Nomura Asset Management Co. Ltd. Makes New Investment in Rocket Companies, Inc. $RKT

Nomura Asset Management Co. Ltd. bought a new position in Rocket Companies, Inc. (NYSE:RKT) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 277,200 shares of the company’s stock, valued at approximately $5,367,000.

A number of other institutional investors have also bought and sold shares of RKT. Vanguard Group Inc. lifted its stake in Rocket Companies by 280.3% in the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after purchasing an additional 64,311,040 shares in the last quarter. Geode Capital Management LLC lifted its stake in Rocket Companies by 265.0% in the 4th quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock worth $299,939,000 after purchasing an additional 11,282,009 shares in the last quarter. Durable Capital Partners LP purchased a new position in Rocket Companies in the 3rd quarter worth approximately $213,010,000. ValueAct Holdings L.P. lifted its stake in Rocket Companies by 67.9% in the 3rd quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock worth $492,167,000 after purchasing an additional 10,270,018 shares in the last quarter. Finally, Norges Bank purchased a new position in Rocket Companies in the 4th quarter worth approximately $144,207,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Stock Up 2.5%

Shares of NYSE RKT opened at $13.26 on Friday. Rocket Companies, Inc. has a 1 year low of $12.38 and a 1 year high of $24.36. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The company has a 50 day simple moving average of $14.57 and a 200-day simple moving average of $17.26. The company has a market capitalization of $37.52 billion, a P/E ratio of 265.22 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the firm earned $0.04 EPS. The firm’s revenue for the quarter was up 167.1% on a year-over-year basis. On average, equities research analysts predict that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Citizens Jmp assumed coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They set a “market perform” rating for the company. Stephens assumed coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target for the company. Finally, Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $22.00 to $19.00 in a report on Monday, April 6th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.93.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.