Diamond Hill Capital Management LLC Investment Advisor Invests $67.80 Million in Rocket Companies, Inc. $RKT

by · The Markets Daily

Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in Rocket Companies, Inc. (NYSE:RKT – Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 4,304,454 shares of the company’s stock, valued at approximately $67,795,000. Diamond Hill Capital Management LLC Investment Advisor owned 0.15% of Rocket Companies at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of Rocket Companies by 48.9% during the 1st quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock worth $841,000 after buying an additional 22,861 shares in the last quarter. Amundi boosted its stake in Rocket Companies by 3.1% during the first quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after acquiring an additional 997 shares in the last quarter. AQR Capital Management LLC boosted its stake in Rocket Companies by 1,086.5% during the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock worth $4,734,000 after acquiring an additional 366,716 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Rocket Companies by 12.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after purchasing an additional 40,326 shares during the period. Finally, Creative Planning grew its holdings in Rocket Companies by 17.2% in the second quarter. Creative Planning now owns 18,215 shares of the company’s stock worth $258,000 after purchasing an additional 2,679 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analysts Set New Price Targets

RKT has been the topic of several research reports. Benchmark dropped their price objective on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Stephens reduced their target price on Rocket Companies from $22.50 to $20.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rocket Companies in a research report on Friday, August 7th. Wells Fargo & Company dropped their price target on Rocket Companies from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Finally, Morgan Stanley upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $18.00 to $19.00 in a report on Thursday, July 16th. Ten research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Rocket Companies currently has a consensus rating of “Moderate Buy” and an average target price of $19.87.

Get Our Latest Stock Report on Rocket Companies

Rocket Companies Stock Performance

RKT opened at $14.79 on Monday. The company has a current ratio of 4.85, a quick ratio of 4.85 and a debt-to-equity ratio of 1.16. The company’s fifty day moving average price is $14.10 and its two-hundred day moving average price is $15.17. Rocket Companies, Inc. has a 1-year low of $12.17 and a 1-year high of $24.36. The company has a market cap of $41.87 billion, a price-to-earnings ratio of 105.61 and a beta of 2.19.

Rocket Companies (NYSE:RKT – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.16. The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.81 billion. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The business’s revenue was up 91.9% on a year-over-year basis. During the same period last year, the company earned $0.04 earnings per share. On average, analysts expect that Rocket Companies, Inc. will post 0.53 EPS for the current fiscal year.

About Rocket Companies

(Free Report)

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.

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