Northwestern Mutual Wealth Management Co. raised its holdings in shares of Rocket Companies, Inc. (NYSE:RKT – Get Rating) by 155.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,793 shares of the company’s stock after buying an additional 4,742 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Rocket Companies were worth $87,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Rockefeller Capital Management L.P. boosted its position in Rocket Companies by 173.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,500 shares of the company’s stock valued at $49,000 after buying an additional 2,219 shares during the period. Pinebridge Investments L.P. purchased a new stake in shares of Rocket Companies during the fourth quarter worth about $74,000. Point72 Hong Kong Ltd purchased a new stake in shares of Rocket Companies during the fourth quarter worth about $95,000. ETF Managers Group LLC purchased a new stake in shares of Rocket Companies during the fourth quarter worth about $100,000. Finally, New York State Teachers Retirement System boosted its holdings in shares of Rocket Companies by 126.9% during the first quarter. New York State Teachers Retirement System now owns 11,800 shares of the company’s stock worth $131,000 after purchasing an additional 6,600 shares during the period. 3.71% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Jay Farner purchased 22,500 shares of the business’s stock in a transaction dated Thursday, June 2nd. The shares were purchased at an average price of $8.88 per share, for a total transaction of $199,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,452,207 shares in the company, valued at approximately $21,775,598.16. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have bought a total of 814,000 shares of company stock worth $6,978,787 over the last 90 days. 94.01% of the stock is currently owned by insiders.
Rocket Companies Price Performance
Shares of NYSE RKT opened at $8.44 on Friday. Rocket Companies, Inc. has a fifty-two week low of $6.27 and a fifty-two week high of $18.13. The company has a 50 day simple moving average of $9.02 and a two-hundred day simple moving average of $9.68. The company has a market capitalization of $16.63 billion, a price-to-earnings ratio of 6.59, a P/E/G ratio of 37.96 and a beta of 1.72. The company has a debt-to-equity ratio of 1.46, a quick ratio of 14.97 and a current ratio of 14.97.
Rocket Companies (NYSE:RKT – Get Rating) last announced its earnings results on Thursday, August 4th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.05). Rocket Companies had a net margin of 1.85% and a return on equity of 19.79%. The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the business posted $0.44 EPS. Rocket Companies’s revenue for the quarter was down 47.8% on a year-over-year basis. Analysts expect that Rocket Companies, Inc. will post 0.05 EPS for the current fiscal year.
Analyst Ratings Changes
RKT has been the subject of a number of analyst reports. Royal Bank of Canada dropped their target price on shares of Rocket Companies from $18.00 to $9.00 in a report on Thursday, May 12th. Citigroup increased their target price on shares of Rocket Companies to $10.00 in a report on Tuesday, August 9th. Barclays decreased their price target on shares of Rocket Companies to $7.00 in a research note on Tuesday, August 9th. Wedbush decreased their price target on shares of Rocket Companies to $7.00 and set a “na” rating for the company in a research note on Tuesday, May 17th. Finally, Credit Suisse Group decreased their price target on shares of Rocket Companies to $9.00 and set a “neutral” rating for the company in a research note on Thursday, May 19th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $10.42.
About Rocket Companies
Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and e-Commerce businesses in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.
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