Bank of New York Mellon Corp Sells 2,690,715 Shares of Transocean Ltd. (NYSE:RIG)

Bank of New York Mellon Corp trimmed its stake in shares of Transocean Ltd. (NYSE:RIG - Free Report) by 37.5% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 4,482,395 shares of the offshore drilling services provider's stock after selling 2,690,715 shares during the quarter. Bank of New York Mellon Corp owned about 0.51% of Transocean worth $14,209,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of RIG. Prudential Financial Inc. raised its holdings in shares of Transocean by 899.8% during the 4th quarter. Prudential Financial Inc. now owns 495,675 shares of the offshore drilling services provider's stock worth $1,859,000 after buying an additional 446,100 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Transocean by 51.5% during the 4th quarter. First Trust Advisors LP now owns 930,851 shares of the offshore drilling services provider's stock worth $3,491,000 after buying an additional 316,362 shares in the last quarter. Gotham Asset Management LLC acquired a new position in shares of Transocean during the 4th quarter worth $698,000. Renaissance Technologies LLC acquired a new position in Transocean in the 4th quarter worth about $16,608,000. Finally, Ensign Peak Advisors Inc increased its holdings in Transocean by 17.4% in the 4th quarter. Ensign Peak Advisors Inc now owns 7,152,461 shares of the offshore drilling services provider's stock worth $26,822,000 after purchasing an additional 1,059,893 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

Transocean Stock Up 1.2%

NYSE:RIG traded up $0.03 on Friday, hitting $2.63. The stock had a trading volume of 25,223,383 shares, compared to its average volume of 29,688,529. The business's fifty day moving average is $2.75 and its 200 day moving average is $3.00. The company has a market cap of $2.32 billion, a PE ratio of -2.77, a P/E/G ratio of 5.62 and a beta of 2.50. The company has a quick ratio of 1.06, a current ratio of 1.33 and a debt-to-equity ratio of 0.58. Transocean Ltd. has a 52 week low of $1.97 and a 52 week high of $5.98.

Transocean (NYSE:RIG - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The offshore drilling services provider reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $906.00 million during the quarter, compared to the consensus estimate of $884.92 million. Transocean had a negative return on equity of 0.94% and a negative net margin of 18.79%. The company's quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.03) earnings per share. On average, equities research analysts expect that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Insider Activity at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $2.78, for a total transaction of $61,160.00. Following the completion of the sale, the executive vice president directly owned 340,841 shares of the company's stock, valued at approximately $947,537.98. This trade represents a 6.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 12.27% of the company's stock.

Wall Street Analyst Weigh In

RIG has been the subject of a number of recent research reports. BTIG Research set a $5.00 target price on Transocean and gave the stock a "buy" rating in a report on Monday, May 5th. Susquehanna lowered their target price on Transocean from $5.00 to $4.00 and set a "positive" rating for the company in a report on Monday, April 14th. Wall Street Zen raised Transocean from a "sell" rating to a "hold" rating in a research note on Friday. Barclays decreased their price target on Transocean from $4.00 to $3.50 and set an "overweight" rating for the company in a research note on Monday, April 7th. Finally, Morgan Stanley decreased their price target on Transocean from $4.00 to $3.50 and set an "equal weight" rating for the company in a research note on Friday, May 16th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $4.58.

Transocean Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.