Mudrick Capital Management L.P. acquired a new position in DPC Holdings PLC (NYSE:DPC – Free Report) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 6,402,671 shares of the company’s stock, valued at approximately $314,115,000. DPC accounts for approximately 70.1% of Mudrick Capital Management L.P.’s portfolio, making the stock its largest holding.
Several other hedge funds and other institutional investors have also recently modified their holdings of DPC. Readystate Asset Management LP bought a new position in DPC in the 2nd quarter worth $245,000. Irenic Capital Management LP bought a new stake in DPC during the second quarter valued at about $41,201,000. Tribune Investment Group LP bought a new stake in DPC during the second quarter valued at about $3,105,000. Wellington Management Group LLP purchased a new stake in DPC in the second quarter worth about $4,402,000. Finally, SurgoCap Partners LP purchased a new stake in DPC in the second quarter worth about $31,336,000.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on the company. Royal Bank Of Canada lifted their price objective on DPC from $53.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. Rothschild & Co Redburn began coverage on shares of DPC in a report on Monday, July 20th. They issued a “buy” rating and a $53.50 target price for the company. Jefferies Financial Group assumed coverage on shares of DPC in a research note on Monday, July 20th. They set a “buy” rating and a $56.00 target price on the stock. Wall Street Zen raised shares of DPC to a “hold” rating in a report on Saturday, July 4th. Finally, Morgan Stanley lifted their price target on shares of DPC from $47.00 to $59.00 and gave the company an “equal weight” rating in a report on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.62.
DPC Stock Down 4.5%
Shares of DPC stock opened at $42.87 on Wednesday. The business has a fifty day simple moving average of $47.27. DPC Holdings PLC has a 52-week low of $37.65 and a 52-week high of $57.25.
DPC (NYSE:DPC – Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.03). The firm had revenue of $268.70 million during the quarter. Analysts expect that DPC Holdings PLC will post 0.45 EPS for the current year.
Insider Activity
In other DPC news, Director Henry F. Brooks purchased 10,604 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were bought at an average cost of $33.00 per share, with a total value of $349,932.00. Following the acquisition, the director owned 10,604 shares in the company, valued at approximately $349,932. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Taiwo K. Danmola purchased 60,604 shares of the company’s stock in a transaction on Friday, June 26th. The stock was acquired at an average price of $33.00 per share, with a total value of $1,999,932.00. Following the completion of the purchase, the director directly owned 60,604 shares in the company, valued at $1,999,932. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 2,297,621 shares of company stock valued at $75,821,493 in the last three months.
DPC Company Profile
DPC Holdings is a manufacturer of engineered engine products which include complex precision cast components and nickel- and cobalt-based superalloys primarily serving Aerospace and IGT end markets. DPC Holdings is based in United Kingdom.
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