BlueCrest Capital Management Ltd Makes New $1.23 Million Investment in DPC Holdings PLC $DPC

Key Points

• BlueCrest Capital Management initiated a $1.23 million position in DPC Holdings during the second quarter, buying 25,000 shares. Several other institutional investors also established sizable new stakes.
• DPC insiders demonstrated strong buying activity, with executives and directors purchasing shares; insiders acquired 2.3 million shares worth approximately $75.8 million over the past quarter.
• Analysts hold a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $57.62. However, DPC’s latest quarterly EPS of $0.05 fell short of the $0.08 consensus estimate.

BlueCrest Capital Management Ltd bought a new stake in DPC Holdings PLC (NYSE:DPC - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 25,000 shares of the company's stock, valued at approximately $1,226,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Readystate Asset Management LP bought a new stake in shares of DPC in the second quarter worth $245,000. Tribune Investment Group LP acquired a new position in DPC during the 2nd quarter worth $3,105,000. Wellington Management Group LLP acquired a new position in DPC during the 2nd quarter worth $4,402,000. SurgoCap Partners LP acquired a new position in DPC during the 2nd quarter worth $31,336,000. Finally, Irenic Capital Management LP bought a new stake in shares of DPC in the 2nd quarter worth about $41,201,000.

Insider Activity

In related news, CFO David John Egan bought 275,363 shares of the stock in a transaction dated Friday, June 26th. The stock was bought at an average cost of $33.00 per share, with a total value of $9,086,979.00. Following the completion of the acquisition, the chief financial officer owned 294,529 shares of the company's stock, valued at $9,719,457. This trade represents a 1,436.73% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stanley A. Deal bought 16,360 shares of the stock in a transaction dated Friday, June 26th. The shares were bought at an average cost of $33.00 per share, with a total value of $539,880.00. Following the completion of the acquisition, the director directly owned 16,360 shares of the company's stock, valued at approximately $539,880. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 2,297,621 shares of company stock valued at $75,821,493 over the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on DPC shares. Royal Bank Of Canada upped their target price on shares of DPC from $53.00 to $62.00 and gave the company an "outperform" rating in a research note on Wednesday, August 12th. Wall Street Zen upgraded DPC to a "hold" rating in a research note on Saturday, July 4th. Rothschild & Co Redburn began coverage on DPC in a report on Monday, July 20th. They issued a "buy" rating and a $53.50 price objective for the company. Jefferies Financial Group initiated coverage on DPC in a research note on Monday, July 20th. They set a "buy" rating and a $56.00 price objective on the stock. Finally, Morgan Stanley increased their target price on DPC from $47.00 to $59.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $57.62.

DPC Price Performance

DPC stock opened at $40.40 on Thursday. DPC Holdings PLC has a 1-year low of $37.65 and a 1-year high of $57.25. The company's fifty day simple moving average is $47.13.

DPC (NYSE:DPC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.08 by ($0.03). The firm had revenue of $268.70 million for the quarter. Equities research analysts predict that DPC Holdings PLC will post 0.45 earnings per share for the current fiscal year.

About DPC

DPC Holdings is a manufacturer of engineered engine products which include complex precision cast components and nickel- and cobalt-based superalloys primarily serving Aerospace and IGT end markets. DPC Holdings is based in United Kingdom.

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