Cowen (NASDAQ:COWN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.
According to Zacks, “COWEN GROUP, INC., through its operating subsidiaries, provides investment banking, equity research, sales and trading, asset management and alternative asset management services to companies and institutional investor clients in the healthcare, technology, telecommunications, aerospace and defense, consumer and alternative energy sectors. Cowen’s asset management business includes teams based in the U.S. and the U.K. Cowen’s U.S. team focuses on a growth-oriented investment style centered on small and mid-sized companies based primarily in North America. Cowen’s U.K. team provides traditional asset management products, focusing on a global equity strategy. Cowen’s alternative asset management business consists of Cowen Healthcare Royalty Partners, which invests principally in commercial-stage biopharmaceutical products and companies, and Cowen Capital Partners, which manages a portfolio of middle market private equity investments for third party investors. “
COWN has been the topic of a number of other reports. TheStreet cut Cowen from a “c-” rating to a “d+” rating in a report on Monday, March 30th. BidaskClub raised Cowen from a “buy” rating to a “strong-buy” rating in a report on Saturday. JMP Securities decreased their price objective on Cowen from $23.00 to $19.00 and set a “market outperform” rating on the stock in a report on Thursday, April 9th. Finally, ValuEngine lowered Cowen from a “hold” rating to a “sell” rating in a research report on Thursday, April 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $19.50.
e’s one of the most famous and well-connected men in U.S. finance… Starting from his New York City bedroom in 1999… He launched one of the world’s smallest hedge funds… with just $1 million raised from family and friends… But over the next decade, he grew it to an incredible $200 million… Nearly tripling his investors’ money, even during a flat market… with 200% to 1,400% gains from a range of different investments…
Shares of NASDAQ COWN traded up $0.58 during trading hours on Tuesday, reaching $15.53. 322,628 shares of the stock traded hands, compared to its average volume of 342,224. The company has a market capitalization of $408.98 million, a P/E ratio of -155.28 and a beta of 1.50. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.19. Cowen has a 52-week low of $5.75 and a 52-week high of $18.36. The company’s 50-day simple moving average is $11.69 and its two-hundred day simple moving average is $13.55.
Cowen (NASDAQ:COWN) last announced its quarterly earnings data on Wednesday, April 29th. The financial services provider reported ($0.24) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.38). The firm had revenue of $210.92 million for the quarter, compared to analysts’ expectations of $218.11 million. Cowen had a net margin of 0.45% and a return on equity of 4.97%. As a group, sell-side analysts forecast that Cowen will post 1.91 earnings per share for the current fiscal year.
In related news, Director Brett H. Barth purchased 10,000 shares of Cowen stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average cost of $10.04 per share, for a total transaction of $100,400.00. Following the transaction, the director now directly owns 81,052 shares in the company, valued at $813,762.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.40% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of COWN. FMR LLC grew its position in shares of Cowen by 39.6% in the 4th quarter. FMR LLC now owns 2,309,425 shares of the financial services provider’s stock worth $36,374,000 after buying an additional 655,105 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Cowen by 6.0% in the 4th quarter. Victory Capital Management Inc. now owns 167,651 shares of the financial services provider’s stock worth $2,694,000 after buying an additional 9,551 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Cowen by 24.8% in the 4th quarter. Bank of New York Mellon Corp now owns 150,450 shares of the financial services provider’s stock worth $2,370,000 after buying an additional 29,924 shares during the last quarter. UBS Group AG grew its position in shares of Cowen by 68.7% in the 4th quarter. UBS Group AG now owns 36,983 shares of the financial services provider’s stock worth $582,000 after buying an additional 15,062 shares during the last quarter. Finally, Bank of Montreal Can grew its position in shares of Cowen by 84.4% in the 4th quarter. Bank of Montreal Can now owns 265,489 shares of the financial services provider’s stock worth $4,182,000 after buying an additional 121,510 shares during the last quarter. Institutional investors and hedge funds own 88.48% of the company’s stock.
Cowen Company Profile
Cowen Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides alternative investment management, investment banking, research, and sales and trading services for its clients. It manages separate client focused portfolio through its subsidiaries. Through its subsidiaries, the firm invests in equity and fixed income markets.
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