National Pension Service Takes $2.89 Million Position in Rocket Companies, Inc. $RKT

National Pension Service purchased a new stake in Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, Holdings Channel reports. The firm purchased 149,034 shares of the company’s stock, valued at approximately $2,885,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. ORG Partners LLC grew its holdings in shares of Rocket Companies by 22.3% in the 4th quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock valued at $55,000 after buying an additional 520 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Rocket Companies by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock valued at $365,000 after buying an additional 636 shares during the period. Composition Wealth LLC grew its holdings in shares of Rocket Companies by 2.7% in the 4th quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after buying an additional 668 shares during the period. Parallel Advisors LLC grew its holdings in shares of Rocket Companies by 26.1% in the 3rd quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after buying an additional 677 shares during the period. Finally, NewEdge Wealth LLC grew its holdings in shares of Rocket Companies by 5.7% in the 4th quarter. NewEdge Wealth LLC now owns 13,204 shares of the company’s stock valued at $256,000 after buying an additional 707 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Trading Down 2.2%

Rocket Companies stock opened at $14.19 on Tuesday. The firm has a 50-day moving average of $14.60 and a 200-day moving average of $17.35. Rocket Companies, Inc. has a one year low of $12.25 and a one year high of $24.36. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The company has a market cap of $40.14 billion, a price-to-earnings ratio of 283.76 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the prior year, the business posted $0.04 EPS. The company’s quarterly revenue was up 167.1% on a year-over-year basis. On average, equities analysts expect that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $22.00 to $19.00 in a research note on Monday, April 6th. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Keefe, Bruyette & Woods reduced their target price on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Finally, Wells Fargo & Company reduced their target price on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, April 9th. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $20.93.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.