Dimensional Fund Advisors LP Sells 501,720 Shares of Rocket Companies, Inc. $RKT

Key Points

• Dimensional Fund Advisors reduced its Rocket Companies position by 10.9%, selling 501,720 shares in the first quarter and retaining 4.11 million shares worth approximately $58.5 million.
• Several major institutions significantly increased their holdings, including Vanguard, Morgan Stanley, State Street and ValueAct; institutional investors collectively owned 4.59% of Rocket Companies.
• Rocket Companies reported a quarterly earnings and revenue beat, with EPS of $0.15 and revenue of $2.82 billion, up 167.1% year over year. Analysts maintain a “Moderate Buy” consensus with a $20.73 average price target, while shares recently opened at $12.91.

Dimensional Fund Advisors LP decreased its position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 10.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,110,725 shares of the company's stock after selling 501,720 shares during the quarter. Dimensional Fund Advisors LP owned about 0.15% of Rocket Companies worth $58,528,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Rocket Companies by 280.3% during the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company's stock worth $1,689,287,000 after acquiring an additional 64,311,040 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Rocket Companies by 11,636.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company's stock worth $507,037,000 after acquiring an additional 25,966,725 shares in the last quarter. Morgan Stanley raised its position in shares of Rocket Companies by 461.2% during the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company's stock worth $522,900,000 after purchasing an additional 22,196,782 shares during the period. State Street Corp raised its position in shares of Rocket Companies by 323.9% during the fourth quarter. State Street Corp now owns 20,688,336 shares of the company's stock worth $400,526,000 after purchasing an additional 15,807,776 shares during the period. Finally, ValueAct Holdings L.P. lifted its holdings in shares of Rocket Companies by 55.1% during the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company's stock valued at $762,409,000 after purchasing an additional 13,985,025 shares in the last quarter. Institutional investors own 4.59% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wells Fargo & Company lowered their target price on 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. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. Zacks Research raised shares of Rocket Companies from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 12th. BTIG Research reiterated a "neutral" rating on shares of Rocket Companies in a report on Tuesday, June 16th. Finally, Stephens began coverage on Rocket Companies in a research note on Thursday, April 23rd. They issued an "overweight" rating and a $22.50 price target on the stock. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.73.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $12.91 on Friday. The stock has a market capitalization of $36.54 billion, a price-to-earnings ratio of 258.30 and a beta of 2.16. The business has a 50-day moving average of $14.05 and a 200-day moving average of $15.80. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36.

Rocket Companies (NYSE:RKT - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the previous year, the business earned $0.04 earnings per share. Rocket Companies's quarterly revenue was up 167.1% on a year-over-year basis. As a group, sell-side analysts predict that Rocket Companies, Inc. will post 0.54 earnings per share for the current fiscal year.

About Rocket Companies

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.

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