Irenic Capital Management LP Takes $41.20 Million Position in DPC Holdings PLC $DPC

Irenic Capital Management LP acquired a new position in shares of DPC Holdings PLC (NYSE:DPC) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 839,816 shares of the company’s stock, valued at approximately $41,201,000. DPC accounts for approximately 2.0% of Irenic Capital Management LP’s holdings, making the stock its 12th biggest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tribune Investment Group LP bought a new stake in DPC during the second quarter valued at $3,105,000. Wellington Management Group LLP acquired a new stake in DPC during the 2nd quarter worth about $4,402,000. Finally, SurgoCap Partners LP bought a new position in shares of DPC in the 2nd quarter worth about $31,336,000.

Insiders Place Their Bets

In other news, CFO David John Egan purchased 275,363 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The shares were acquired at an average cost of $33.00 per share, with a total value of $9,086,979.00. Following the purchase, the chief financial officer owned 294,529 shares in the company, valued at $9,719,457. This represents a 1,436.73% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Taiwo K. Danmola purchased 60,604 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The shares were purchased at an average cost of $33.00 per share, for a total transaction of $1,999,932.00. Following the completion of the purchase, the director owned 60,604 shares in the company, valued at $1,999,932. This trade represents a ? increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 2,297,621 shares of company stock worth $75,821,493 over the last three months.

DPC Stock Up 8.7%

DPC opened at $45.16 on Friday. DPC Holdings PLC has a 1-year low of $37.65 and a 1-year high of $57.25. The firm has a fifty day moving average of $47.53.

DPC (NYSE:DPC) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.03). The firm had revenue of $268.70 million for the quarter. On average, equities analysts predict that DPC Holdings PLC will post 0.45 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Jefferies Financial Group began coverage on DPC in a research note on Monday, July 20th. They issued a “buy” rating and a $56.00 price objective on the stock. Morgan Stanley raised their target price on DPC from $47.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 12th. Zacks Research upgraded DPC to a “hold” rating in a report on Tuesday, July 21st. Wall Street Zen raised DPC to a “hold” rating in a research note on Saturday, July 4th. Finally, Rothschild & Co Redburn started coverage on DPC in a report on Monday, July 20th. They set a “buy” rating and a $53.50 price target on the stock. Three research 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 an average target price of $57.62.

DPC 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.