Acacia Research Corp.-Acacia Technologies (NASDAQ:ACTG) Chairman Robert Harris II dumped 8,334 shares of the stock on the open market in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $22.87, for a total transaction of $190,598.58. Following the sale, the chairman now directly owns 281,598 shares in the company. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
ACTG has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Acacia Research Corp.-Acacia Technologies from a “neutral” rating to an “underperform” rating in a research note to investors on Thursday, July 25th. They now have a $21.30 price target on the stock. Separately, analysts at Barclays Capital cut their price target on shares of Acacia Research Corp.-Acacia Technologies from $28.00 to $23.00 in a research note to investors on Tuesday, July 23rd. They now have an “equal weight” rating on the stock.
One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $29.58.
Acacia Research Corp.-Acacia Technologies (NASDAQ:ACTG) traded down 1.00% on Friday, hitting $22.75. Acacia Research Corp.-Acacia Technologies has a 1-year low of $19.86 and a 1-year high of $32.59. The stock’s 50-day moving average is currently $23.55. The company’s market cap is $1.092 billion.
Acacia Research Corp.-Acacia Technologies (NASDAQ:ACTG) last announced its earnings results on Thursday, July 18th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by $0.34. The company had revenue of $23.11 million for the quarter, compared to the consensus estimate of $66.98 million. During the same quarter in the previous year, the company posted $0.43 earnings per share. The company’s revenue for the quarter was down 54.3% on a year-over-year basis. Analysts expect that Acacia Research Corp.-Acacia Technologies will post $1.53 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 30th. Stockholders of record on Thursday, August 1st will be paid a dividend of $0.13 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Tuesday, July 30th.
Acacia Research Corporation, through its operating subsidiaries, acquires, develops, licenses and enforces patented technologies.
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