Acacia Research Corporation (NASDAQ:ACTG) Shares Bought by Levin Capital Strategies L.P.

Key Points

• Levin Capital Strategies L.P. increased its holdings in Acacia Research Corporation by 49.5%, now owning approximately 275,000 shares valued at $880,000.
• Recent analyst upgrades have seen Acacia Research's stock rating move from "hold" to "buy" by Wall Street Zen.
• Acacia Research reported earnings of $0.33 per share, surpassing consensus estimates significantly, despite a negative net margin of 5.21%.

Levin Capital Strategies L.P. grew its position in Acacia Research Corporation (NASDAQ:ACTG - Free Report) by 49.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 275,000 shares of the business services provider's stock after purchasing an additional 91,004 shares during the quarter. Levin Capital Strategies L.P. owned approximately 0.29% of Acacia Research worth $880,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of ACTG. Raymond James Financial Inc. acquired a new stake in shares of Acacia Research in the 4th quarter valued at $74,000. American Century Companies Inc. raised its holdings in shares of Acacia Research by 19.6% in the 4th quarter. American Century Companies Inc. now owns 439,532 shares of the business services provider's stock valued at $1,908,000 after purchasing an additional 71,907 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Acacia Research by 257.0% during the 4th quarter. JPMorgan Chase & Co. now owns 98,841 shares of the business services provider's stock worth $429,000 after acquiring an additional 71,153 shares in the last quarter. Wells Fargo & Company MN raised its stake in Acacia Research by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 22,160 shares of the business services provider's stock worth $96,000 after acquiring an additional 4,825 shares in the last quarter. Finally, Barclays PLC raised its stake in Acacia Research by 14.1% during the 4th quarter. Barclays PLC now owns 56,787 shares of the business services provider's stock worth $247,000 after acquiring an additional 6,999 shares in the last quarter. 86.69% of the stock is currently owned by institutional investors and hedge funds.

Acacia Research Stock Down 2.4%

NASDAQ:ACTG traded down $0.08 during midday trading on Friday, hitting $3.25. 282,250 shares of the company were exchanged, compared to its average volume of 204,066. The company has a fifty day simple moving average of $3.68 and a 200 day simple moving average of $3.68. Acacia Research Corporation has a fifty-two week low of $2.70 and a fifty-two week high of $5.36. The company has a current ratio of 6.16, a quick ratio of 5.81 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $312.55 million, a PE ratio of -54.16 and a beta of 0.61.

Acacia Research (NASDAQ:ACTG - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The business services provider reported $0.33 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.38. Acacia Research had a negative net margin of 2.60% and a positive return on equity of 1.33%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered shares of Acacia Research from a "buy" rating to a "hold" rating in a research note on Saturday.

Insider Buying and Selling

In other Acacia Research news, Director Isaac T. Kohlberg sold 16,000 shares of Acacia Research stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $3.84, for a total value of $61,440.00. Following the transaction, the director directly owned 85,446 shares in the company, valued at approximately $328,112.64. The trade was a 15.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.10% of the company's stock.

Acacia Research Company Profile

Acacia is a publicly traded Nasdaq: ACTG company that is focused on acquiring and operating businesses across the industrial, energy and technology sectors where it believes it can leverage its expertise, significant capital base, and deep industry relationships to drive value. Acacia evaluates opportunities based on the attractiveness of the underlying cash flows, without regard to a specific investment horizon.