BlackRock Inc. Purchases New Stake in United Parks & Resorts Inc. $PRKS

Key Points

• BlackRock acquired a new 7.62% stake in United Parks & Resorts during the second quarter, purchasing 3.59 million shares valued at approximately $171.6 million.
• Analysts remain cautious: the stock has a consensus “Hold” rating and an average price target of $47.30, despite several firms recently raising their targets.
• United Parks & Resorts reported weaker-than-expected quarterly results, with adjusted EPS of $1.34 versus the $1.67 estimate and revenue down 1.4% year over year to $483.3 million.

BlackRock Inc. acquired a new position in shares of United Parks & Resorts Inc. (NYSE:PRKS - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,593,642 shares of the company's stock, valued at approximately $171,560,000. BlackRock Inc. owned 7.62% of United Parks & Resorts as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of PRKS. Comerica Bank increased its stake in United Parks & Resorts by 89.4% in the fourth quarter. Comerica Bank now owns 77,662 shares of the company's stock valued at $2,819,000 after acquiring an additional 36,663 shares during the last quarter. Hawk Ridge Capital Management LP acquired a new stake in shares of United Parks & Resorts in the 1st quarter valued at $51,094,000. Hsbc Holdings PLC acquired a new stake in shares of United Parks & Resorts in the 4th quarter valued at $1,416,000. Engine Capital Management LP increased its stake in shares of United Parks & Resorts by 20.8% in the 1st quarter. Engine Capital Management LP now owns 1,034,414 shares of the company's stock valued at $33,784,000 after purchasing an additional 178,017 shares during the last quarter. Finally, Invenomic Capital Management LP raised its holdings in shares of United Parks & Resorts by 624.8% during the 4th quarter. Invenomic Capital Management LP now owns 309,008 shares of the company's stock worth $11,217,000 after buying an additional 266,375 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. The Goldman Sachs Group boosted their target price on United Parks & Resorts from $37.00 to $41.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. JPMorgan Chase & Co. upped their price objective on shares of United Parks & Resorts from $39.00 to $44.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 11th. UBS Group reiterated a "neutral" rating and set a $45.00 price objective on shares of United Parks & Resorts in a research report on Monday, June 15th. Citizens Jmp initiated coverage on shares of United Parks & Resorts in a research report on Monday, June 29th. They issued a "market perform" rating on the stock. Finally, Citigroup boosted their target price on shares of United Parks & Resorts from $46.00 to $49.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 5th. Four research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $47.30.

Insider Activity at United Parks & Resorts

In related news, insider Christopher L. Finazzo sold 6,622 shares of the business's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $44.20, for a total value of $292,692.40. Following the transaction, the insider owned 123,663 shares in the company, valued at $5,465,904.60. The trade was a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.70% of the company's stock.

United Parks & Resorts Stock Down 1.3%

Shares of NYSE:PRKS opened at $42.56 on Friday. The firm has a market cap of $1.93 billion, a P/E ratio of 16.75, a P/E/G ratio of 4.05 and a beta of 1.16. United Parks & Resorts Inc. has a 12-month low of $28.77 and a 12-month high of $56.95. The business has a fifty day simple moving average of $45.72 and a 200 day simple moving average of $39.47.

United Parks & Resorts (NYSE:PRKS - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.34 EPS for the quarter, missing analysts' consensus estimates of $1.67 by ($0.33). United Parks & Resorts had a negative return on equity of 27.85% and a net margin of 8.11%.The company had revenue of $483.32 million during the quarter, compared to analyst estimates of $492.10 million. During the same period in the prior year, the firm earned $1.45 earnings per share. United Parks & Resorts's revenue was down 1.4% compared to the same quarter last year. As a group, equities research analysts expect that United Parks & Resorts Inc. will post 2.85 EPS for the current year.

United Parks & Resorts Company Profile

United Parks & Resorts, Inc is a holding company, which engages in the ownership and operation of theme parks. Its portfolio includes SeaWorld, Busch Gardens, Aquatica, Discovery Cove, Sesame Place, and Sea Rescue. The company was founded in 1959 and is headquartered in Orlando, FL.

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