Cowen Group, Inc. (NASDAQ:COWN) Major Shareholder Sells $31,000.00 in Stock
Cowen Group, Inc. (NASDAQ:COWN) major shareholder Peter A. Cohen sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $0.31, for a total value of $31,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.
Shares of Cowen Group, Inc. (NASDAQ COWN) traded up 1.92% during midday trading on Friday, hitting $15.95. The stock had a trading volume of 317,287 shares. Cowen Group, Inc. has a one year low of $11.60 and a one year high of $16.95. The firm has a 50 day moving average of $16.27 and a 200-day moving average of $15.12. The company’s market cap is $492.57 million.
Cowen Group (NASDAQ:COWN) last released its quarterly earnings results on Thursday, August 3rd. The financial services provider reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.12. The business had revenue of $171.90 million for the quarter, compared to the consensus estimate of $169.54 million. Cowen Group had a net margin of 1.00% and a return on equity of 1.92%. Cowen Group’s revenue for the quarter was up 113.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.11) EPS. On average, analysts forecast that Cowen Group, Inc. will post $1.65 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN increased its position in Cowen Group by 4.9% in the first quarter. Wells Fargo & Company MN now owns 486,205 shares of the financial services provider’s stock valued at $7,270,000 after buying an additional 22,771 shares during the last quarter. Renaissance Technologies LLC bought a new position in Cowen Group during the fourth quarter valued at about $1,634,000. Russell Investments Group Ltd. bought a new position in Cowen Group during the fourth quarter valued at about $143,000. American International Group Inc. increased its position in Cowen Group by 7.2% in the first quarter. American International Group Inc. now owns 15,740 shares of the financial services provider’s stock valued at $235,000 after buying an additional 1,051 shares during the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in Cowen Group by 91.7% in the first quarter. Parametric Portfolio Associates LLC now owns 82,095 shares of the financial services provider’s stock valued at $1,227,000 after buying an additional 39,267 shares during the last quarter. Hedge funds and other institutional investors own 81.32% of the company’s stock.
Several equities analysts have issued reports on the company. BidaskClub cut Cowen Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. Instinet reissued a “neutral” rating and set a $18.00 price target (up previously from $17.00) on shares of Cowen Group in a research note on Friday, August 11th. Finally, Nomura boosted their price target on Cowen Group from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, August 10th.
About Cowen Group
Cowen Inc, formerly Cowen Group, Inc, is a financial services company. The Company provides alternative investment management, investment banking, research, sales and trading, and prime brokerage services. It operates through two segments: alternative investment and broker-dealer. The alternative investment segment includes private equity structures, registered investment companies and listed investment vehicles.
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