Trade Report: Today, Jennison Associates LLC Sold shares of Rowan Cos. (RDC)

Today, Jennison Associates LLC Sold shares of Rowan Cos. (RDC)

Jennison Associates LLC decreased its stake in shares of Rowan Cos. (NYSE:RDC) by 96.9% during the third quarter, Holdings Channel reports. The firm owned 24,224 shares of the company’s stock after selling 751,871 shares during the period. Jennison Associates LLC’s holdings in Rowan Cos. were worth $367,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. IBM Retirement Fund boosted its position in Rowan Cos. by 1.0% in the second quarter. IBM Retirement Fund now owns 12,690 shares of the company’s stock valued at $224,000 after buying an additional 124 shares during the period. First Citizens Bank & Trust Co. boosted its position in Rowan Cos. by 1.7% in the third quarter. First Citizens Bank & Trust Co. now owns 17,596 shares of the company’s stock valued at $267,000 after buying an additional 298 shares during the period. Insight 2811 Inc. boosted its position in Rowan Cos. by 1.3% in the second quarter. Insight 2811 Inc. now owns 31,820 shares of the company’s stock valued at $562,000 after buying an additional 400 shares during the period. State Treasurer State of Michigan boosted its position in Rowan Cos. by 1.0% in the second quarter. State Treasurer State of Michigan now owns 50,300 shares of the company’s stock valued at $888,000 after buying an additional 500 shares during the period. Finally, Utah Retirement Systems boosted its position in Rowan Cos. by 2.7% in the second quarter. Utah Retirement Systems now owns 22,842 shares of the company’s stock valued at $403,000 after buying an additional 600 shares during the period.

Shares of Rowan Cos. (NYSE:RDC) opened at 16.50 on Friday. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of 4.45 and a beta of 1.58. The firm’s 50-day moving average price is $14.60 and its 200-day moving average price is $15.42. Rowan Cos. has a 12 month low of $10.67 and a 12 month high of $20.88.

Rowan Cos. (NYSE:RDC) last released its earnings results on Tuesday, November 1st. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.32. The company earned $379.40 million during the quarter, compared to the consensus estimate of $362.38 million. Rowan Cos. had a return on equity of 7.52% and a net margin of 23.15%. The firm’s quarterly revenue was down 30.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.89 earnings per share. On average, equities analysts anticipate that Rowan Cos. will post $1.95 earnings per share for the current year.

Several equities analysts have recently commented on the company. Credit Suisse Group AG set a $15.00 target price on Rowan Cos. and gave the company a “buy” rating in a research note on Saturday, September 17th. Jefferies Group reissued a “buy” rating and set a $18.00 price target on shares of Rowan Cos. in a research report on Wednesday, August 17th. Scotiabank began coverage on Rowan Cos. in a research report on Wednesday, September 14th. They set a “sector perform” rating and a $17.00 price target on the stock. Royal Bank Of Canada dropped their price target on Rowan Cos. from $22.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Friday, August 12th. Finally, Citigroup Inc. reissued a “neutral” rating on shares of Rowan Cos. in a research report on Wednesday, August 3rd. Five analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $16.41.

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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