Kentucky Retirement Systems Raises Stake in Rocket Companies, Inc. $RKT

Kentucky Retirement Systems lifted its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 274.7% in the fourth quarter, Holdings Channel reports. The firm owned 59,094 shares of the company’s stock after purchasing an additional 43,323 shares during the period. Kentucky Retirement Systems’ holdings in Rocket Companies were worth $1,144,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings 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 during the period. ValueAct Holdings L.P. grew its holdings in shares of Rocket Companies by 67.9% during the 3rd quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock worth $492,167,000 after purchasing an additional 10,270,018 shares during the period. Geode Capital Management LLC grew its holdings in shares of Rocket Companies by 265.0% during the 4th quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock worth $299,939,000 after purchasing an additional 11,282,009 shares during the period. Durable Capital Partners LP purchased a new stake in shares of Rocket Companies during the 3rd quarter worth about $213,010,000. Finally, Norges Bank purchased a new stake in shares of Rocket Companies during the 4th quarter worth about $144,207,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on RKT shares. Keefe, Bruyette & Woods reduced their price target on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Citizens Jmp started coverage on Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating on the stock. Wells Fargo & Company reduced their price target on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Compass Point started coverage on Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their price target on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.93.

Rocket Companies Stock Performance

Rocket Companies stock opened at $14.52 on Monday. The stock’s 50 day moving average price is $14.61 and its 200 day moving average price is $17.37. The firm has a market capitalization of $41.08 billion, a PE ratio of 290.36 and a beta of 2.19. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. Rocket Companies, Inc. has a one year low of $12.25 and a one year high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.Rocket Companies’s revenue for the quarter was up 167.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.04 EPS. As a group, sell-side analysts expect that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

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.