC reissued a “buy” rating and issued a $41.00 price target on shares of HollyFrontier Corporation in a report on Wednesday. TheStreet raised HollyFrontier Corporation from a “sell” rating to a “hold” rating in a report on Thursday, December 1st. Credit Suisse Group raised HollyFrontier Corporation from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $29.00 to $38.00 in a report on Monday, December 5th. Vetr raised HollyFrontier Corporation from a “strong sell” rating to a “sell” rating and set a $29.48 price target for the company in a report on Monday, December 5th. Finally, Scotiabank downgraded HollyFrontier Corporation from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $29.00 to $24.00 in a report on Friday, October 21st. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $31.97.
In related news, insider Michael Jennings sold 20,000 shares of HollyFrontier Corporation stock in a transaction that occurred on Monday, December 5th. The stock was sold at an average price of $30.05, for a total value of $601,000.00. Following the sale, the insider now directly owns 102,318 shares in the company, valued at $3,074,655.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James H. Lee sold 2,730 shares of HollyFrontier Corporation stock in a transaction that occurred on Tuesday, December 20th. The shares were sold at an average price of $31.72, for a total value of $86,595.60. Following the completion of the sale, the director now owns 54,199 shares in the company, valued at $1,719,192.28. The disclosure for this sale can be found here. 0.52% of the stock is owned by corporate insiders.
About HollyFrontier Corporation
HollyFrontier Corporation (HollyFrontier) is an independent petroleum refiner. The Company produces various refined products, such as gasoline, diesel fuel, jet fuel, specialty lubricant products, and specialty and modified asphalt. The Company operates through two segments: Refining and Holly Energy Partners, L.P.
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