Bank of New York Mellon Corp raised its stake in RigNet Inc. (NASDAQ:RNET) by 8.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 79,297 shares of the company’s stock after buying an additional 6,064 shares during the period. Bank of New York Mellon Corp owned about 0.45% of RigNet worth $1,061,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of RigNet by 296,533.7% in the first quarter. JPMorgan Chase & Co. now owns 299,600 shares of the company’s stock valued at $4,099,000 after buying an additional 299,499 shares in the last quarter. State Street Corp boosted its stake in shares of RigNet by 1.5% in the first quarter. State Street Corp now owns 201,274 shares of the company’s stock valued at $2,754,000 after buying an additional 3,034 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of RigNet by 4.1% in the first quarter. Geode Capital Management LLC now owns 89,274 shares of the company’s stock valued at $1,221,000 after buying an additional 3,490 shares in the last quarter. Bogle Investment Management L P DE acquired a new stake in shares of RigNet during the first quarter valued at $2,029,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of RigNet during the first quarter valued at $1,005,000. Institutional investors own 96.22% of the company’s stock.
RigNet Inc. (NASDAQ:RNET) traded up 0.29% on Friday, hitting $17.05. 125,644 shares of the stock were exchanged. The firm’s market cap is $303.59 million. The stock’s 50 day moving average price is $13.92 and its 200 day moving average price is $13.30. RigNet Inc. has a 52-week low of $10.32 and a 52-week high of $32.81.
RigNet (NASDAQ:RNET) last announced its quarterly earnings data on Monday, August 8th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by $0.29. The firm earned $54.91 million during the quarter, compared to analysts’ expectations of $58.50 million. RigNet had a negative net margin of 11.91% and a negative return on equity of 2.41%. The company’s revenue for the quarter was down 26.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.34 EPS. Equities research analysts forecast that RigNet Inc. will post ($0.35) earnings per share for the current year.
RNET has been the topic of a number of analyst reports. Zacks Investment Research cut shares of RigNet from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 13th. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of RigNet in a research report on Wednesday, August 17th. Sidoti upgraded shares of RigNet from a “neutral” rating to a “buy” rating and set a $14.00 price objective on the stock in a research report on Tuesday, June 28th. Finally, Jefferies Group reiterated a “buy” rating and set a $14.00 price objective (down previously from $16.00) on shares of RigNet in a research report on Saturday, August 13th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $14.67.
In other RigNet news, Director Kevin C. Mulloy sold 3,650 shares of the firm’s stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $12.14, for a total value of $44,311.00. Following the transaction, the director now owns 52 shares in the company, valued at approximately $631.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.70% of the stock is owned by company insiders.
RigNet Company Profile
RigNet, Inc (RigNet) is a provider of digital technology solutions to the oil and gas industry. The Company provides managed remote communications, managed services and collaborative applications, focusing on offshore and onshore drilling rigs, energy production facilities, and energy maritime. The Company operates through three segments: Eastern Hemisphere, Western Hemisphere and RigNet Systems Integration and Automation.
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