Trade Report: The Rowan Cos. (RDC) Position Lowered by Capstone Asset Management Co.

The Rowan Cos. (RDC) Position Lowered by Capstone Asset Management Co.

Capstone Asset Management Co. lowered its position in shares of Rowan Cos. (NYSE:RDC) by 3.3% during the third quarter, Holdings Channel reports. The fund owned 12,238 shares of the company’s stock after selling 420 shares during the period. Capstone Asset Management Co.’s holdings in Rowan Cos. were worth $186,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of RDC. Vanguard Group Inc. boosted its stake in Rowan Cos. by 17.4% in the second quarter. Vanguard Group Inc. now owns 13,651,405 shares of the company’s stock worth $241,084,000 after buying an additional 2,020,982 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Rowan Cos. by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 10,630,685 shares of the company’s stock worth $187,740,000 after buying an additional 941,800 shares during the period. BlackRock Fund Advisors increased its position in shares of Rowan Cos. by 4.6% in the second quarter. BlackRock Fund Advisors now owns 4,694,950 shares of the company’s stock worth $82,913,000 after buying an additional 204,975 shares during the period. State Street Corp increased its position in shares of Rowan Cos. by 7.9% in the second quarter. State Street Corp now owns 4,289,351 shares of the company’s stock worth $75,746,000 after buying an additional 315,028 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its position in shares of Rowan Cos. by 0.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,695,912 shares of the company’s stock worth $65,270,000 after buying an additional 30,810 shares during the period.

Rowan Cos. (NYSE:RDC) opened at 14.68 on Thursday. The stock has a market capitalization of $1.84 billion, a PE ratio of 8.20 and a beta of 1.54. Rowan Cos. has a 52 week low of $10.67 and a 52 week high of $21.83. The firm has a 50 day moving average of $13.68 and a 200-day moving average of $15.92.

Rowan Cos. (NYSE:RDC) last posted its earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by $0.06. Rowan Cos. had a net margin of 10.24% and a return on equity of 9.22%. The firm earned $611.90 million during the quarter, compared to analyst estimates of $470.98 million. During the same quarter in the prior year, the firm earned $0.68 earnings per share. The business’s revenue for the quarter was up 20.3% on a year-over-year basis. On average, equities analysts predict that Rowan Cos. will post $1.67 EPS for the current year.

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. set a $19.00 price objective on shares of Rowan Cos. and gave the company a “buy” rating in a research report on Wednesday, August 3rd. FBR & Co restated a “buy” rating on shares of Rowan Cos. in a research report on Monday, September 19th. Evercore ISI restated a “buy” rating and set a $23.00 price objective (up previously from $22.00) on shares of Rowan Cos. in a research report on Thursday, July 7th. Jefferies Group restated a “buy” rating and set a $18.00 price objective on shares of Rowan Cos. in a research report on Wednesday, August 17th. Finally, Credit Suisse Group AG set a $15.00 price objective on shares of Rowan Cos. and gave the company a “buy” rating in a research report on Saturday, September 17th. Six equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $17.15.

About Rowan Cos.

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.

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