Boston Partners Buys 1,390,559 Shares of Rocket Companies, Inc. (NYSE:RKT)

Key Points

• Boston Partners increased its stake in Rocket Companies by 11.3%, owning 13,704,339 shares, valued at approximately $165.4 million.
• Rocket Companies reported a quarterly revenue of $1.36 billion, exceeding expectations, and a 0.04 EPS, which was above the consensus estimate.
• Analysts have set a consensus price target of $14.79 for Rocket Companies, with a mix of ratings including two sell, nine hold, and one buy recommendation.

Boston Partners raised its stake in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 11.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,704,339 shares of the company's stock after buying an additional 1,390,559 shares during the period. Boston Partners owned about 0.69% of Rocket Companies worth $165,421,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RKT. Geode Capital Management LLC boosted its stake in shares of Rocket Companies by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 2,118,701 shares of the company's stock valued at $23,865,000 after purchasing an additional 74,726 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Rocket Companies by 34.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 22,413 shares of the company's stock valued at $252,000 after purchasing an additional 5,710 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Rocket Companies in the 4th quarter valued at $3,469,000. Sterling Capital Management LLC boosted its stake in shares of Rocket Companies by 57.2% in the 4th quarter. Sterling Capital Management LLC now owns 8,295 shares of the company's stock valued at $93,000 after purchasing an additional 3,019 shares in the last quarter. Finally, Barclays PLC boosted its stake in shares of Rocket Companies by 216.1% in the 4th quarter. Barclays PLC now owns 753,345 shares of the company's stock valued at $8,483,000 after purchasing an additional 515,022 shares in the last quarter. Institutional investors own 4.59% of the company's stock.

Rocket Companies Trading Up 7.3%

NYSE:RKT opened at $19.61 on Thursday. The company has a 50-day moving average price of $14.79 and a 200-day moving average price of $13.64. Rocket Companies, Inc. has a 12 month low of $10.06 and a 12 month high of $21.38. The company has a current ratio of 18.74, a quick ratio of 12.62 and a debt-to-equity ratio of 2.36. The stock has a market cap of $39.22 billion, a price-to-earnings ratio of -392.20 and a beta of 2.28.

Rocket Companies (NYSE:RKT - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. Rocket Companies had a negative net margin of 0.01% and a positive return on equity of 3.18%. The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same period last year, the company posted $0.06 EPS. The company's quarterly revenue was up 4.5% compared to the same quarter last year. Equities analysts predict that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RKT. Wedbush reaffirmed a "neutral" rating and issued a $12.00 price objective (down previously from $13.00) on shares of Rocket Companies in a research note on Friday, May 9th. The Goldman Sachs Group increased their price target on shares of Rocket Companies from $14.00 to $16.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. UBS Group set a $16.00 price target on shares of Rocket Companies and gave the company a "neutral" rating in a research report on Tuesday, August 5th. Barclays increased their price target on shares of Rocket Companies from $14.00 to $16.00 and gave the company an "equal weight" rating in a research report on Friday, August 1st. Finally, Keefe, Bruyette & Woods increased their price target on shares of Rocket Companies from $14.00 to $15.00 and gave the company a "market perform" rating in a research report on Tuesday, August 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $14.79.

Rocket Companies Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services 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; and Rocket Loans, an online-based personal loans business.

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