Acacia Research (ACTG) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Acacia Research (NASDAQ:ACTG) from a buy rating to a hold rating in a research report sent to investors on Friday morning.

According to Zacks, “Acacia Research Corporation, through its subsidiaries, develops, acquires, and licenses patented technologies. It assists patent owners with the prosecution and development of their patent portfolios, protection of their patented inventions from unauthorized use, generation of licensing revenue from users of their patented technologies and enforcement against unauthorized users of their patented technologies. Acacia Research Corporation is based in Newport Beach, California. “

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A number of other equities research analysts also recently commented on ACTG. ValuEngine downgraded Acacia Research from a buy rating to a hold rating in a research report on Sunday, December 31st. TheStreet downgraded Acacia Research from a c- rating to a d rating in a research report on Friday, February 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $5.67.

Shares of Acacia Research (ACTG) opened at $3.40 on Friday. Acacia Research has a 1 year low of $2.90 and a 1 year high of $5.75. The company has a market capitalization of $174.70, a price-to-earnings ratio of 7.91 and a beta of 1.09.

Acacia Research (NASDAQ:ACTG) last posted its earnings results on Tuesday, February 13th. The business services provider reported ($0.02) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.01. Acacia Research had a return on equity of 50.06% and a net margin of 33.91%. The company had revenue of $3.46 million for the quarter, compared to the consensus estimate of $13.40 million. analysts forecast that Acacia Research will post 0.14 earnings per share for the current fiscal year.

Acacia Research announced that its Board of Directors has authorized a share buyback plan on Tuesday, February 13th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the business services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

In other news, Director G Louis Graziadio III acquired 10,500 shares of the company’s stock in a transaction dated Monday, March 12th. The stock was acquired at an average cost of $3.70 per share, with a total value of $38,850.00. Following the completion of the purchase, the director now owns 598,051 shares of the company’s stock, valued at approximately $2,212,788.70. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders bought 63,100 shares of company stock valued at $228,688 over the last ninety days. Insiders own 7.67% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Voya Investment Management LLC grew its stake in shares of Acacia Research by 22.0% in the second quarter. Voya Investment Management LLC now owns 29,044 shares of the business services provider’s stock valued at $119,000 after buying an additional 5,231 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Acacia Research in the third quarter valued at $137,000. Cowen Inc. acquired a new stake in shares of Acacia Research in the third quarter valued at $168,000. The Manufacturers Life Insurance Company grew its stake in shares of Acacia Research by 11.0% in the second quarter. The Manufacturers Life Insurance Company now owns 45,910 shares of the business services provider’s stock valued at $188,000 after buying an additional 4,553 shares in the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of Acacia Research in the third quarter valued at $230,000. 65.80% of the stock is owned by institutional investors and hedge funds.

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About Acacia Research

Acacia Research Corporation, through its subsidiaries, invests in, licenses and enforces patented technologies. The Company’s operating subsidiaries partner with inventors and patent owners, applying their legal and technology expertise to patent assets to unlock the financial value in their patented inventions.

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