Livingston Group Asset Management CO operating as Southport Capital Management reduced its stake in shares of Rowan Cos. (NYSE:RDC) by 4.4% during the second quarter, Holdings Channel reports. The fund owned 13,000 shares of the company’s stock after selling 600 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in Rowan Cos. were worth $230,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Nuveen Asset Management LLC increased its stake in shares of Rowan Cos. by 490.4% in the first quarter. Nuveen Asset Management LLC now owns 293,756 shares of the company’s stock valued at $4,729,000 after buying an additional 244,000 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Rowan Cos. by 1,428.0% in the second quarter. BNP Paribas Arbitrage SA now owns 96,537 shares of the company’s stock valued at $1,705,000 after buying an additional 90,219 shares in the last quarter. BlackRock Group LTD increased its stake in shares of Rowan Cos. by 105.7% in the first quarter. BlackRock Group LTD now owns 130,743 shares of the company’s stock valued at $2,105,000 after buying an additional 67,171 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Rowan Cos. by 12.7% in the first quarter. Canada Pension Plan Investment Board now owns 27,600 shares of the company’s stock worth $444,000 after buying an additional 3,100 shares during the period. Finally, James Investment Research Inc. acquired a new stake in Rowan Cos. during the second quarter worth approximately $261,000.
Rowan Cos. (NYSE:RDC) traded down 2.84% during midday trading on Monday, hitting $14.73. 4,827,097 shares of the stock traded hands. The company has a market cap of $1.85 billion, a PE ratio of 8.23 and a beta of 1.53. The company’s 50-day moving average is $13.43 and its 200-day moving average is $15.96. Rowan Cos. has a one year low of $10.67 and a one year high of $21.83.
Rowan Cos. (NYSE:RDC) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.81 by $0.06. The company had revenue of $611.90 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 20.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.68 EPS. Equities research analysts expect that Rowan Cos. will post $1.67 EPS for the current fiscal year.
A number of equities research analysts have recently commented on the company. Iberia Capital cut Rowan Cos. from an “outperform” rating to a “sector perform” rating and set a $19.00 target price on the stock. in a research report on Tuesday, July 5th. Bank of America Corp. restated an “underperform” rating on shares of Rowan Cos. in a research report on Monday, June 13th. Johnson Rice upgraded Rowan Cos. from an “accumulate” rating to a “buy” rating in a research report on Monday, June 13th. Zacks Investment Research cut Rowan Cos. from a “hold” rating to a “sell” rating in a research report on Wednesday, July 13th. Finally, Evercore ISI restated a “buy” rating on shares of Rowan Cos. in a research report on Wednesday, June 29th. Six equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the company’s stock. Rowan Cos. has a consensus 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.
Want to see what other hedge funds are holding RDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rowan Cos. (NYSE:RDC).
Receive News & Ratings for Rowan Cos. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rowan Cos. and related companies with MarketBeat.com's FREE daily email newsletter.