JPMorgan Chase & Co. boosted its stake in shares of Now Inc. (NYSE:DNOW) by 96.8% during the second quarter, Holdings Channel reports. The institutional investor owned 221,254 shares of the company’s stock after buying an additional 108,808 shares during the period. JPMorgan Chase & Co. owned approximately 0.21% of Now worth $4,014,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently made changes to their positions in DNOW. LS Investment Advisors LLC raised its stake in shares of Now by 101.8% in the second quarter. LS Investment Advisors LLC now owns 7,661 shares of the company’s stock valued at $139,000 after buying an additional 3,864 shares in the last quarter. SeaBridge Investment Advisors LLC raised its stake in shares of Now by 4.2% in the second quarter. SeaBridge Investment Advisors LLC now owns 8,462 shares of the company’s stock valued at $154,000 after buying an additional 339 shares in the last quarter. DAVENPORT & Co LLC raised its stake in shares of Now by 7.5% in the second quarter. DAVENPORT & Co LLC now owns 10,812 shares of the company’s stock valued at $196,000 after buying an additional 755 shares in the last quarter. Pacad Investment Ltd. bought a new position in shares of Now during the first quarter worth approximately $198,000. Finally, Candriam Luxembourg S.C.A. increased its position in shares of Now by 24.0% in the second quarter. Candriam Luxembourg S.C.A. now owns 14,571 shares of the company’s stock worth $264,000 after buying an additional 2,819 shares during the last quarter. 96.87% of the stock is owned by hedge funds and other institutional investors.
Shares of Now Inc. (NYSE:DNOW) traded down 0.37% during trading on Monday, hitting $21.72. The stock had a trading volume of 28,682 shares. Now Inc. has a one year low of $12.03 and a one year high of $22.81. The stock’s 50-day moving average price is $20.74 and its 200 day moving average price is $18.98. The stock’s market cap is $2.33 billion.
Now (NYSE:DNOW) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.46) by $0.06. Now had a negative net margin of 23.71% and a negative return on equity of 8.92%. The company earned $501 million during the quarter, compared to analysts’ expectations of $456.96 million. During the same period in the prior year, the company earned ($0.16) earnings per share. The business’s quarterly revenue was down 33.2% compared to the same quarter last year. On average, equities analysts forecast that Now Inc. will post ($1.52) EPS for the current year.
A number of brokerages have commented on DNOW. Zacks Investment Research upgraded Now from a “sell” rating to a “hold” rating in a research note on Wednesday, June 29th. KeyCorp restated a “hold” rating on shares of Now in a research note on Tuesday, September 27th. Finally, Cowen and Company began coverage on Now in a research note on Friday, September 16th. They issued a “market perform” rating and a $22.00 target price for the company. Five analysts have rated the stock with a hold rating, Now has an average rating of “Hold” and an average price target of $18.00.
NOW Inc (NOW) is a global distributor to energy and industrial markets. The Company operates primarily under the DistributionNOW and Wilson Export brands. The Company operates through three segments: United States (U.S.), Canada and International. Through its network of over 300 locations across the world, it stocks and sells an offering of energy products, as well as a selection of products for industrial applications.
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