Principal Financial Group Inc. decreased its holdings in shares of Valaris Limited (NYSE:VAL - Free Report) by 1.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 747,436 shares of the company's stock after selling 12,337 shares during the quarter. Principal Financial Group Inc. owned 1.05% of Valaris worth $41,670,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Valaris during the 2nd quarter valued at about $28,884,000. Dimensional Fund Advisors LP raised its stake in shares of Valaris by 23.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,188,973 shares of the company's stock valued at $88,573,000 after acquiring an additional 225,283 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Valaris by 338.5% in the second quarter. AQR Capital Management LLC now owns 236,379 shares of the company's stock valued at $17,426,000 after purchasing an additional 182,467 shares during the period. Canada Pension Plan Investment Board bought a new position in Valaris in the second quarter worth approximately $13,306,000. Finally, Herr Investment Group LLC increased its holdings in Valaris by 123.3% during the 2nd quarter. Herr Investment Group LLC now owns 235,822 shares of the company's stock worth $17,569,000 after purchasing an additional 130,236 shares during the period. 96.74% of the stock is currently owned by hedge funds and other institutional investors.
Shares of VAL opened at $40.97 on Tuesday. The company has a 50 day moving average of $47.69 and a two-hundred day moving average of $59.51. The company has a market cap of $2.91 billion, a price-to-earnings ratio of 2.81 and a beta of 1.09. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. Valaris Limited has a twelve month low of $40.41 and a twelve month high of $84.20.
In related news, SVP Matthew Lyne sold 26,000 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $55.77, for a total value of $1,450,020.00. Following the completion of the transaction, the senior vice president now directly owns 24,388 shares of the company's stock, valued at $1,360,118.76. This trade represents a 51.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.12% of the company's stock.
VAL has been the topic of a number of recent research reports. Benchmark downgraded Valaris from a "buy" rating to a "hold" rating in a research report on Tuesday, October 15th. Susquehanna cut their target price on shares of Valaris from $61.00 to $55.00 and set a "neutral" rating on the stock in a research report on Friday, November 1st. Barclays reaffirmed an "equal weight" rating and issued a $49.00 price target (down previously from $59.00) on shares of Valaris in a research report on Wednesday, December 18th. Citigroup lowered shares of Valaris from a "buy" rating to a "neutral" rating and cut their price objective for the company from $58.00 to $47.00 in a report on Monday, December 9th. Finally, JPMorgan Chase & Co. assumed coverage on Valaris in a research report on Friday, December 6th. They set an "underweight" rating and a $40.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Valaris presently has an average rating of "Hold" and an average target price of $64.33.
View Our Latest Stock Report on Valaris
Valaris Limited, together with its subsidiaries, provides offshore contract drilling services Gulf of Mexico, South America, North Sea, the Middle East, Africa, and the Asia Pacific. The company operates through four segments: Floaters, Jackups, ARO, and Other. It owns an offshore drilling rig fleet, which include drillships, dynamically positioned semisubmersible rigs, moored semisubmersible rig, and jackup rigs.
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