New York State Common Retirement Fund increased its stake in Rogers Co. (NYSE:ROG) by 48.8% in the second quarter, Holdings Channel.com reports. The firm owned 29,540 shares of the electronics maker’s stock after purchasing an additional 9,689 shares during the quarter. New York State Common Retirement Fund’s holdings in Rogers were worth $5,932,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Advisor Group Holdings Inc. raised its position in Rogers by 35.0% in the 2nd quarter. Advisor Group Holdings Inc. now owns 1,482 shares of the electronics maker’s stock valued at $297,000 after buying an additional 384 shares during the last quarter. Lipe & Dalton acquired a new position in shares of Rogers during the 2nd quarter worth approximately $201,000. Pinnacle Associates Ltd. increased its position in shares of Rogers by 1.4% during the 2nd quarter. Pinnacle Associates Ltd. now owns 147,528 shares of the electronics maker’s stock worth $29,624,000 after purchasing an additional 2,082 shares during the last quarter. Eagle Bay Advisors LLC acquired a new position in shares of Rogers during the 2nd quarter worth approximately $73,000. Finally, Whittier Trust Co. acquired a new position in shares of Rogers during the 2nd quarter worth approximately $185,000. Hedge funds and other institutional investors own 86.31% of the company’s stock.
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ROG has been the topic of several recent analyst reports. Canaccord Genuity lowered their price target on Rogers from $260.00 to $233.00 and set a “buy” rating on the stock in a research report on Friday, July 30th. Wolfe Research initiated coverage on Rogers in a research report on Wednesday, June 9th. They set an “outperform” rating on the stock. Finally, Zacks Investment Research lowered Rogers from a “hold” rating to a “sell” rating in a research report on Tuesday, August 3rd. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $229.33.
In other news, Director Keith Barnes sold 775 shares of Rogers stock in a transaction that occurred on Thursday, June 10th. The stock was sold at an average price of $194.39, for a total transaction of $150,652.25. Following the completion of the transaction, the director now directly owns 4,750 shares in the company, valued at approximately $923,352.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.90% of the company’s stock.
Shares of NYSE ROG opened at $206.90 on Friday. Rogers Co. has a 12 month low of $95.69 and a 12 month high of $215.02. The stock has a 50 day moving average of $199.02 and a 200-day moving average of $192.56. The company has a market capitalization of $3.88 billion, a P/E ratio of 47.45 and a beta of 1.79.
Rogers (NYSE:ROG) last issued its earnings results on Thursday, July 29th. The electronics maker reported $1.72 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.88 by ($0.16). Rogers had a return on equity of 12.14% and a net margin of 9.36%. On average, equities analysts predict that Rogers Co. will post 7.49 EPS for the current fiscal year.
Rogers Corp. engages in the design, development, manufacture, and sale of engineered materials and components for mission critical applications. It operates through the following segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS), Power Electronics Solutions (PES), and Other.
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