Steamboat Capital Partners LLC Invests $10.38 Million in Versigent $VGNT

Key Points

• Steamboat Capital Partners purchased 247,200 Versigent shares worth approximately $10.38 million, representing about 0.35% of the company and 2.2% of the firm’s portfolio. Several other major institutional investors also initiated positions during the second quarter.
• Analyst sentiment remains favorable, with 11 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $54.00. Recent target changes included TD Cowen raising its target to $58 and Wells Fargo increasing its target to $56.
• Versigent beat quarterly expectations with adjusted earnings of $1.92 per share versus a $1.58 estimate and revenue of $2.44 billion. The company also announced a quarterly dividend of $0.13 per share, equivalent to a 1.1% annualized yield.

Steamboat Capital Partners LLC purchased a new stake in shares of Versigent (NYSE:VGNT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 247,200 shares of the company's stock, valued at approximately $10,385,000. Versigent makes up 2.2% of Steamboat Capital Partners LLC's holdings, making the stock its 13th biggest holding. Steamboat Capital Partners LLC owned about 0.35% of Versigent as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. California State Teachers Retirement System purchased a new stake in Versigent during the second quarter valued at $143,056,000. Allianz Asset Management GmbH bought a new stake in shares of Versigent in the 2nd quarter worth about $20,602,000. Nan Shan Life Insurance Co. Ltd. bought a new stake in shares of Versigent in the 2nd quarter worth about $5,400,000. Ancora Advisors LLC purchased a new stake in shares of Versigent during the 2nd quarter valued at about $4,197,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Versigent during the 2nd quarter valued at about $2,417,000.

Analyst Upgrades and Downgrades

VGNT has been the topic of several analyst reports. TD Cowen boosted their target price on Versigent from $49.00 to $58.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Zacks Research downgraded Versigent from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 5th. The Goldman Sachs Group reiterated a "buy" rating and set a $59.00 price objective on shares of Versigent in a research report on Wednesday, August 5th. UBS Group reduced their target price on shares of Versigent from $58.00 to $55.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Finally, Wells Fargo & Company raised their target price on shares of Versigent from $48.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Eleven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $54.00.

Versigent Trading Down 5.5%

Shares of VGNT stock opened at $47.44 on Wednesday. Versigent has a twelve month low of $26.34 and a twelve month high of $50.88. The company has a quick ratio of 1.09, a current ratio of 1.40 and a debt-to-equity ratio of 7.29. The stock has a fifty day moving average price of $44.08. The stock has a market cap of $3.36 billion and a PE ratio of 24.71.

Versigent (NYSE:VGNT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $1.92 EPS for the quarter, beating the consensus estimate of $1.58 by $0.34. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.29 billion. Research analysts predict that Versigent will post 7.23 EPS for the current fiscal year.

Versigent Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, September 4th.

About Versigent

Versigent PLC is involved in the design, manufacturing and delivery of low and high voltage power electrical architectures. Versigent PLC is based in SCHAFFHAUSEN, Switzerland.

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