Cowen (NASDAQ:COWN) Raised to Hold at Zacks Investment Research

Cowen (NASDAQ:COWN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday, 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. “

Shares of Cowen stock opened at $34.04 on Monday. The business has a 50-day moving average price of $38.08 and a two-hundred day moving average price of $38.46. Cowen has a 1-year low of $14.91 and a 1-year high of $44.07. The company has a market cap of $987.70 million, a P/E ratio of 3.69 and a beta of 1.45.

Cowen (NASDAQ:COWN) last issued its earnings results on Tuesday, July 27th. The financial services provider reported $1.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.23. The company had revenue of $390.13 million during the quarter, compared to the consensus estimate of $330.76 million. Cowen had a return on equity of 31.12% and a net margin of 16.21%. Analysts forecast that Cowen will post 8.7 earnings per share for the current fiscal year.

In other Cowen news, CEO Jeffrey M. Solomon sold 15,769 shares of Cowen stock in a transaction dated Tuesday, July 13th. The stock was sold at an average price of $40.12, for a total transaction of $632,652.28. Following the completion of the transaction, the chief executive officer now owns 924,330 shares in the company, valued at approximately $37,084,119.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Owen S. Littman sold 6,307 shares of Cowen stock in a transaction dated Tuesday, July 13th. The shares were sold at an average price of $40.12, for a total value of $253,036.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,024 shares of company stock valued at $1,606,305. 4.20% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in shares of Cowen by 33.6% during the 1st quarter. BlackRock Inc. now owns 2,680,545 shares of the financial services provider’s stock worth $94,222,000 after buying an additional 673,684 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Cowen by 5.5% during the 2nd quarter. Vanguard Group Inc. now owns 1,640,145 shares of the financial services provider’s stock worth $67,328,000 after buying an additional 86,079 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Cowen by 2.3% during the 2nd quarter. Nuveen Asset Management LLC now owns 885,069 shares of the financial services provider’s stock worth $36,332,000 after buying an additional 19,796 shares in the last quarter. State Street Corp lifted its position in shares of Cowen by 9.3% during the 2nd quarter. State Street Corp now owns 584,160 shares of the financial services provider’s stock worth $23,980,000 after buying an additional 49,582 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Cowen by 19.6% during the 2nd quarter. Millennium Management LLC now owns 503,974 shares of the financial services provider’s stock worth $20,688,000 after buying an additional 82,682 shares in the last quarter. Institutional investors and hedge funds own 91.30% of the company’s stock.

About Cowen

Cowen, Inc engages in the provision of financial services. It operates through following the segments: Operating Company and Asset Company. The Operating Company segment consists of the Cowen Investment Management, the Investment Banking, the Markets, and the Research divisions. The Asset Company segment comprises of the firm’s private investments, private real estate investments, and other legacy investment strategies.

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