Pinnacle Associates Ltd. Has $15,195,000 Position in Rowan Companies PLC (RDC)

Pinnacle Associates Ltd. lowered its position in Rowan Companies PLC (NYSE:RDC) by 6.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 804,401 shares of the company’s stock after selling 56,753 shares during the period. Pinnacle Associates Ltd.’s holdings in Rowan Companies PLC were worth $15,195,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Fund Advisors increased its stake in shares of Rowan Companies PLC by 4.5% in the third quarter. BlackRock Fund Advisors now owns 4,905,203 shares of the company’s stock worth $74,363,000 after buying an additional 210,253 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Rowan Companies PLC by 36.2% in the third quarter. Acadian Asset Management LLC now owns 4,373,374 shares of the company’s stock worth $66,300,000 after buying an additional 1,161,516 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Rowan Companies PLC by 2.7% in the third quarter. Bank of New York Mellon Corp now owns 1,973,947 shares of the company’s stock worth $29,926,000 after buying an additional 51,988 shares in the last quarter. Emerald Acquisition Ltd. increased its stake in shares of Rowan Companies PLC by 26.0% in the third quarter. Emerald Acquisition Ltd. now owns 1,615,392 shares of the company’s stock worth $24,490,000 after buying an additional 333,107 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Rowan Companies PLC during the fourth quarter worth about $25,355,000.

Institutional Ownership by Quarter for Rowan Companies PLC (NYSE:RDC)

Rowan Companies PLC (NYSE:RDC) traded up 2.76% on Tuesday, reaching $18.96. 1,677,270 shares of the company’s stock were exchanged. Rowan Companies PLC has a 1-year low of $11.12 and a 1-year high of $21.68. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of 5.11 and a beta of 1.68. The stock’s 50 day moving average price is $18.98 and its 200 day moving average price is $15.98.

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RDC has been the subject of several research reports. Zephirin Group reiterated a “buy” rating and issued a $22.00 target price (up previously from $20.00) on shares of Rowan Companies PLC in a report on Tuesday, December 27th. Jefferies Group LLC reiterated a “buy” rating and issued a $16.00 target price on shares of Rowan Companies PLC in a report on Thursday, November 3rd. BMO Capital Markets reiterated a “hold” rating and issued a $15.00 target price on shares of Rowan Companies PLC in a report on Thursday, January 12th. Barclays PLC reiterated a “hold” rating and issued a $19.00 target price on shares of Rowan Companies PLC in a report on Tuesday, January 10th. Finally, Zacks Investment Research downgraded shares of Rowan Companies PLC from a “buy” rating to a “hold” rating in a report on Tuesday, January 3rd. Five research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $18.26.

Rowan Companies PLC Company Profile

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.

5 Day Chart for NYSE:RDC

Want to see what other hedge funds are holding RDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rowan Companies PLC (NYSE:RDC).

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