Cowen Inc. (NASDAQ:COWN) Stake Decreased by Essex Investment Management Co. LLC

Essex Investment Management Co. LLC reduced its holdings in Cowen Inc. (NASDAQ:COWN) by 18.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 276,352 shares of the financial services provider’s stock after selling 60,930 shares during the period. Cowen makes up 1.3% of Essex Investment Management Co. LLC’s holdings, making the stock its 6th biggest position. Essex Investment Management Co. LLC owned 0.95% of Cowen worth $11,344,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of COWN. Bank of Montreal Can increased its position in Cowen by 31.3% during the second quarter. Bank of Montreal Can now owns 396,144 shares of the financial services provider’s stock worth $16,170,000 after purchasing an additional 94,450 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Cowen by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 14,475 shares of the financial services provider’s stock worth $594,000 after purchasing an additional 311 shares during the last quarter. Shell Asset Management Co. increased its position in Cowen by 5.5% during the second quarter. Shell Asset Management Co. now owns 13,189 shares of the financial services provider’s stock worth $541,000 after purchasing an additional 690 shares during the last quarter. Commonwealth Equity Services LLC acquired a new stake in shares of Cowen during the second quarter valued at about $658,000. Finally, Bank of New York Mellon Corp increased its position in shares of Cowen by 3.6% during the second quarter. Bank of New York Mellon Corp now owns 219,990 shares of the financial services provider’s stock valued at $9,031,000 after acquiring an additional 7,670 shares during the last quarter. 91.30% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ COWN traded up $1.14 during midday trading on Monday, hitting $35.79. The company’s stock had a trading volume of 1,924 shares, compared to its average volume of 605,828. The business’s fifty day simple moving average is $37.17 and its two-hundred day simple moving average is $38.31. Cowen Inc. has a 1 year low of $14.91 and a 1 year high of $44.07. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 3.75 and a beta of 1.45.

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

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Wednesday, September 1st were paid a $0.10 dividend. The ex-dividend date was Tuesday, August 31st. This represents a $0.40 dividend on an annualized basis and a yield of 1.12%. Cowen’s dividend payout ratio is currently 3.52%.

A number of equities research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Cowen from a “sell” rating to a “hold” rating in a research report on Monday, September 13th. The Goldman Sachs Group assumed coverage on shares of Cowen in a research report on Tuesday, September 21st. They set a “sell” rating and a $35.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Cowen presently has an average rating of “Hold” and an average price target of $41.00.

In other news, General Counsel Owen S. Littman sold 6,307 shares of the business’s stock in a transaction that occurred on Tuesday, July 13th. The shares were sold at an average price of $40.12, for a total transaction of $253,036.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jeffrey M. Solomon sold 2,868 shares of Cowen stock in a transaction on Wednesday, July 28th. The shares were sold at an average price of $40.00, for a total transaction of $114,720.00. The disclosure for this sale can be found here. Insiders sold 40,024 shares of company stock valued at $1,606,305 in the last quarter. 4.20% of the stock is owned by insiders.

Cowen Profile

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.

Read More: Capital gains and your 401(k) or IRA

Want to see what other hedge funds are holding COWN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cowen Inc. (NASDAQ:COWN).

Institutional Ownership by Quarter for Cowen (NASDAQ:COWN)

Receive News & Ratings for Cowen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cowen and related companies with MarketBeat.com's FREE daily email newsletter.