JPMorgan Chase & Co. increased its position in shares of RigNet Inc. (NASDAQ:RNET) by 2.1% during the second quarter, Holdings Channel reports. The firm owned 305,800 shares of the company’s stock after buying an additional 6,200 shares during the period. JPMorgan Chase & Co. owned approximately 1.72% of RigNet worth $4,094,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System raised its position in RigNet by 1.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 12,674 shares of the company’s stock worth $170,000 after buying an additional 139 shares during the period. California State Teachers Retirement System raised its position in RigNet by 3.6% in the second quarter. California State Teachers Retirement System now owns 26,506 shares of the company’s stock worth $355,000 after buying an additional 931 shares during the period. Alambic Investment Management L.P. bought a new position in RigNet during the second quarter worth $372,000. Jacobs Levy Equity Management Inc. bought a new position in RigNet during the first quarter worth $1,005,000. Finally, Bank of New York Mellon Corp raised its position in RigNet by 8.3% in the second quarter. Bank of New York Mellon Corp now owns 79,297 shares of the company’s stock worth $1,061,000 after buying an additional 6,064 shares during the period. 96.22% of the stock is owned by institutional investors.
RigNet Inc. (NASDAQ:RNET) traded up 0.29% during trading on Friday, hitting $17.05. The stock had a trading volume of 125,644 shares. The firm’s market cap is $303.59 million. The company’s 50 day moving average is $13.92 and its 200 day moving average 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 issued its quarterly earnings data on Monday, August 8th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by $0.29. The business earned $54.91 million during the quarter, compared to the consensus estimate of $58.50 million. RigNet had a negative return on equity of 2.41% and a negative net margin of 11.91%. The business’s quarterly revenue was down 26.9% on a year-over-year basis. During the same period last year, the firm earned $0.34 EPS. Equities research analysts forecast that RigNet Inc. will post ($0.35) earnings per share for the current year.
Several analysts have commented on the company. Jefferies Group reiterated a “buy” rating and set a $14.00 target price (down from $16.00) on shares of RigNet in a research note on Saturday, August 13th. Sidoti upgraded RigNet from a “neutral” rating to a “buy” rating and set a $14.00 target price on the stock in a research note on Tuesday, June 28th. Zacks Investment Research upgraded RigNet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 19th. Finally, Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of RigNet in a research note on Wednesday, August 17th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $14.67.
In related news, Director Kevin C. Mulloy sold 3,650 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $12.14, for a total value of $44,311.00. Following the completion of the transaction, the director now owns 52 shares of the company’s stock, valued at $631.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.70% of the stock is currently owned by corporate insiders.
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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