Mitsubishi UFJ Trust & Banking Corp Buys New Shares in Rocket Companies, Inc. $RKT

Key Points

• Mitsubishi UFJ Trust & Banking initiated a new position in Rocket Companies, buying 363,566 shares in Q4 worth about $7.04 million.
• Large institutional activity saw Vanguard add 64.31 million shares to hold 87.26 million shares (a 280.3% increase), while other firms like ValueAct, Durable Capital, Wellington and Fred Alger also materially increased or started positions.
• Rocket beat Q4 expectations with EPS of $0.11 vs. $0.09 and revenue of $2.44B (up 52.2% YoY), but the company still posts a negative net margin and negative P/E; analysts’ consensus rating is Hold with a $20.40 price target.

Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 363,566 shares of the company's stock, valued at approximately $7,039,000.

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Rocket Companies by 280.3% during the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company's stock worth $1,689,287,000 after purchasing an additional 64,311,040 shares in the last quarter. ValueAct Holdings L.P. increased its position in Rocket Companies by 67.9% in the 3rd quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company's stock valued at $492,167,000 after buying an additional 10,270,018 shares in the last quarter. Durable Capital Partners LP acquired a new position in Rocket Companies during the 3rd quarter worth approximately $213,010,000. Wellington Management Group LLP raised its stake in Rocket Companies by 30.6% during the 3rd quarter. Wellington Management Group LLP now owns 6,298,220 shares of the company's stock worth $122,060,000 after buying an additional 1,474,040 shares during the period. Finally, Fred Alger Management LLC boosted its holdings in Rocket Companies by 7,412.6% in the third quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company's stock worth $117,807,000 after acquiring an additional 5,997,885 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Stock Performance

Shares of Rocket Companies stock opened at $14.65 on Friday. Rocket Companies, Inc. has a 52 week low of $11.08 and a 52 week high of $24.36. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07. The business has a 50 day moving average price of $15.36 and a 200-day moving average price of $17.74. The company has a market cap of $41.31 billion, a PE ratio of -112.70 and a beta of 2.23.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its earnings results on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.02. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The company had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.24 billion. During the same quarter in the previous year, the firm earned $0.04 earnings per share. Rocket Companies's quarterly revenue was up 52.2% on a year-over-year basis. Equities analysts anticipate that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. reduced their price objective on Rocket Companies from $24.00 to $16.50 and set a "neutral" rating for the company in a research note on Thursday, April 9th. Compass Point assumed coverage on Rocket Companies in a research report on Tuesday, March 10th. They set a "buy" rating and a $21.00 target price on the stock. Barclays upgraded Rocket Companies from an "equal weight" rating to an "overweight" rating and cut their target price for the stock from $22.00 to $19.00 in a report on Monday, April 6th. Stephens started coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They set an "overweight" rating and a $22.50 price target for the company. Finally, Keefe, Bruyette & Woods upgraded shares of Rocket Companies from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $20.00 to $22.00 in a report on Monday, March 16th. Nine equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $20.40.

Rocket Companies Profile

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.

Want to see what other hedge funds are holding RKT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rocket Companies, Inc. (NYSE:RKT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.