New York State Common Retirement Fund boosted its position in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) by 91.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 61,027 shares of the company’s stock after purchasing an additional 29,127 shares during the quarter. New York State Common Retirement Fund’s holdings in Driven Brands were worth $1,763,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Rockefeller Capital Management L.P. lifted its holdings in Driven Brands by 72.7% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 950 shares of the company’s stock worth $29,000 after buying an additional 400 shares in the last quarter. Royal Bank of Canada lifted its holdings in Driven Brands by 1,480.0% during the 2nd quarter. Royal Bank of Canada now owns 2,923 shares of the company’s stock worth $91,000 after buying an additional 2,738 shares in the last quarter. SG Americas Securities LLC acquired a new position in Driven Brands during the 3rd quarter worth $105,000. Legal & General Group Plc lifted its holdings in Driven Brands by 55.3% during the 2nd quarter. Legal & General Group Plc now owns 3,902 shares of the company’s stock worth $120,000 after buying an additional 1,390 shares in the last quarter. Finally, Citigroup Inc. lifted its holdings in Driven Brands by 26.4% during the 2nd quarter. Citigroup Inc. now owns 4,956 shares of the company’s stock worth $153,000 after buying an additional 1,034 shares in the last quarter. 22.55% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Daniel R. Rivera sold 26,173 shares of the firm’s stock in a transaction dated Friday, November 5th. The stock was sold at an average price of $32.11, for a total value of $840,415.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Daniel R. Rivera sold 14,046 shares of the firm’s stock in a transaction dated Wednesday, November 3rd. The shares were sold at an average price of $32.19, for a total value of $452,140.74. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.
Several research analysts have issued reports on the company. Morgan Stanley raised Driven Brands from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $35.00 to $39.00 in a report on Friday, October 29th. Zacks Investment Research raised Driven Brands from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Tuesday, December 28th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Driven Brands has a consensus rating of “Buy” and a consensus price target of $37.60.
DRVN stock opened at $32.38 on Wednesday. The business’s 50-day moving average price is $32.17. The company has a market cap of $5.42 billion and a PE ratio of 154.20. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.88 and a current ratio of 1.01. Driven Brands Holdings Inc. has a 1 year low of $22.26 and a 1 year high of $35.56.
Driven Brands (NASDAQ:DRVN) last released its earnings results on Tuesday, October 26th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.04. The firm had revenue of $371.15 million during the quarter, compared to analysts’ expectations of $358.48 million. Driven Brands had a return on equity of 7.54% and a net margin of 3.00%. The business’s revenue for the quarter was up 38.6% on a year-over-year basis. On average, equities analysts expect that Driven Brands Holdings Inc. will post 0.85 earnings per share for the current year.
Driven Brands Profile
Driven Brands Holdings Inc provides automotive services to retail and commercial customers in North America and internationally. It operates through Maintenance; Car Wash, Paint, Collision & Glass; and Platform Services segments. The company offers various services, such as paint, collision, refinishing, glass, vehicle repair, oil change, maintenance, and car wash services.
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