Levin Capital Strategies L.P. Sells 129,119 Shares of Acacia Research Co. (NASDAQ:ACTG)

Levin Capital Strategies L.P. cut its stake in shares of Acacia Research Co. (NASDAQ:ACTG) by 35.2% in the fourth quarter, Holdings Channel reports. The fund owned 238,000 shares of the business services provider’s stock after selling 129,119 shares during the period. Levin Capital Strategies L.P.’s holdings in Acacia Research were worth $933,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Formidable Asset Management LLC increased its stake in shares of Acacia Research by 1.6% in the third quarter. Formidable Asset Management LLC now owns 1,755,935 shares of the business services provider’s stock valued at $6,409,000 after buying an additional 27,078 shares in the last quarter. Roumell Asset Management LLC increased its stake in shares of Acacia Research by 22.2% in the third quarter. Roumell Asset Management LLC now owns 727,463 shares of the business services provider’s stock valued at $2,655,000 after buying an additional 132,112 shares in the last quarter. Toroso Investments LLC increased its stake in shares of Acacia Research by 8.5% in the third quarter. Toroso Investments LLC now owns 554,362 shares of the business services provider’s stock valued at $2,023,000 after buying an additional 43,361 shares in the last quarter. Krilogy Financial LLC increased its stake in shares of Acacia Research by 8.9% in the third quarter. Krilogy Financial LLC now owns 268,750 shares of the business services provider’s stock valued at $981,000 after buying an additional 22,000 shares in the last quarter. Finally, Brandywine Global Investment Management LLC increased its stake in shares of Acacia Research by 107.2% in the third quarter. Brandywine Global Investment Management LLC now owns 47,023 shares of the business services provider’s stock valued at $172,000 after buying an additional 24,330 shares in the last quarter. 86.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ACTG shares. StockNews.com upgraded Acacia Research from a “sell” rating to a “hold” rating in a research note on Monday, March 18th. Craig Hallum raised their target price on Acacia Research from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Friday, March 15th.

Acacia Research Trading Down 0.6 %

ACTG stock traded down $0.03 during midday trading on Thursday, reaching $4.90. The stock had a trading volume of 70,770 shares, compared to its average volume of 210,130. The business has a fifty day simple moving average of $4.73 and a two-hundred day simple moving average of $4.14. The company has a quick ratio of 19.67, a current ratio of 20.07 and a debt-to-equity ratio of 0.02. The firm has a market cap of $490.10 million, a price-to-earnings ratio of 17.00 and a beta of 0.50. Acacia Research Co. has a twelve month low of $3.43 and a twelve month high of $5.47.

Acacia Research (NASDAQ:ACTG) last announced its quarterly earnings data on Thursday, March 14th. The business services provider reported $0.67 EPS for the quarter. The firm had revenue of $92.31 million during the quarter. Acacia Research had a return on equity of 11.47% and a net margin of 48.92%.

Acacia Research Company Profile

Acacia Research Corporation, together with its subsidiaries, invests in intellectual property and related absolute return assets; and engages in the licensing and enforcement of patented technologies. The company operates through three segments, Intellectual Property Operations, Industrial Operations, and Energy Operations.