Rocket Companies, Inc. $RKT Shares Purchased by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio increased its stake in Rocket Companies, Inc. (NYSE:RKT) by 7.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 561,187 shares of the company’s stock after acquiring an additional 39,631 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Rocket Companies were worth $7,997,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in RKT. Vanguard Group Inc. boosted its holdings in Rocket Companies by 280.3% in the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after buying an additional 64,311,040 shares during the last quarter. ValueAct Holdings L.P. raised its holdings in shares of Rocket Companies by 55.1% during the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock valued at $762,409,000 after acquiring an additional 13,985,025 shares during the last quarter. Nuveen LLC raised its holdings in shares of Rocket Companies by 5.5% during the fourth quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock valued at $629,938,000 after acquiring an additional 1,706,659 shares during the last quarter. Morgan Stanley lifted its position in shares of Rocket Companies by 461.2% in the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after acquiring an additional 22,196,782 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Rocket Companies by 11,636.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock valued at $507,037,000 after acquiring an additional 25,966,725 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Barclays decreased their price objective on Rocket Companies from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. Stephens began coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price on the stock. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a report on Tuesday, June 16th. Finally, Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, Rocket Companies presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.73.

Rocket Companies Stock Performance

NYSE:RKT opened at $13.53 on Tuesday. The company’s 50-day moving average is $14.05 and its two-hundred day moving average is $15.99. Rocket Companies, Inc. has a 1-year low of $12.17 and a 1-year high of $24.36. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The firm has a market capitalization of $38.27 billion, a price-to-earnings ratio of 270.50 and a beta of 2.16.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The business had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the firm earned $0.04 EPS. The business’s revenue was up 167.1% compared to the same quarter last year. Analysts forecast that Rocket Companies, Inc. will post 0.58 EPS for the current year.

Rocket Companies Company 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.