Water Island Capital LLC Trims Holdings in Rent-A-Center Inc (RCII)
Water Island Capital LLC reduced its stake in Rent-A-Center Inc (NASDAQ:RCII) by 77.7% during the first quarter, Holdings Channel reports. The fund owned 204,610 shares of the company’s stock after selling 714,010 shares during the quarter. Water Island Capital LLC’s holdings in Rent-A-Center were worth $1,766,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Ellington Management Group LLC bought a new stake in shares of Rent-A-Center in the 4th quarter worth about $208,000. Arlington Value Capital LLC increased its holdings in shares of Rent-A-Center by 32.6% in the 4th quarter. Arlington Value Capital LLC now owns 4,070,422 shares of the company’s stock worth $45,181,000 after buying an additional 1,000,103 shares during the last quarter. Franklin Resources Inc. bought a new stake in shares of Rent-A-Center in the 4th quarter worth about $172,000. Two Sigma Investments LP increased its holdings in shares of Rent-A-Center by 367.2% in the 4th quarter. Two Sigma Investments LP now owns 84,316 shares of the company’s stock worth $936,000 after buying an additional 66,267 shares during the last quarter. Finally, Kennedy Capital Management Inc. bought a new stake in shares of Rent-A-Center in the 4th quarter worth about $2,775,000.
Rent-A-Center opened at $9.98 on Thursday, Marketbeat Ratings reports. Rent-A-Center Inc has a 12 month low of $7.22 and a 12 month high of $13.89. The company has a debt-to-equity ratio of 2.34, a current ratio of 2.51 and a quick ratio of 0.58. The stock has a market cap of $552.31 million, a P/E ratio of -18.48 and a beta of 0.69.
A number of research firms have recently weighed in on RCII. ValuEngine downgraded shares of Rent-A-Center from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 2nd. BidaskClub downgraded shares of Rent-A-Center from a “sell” rating to a “strong sell” rating in a report on Thursday, February 22nd. Loop Capital restated a “sell” rating and issued a $6.00 target price (down from $8.00) on shares of Rent-A-Center in a report on Wednesday, February 21st. Jefferies Group restated a “hold” rating and issued a $10.00 target price on shares of Rent-A-Center in a report on Wednesday, April 11th. Finally, Stifel Nicolaus reduced their target price on shares of Rent-A-Center from $10.50 to $9.00 and set a “hold” rating on the stock in a report on Tuesday, February 27th. Two equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Rent-A-Center has a consensus rating of “Hold” and an average price target of $9.20.
Rent-A-Center, Inc, together with its subsidiaries, leases household durable goods to customers on a rent-to-own basis. The company operates through four segments: Core U.S., Acceptance Now, Mexico, and Franchising. It offers durable products, such as consumer electronics; appliances; computers, including tablets; smartphones; and furniture, including accessories under rental purchase agreements.
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