Garnet Equity Capital Holdings Inc. bought a new stake in Cowen Inc (NASDAQ:COWN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 300,000 shares of the financial services provider’s stock, valued at approximately $4,095,000. Cowen comprises about 3.3% of Garnet Equity Capital Holdings Inc.’s investment portfolio, making the stock its 13th largest position. Garnet Equity Capital Holdings Inc. owned about 0.96% of Cowen at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Two Sigma Investments LP acquired a new position in shares of Cowen in the fourth quarter worth $440,000. Guggenheim Capital LLC acquired a new position in shares of Cowen in the fourth quarter worth $605,000. Brandywine Global Investment Management LLC acquired a new position in shares of Cowen in the fourth quarter worth $162,000. Ariel Investments LLC grew its stake in shares of Cowen by 32.9% in the fourth quarter. Ariel Investments LLC now owns 2,129,096 shares of the financial services provider’s stock worth $29,062,000 after acquiring an additional 526,822 shares in the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of Cowen in the fourth quarter worth $346,000. Hedge funds and other institutional investors own 85.40% of the company’s stock.
COWN has been the subject of several research reports. BidaskClub downgraded shares of Cowen from a “sell” rating to a “strong sell” rating in a research note on Thursday, December 7th. Nomura upgraded shares of Cowen from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $13.00 to $16.00 in a research note on Friday, February 16th.
Cowen (NASDAQ:COWN) last released its quarterly earnings data on Thursday, February 15th. The financial services provider reported ($0.30) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.69). The firm had revenue of $204.50 million for the quarter, compared to analysts’ expectations of $178.98 million. Cowen had a negative return on equity of 15.66% and a negative net margin of 19.97%. Cowen’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same period last year, the firm posted ($0.48) earnings per share.
Cowen announced that its board has initiated a stock buyback program on Thursday, February 15th that permits the company to buyback $23.60 million in shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
Cowen Company Profile
Cowen Inc, formerly Cowen Group, Inc, is a financial services company. The Company provides alternative investment management, investment banking, research, sales and trading, and prime brokerage services. It operates through two segments: alternative investment and broker-dealer. The alternative investment segment includes private equity structures, registered investment companies and listed investment vehicles.
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