Mason Street Advisors LLC bought a new stake in shares of Now Inc. (NYSE:DNOW) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 48,990 shares of the company’s stock, valued at approximately $889,000.
A number of other hedge funds also recently made changes to their positions in the stock. State Street Corp raised its stake in shares of Now by 2.4% in the first quarter. State Street Corp now owns 2,842,591 shares of the company’s stock valued at $50,365,000 after buying an additional 66,585 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Now by 4,491.3% in the second quarter. BNP Paribas Arbitrage SA now owns 53,076 shares of the company’s stock valued at $963,000 after buying an additional 51,920 shares in the last quarter. DAVENPORT & Co LLC raised its stake in shares of Now by 7.5% in the second quarter. DAVENPORT & Co LLC now owns 10,812 shares of the company’s stock valued at $196,000 after buying an additional 755 shares in the last quarter. BB&T Securities LLC raised its stake in shares of Now by 18.7% in the first quarter. BB&T Securities LLC now owns 15,038 shares of the company’s stock valued at $266,000 after buying an additional 2,374 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Now by 24.4% in the first quarter. JPMorgan Chase & Co. now owns 112,446 shares of the company’s stock valued at $1,992,000 after buying an additional 22,026 shares in the last quarter. 96.87% of the stock is currently owned by institutional investors and hedge funds.
Now Inc. (NYSE:DNOW) opened at 20.46 on Thursday. Now Inc. has a 52 week low of $12.03 and a 52 week high of $21.73. The stock’s market cap is $2.20 billion. The company has a 50-day moving average price of $20.44 and a 200-day moving average price of $18.69.
Now (NYSE:DNOW) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.46) by $0.06. Now had a negative net margin of 23.71% and a negative return on equity of 8.92%. The company earned $501 million during the quarter, compared to analysts’ expectations of $456.96 million. During the same period last year, the company posted ($0.16) earnings per share. The firm’s quarterly revenue was down 33.2% compared to the same quarter last year. Equities research analysts anticipate that Now Inc. will post ($1.52) EPS for the current year.
Several analysts have recently commented on DNOW shares. Cowen and Company started coverage on Now in a report on Friday, September 16th. They set a “market perform” rating and a $22.00 price objective for the company. Zacks Investment Research upgraded Now from a “sell” rating to a “hold” rating in a report on Wednesday, June 29th. Finally, KeyCorp reiterated a “hold” rating on shares of Now in a report on Tuesday. Five investment analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and an average price target of $18.00.
NOW Inc (NOW) is a global distributor to energy and industrial markets. The Company operates primarily under the DistributionNOW and Wilson Export brands. The Company operates through three segments: United States (U.S.), Canada and International. Through its network of over 300 locations across the world, it stocks and sells an offering of energy products, as well as a selection of products for industrial applications.
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