Bank of New York Mellon Corp Sells 38,808 Shares of Transocean Ltd. (RIG)

Bank of New York Mellon Corp reduced its stake in shares of Transocean Ltd. (NYSE:RIG) by 1.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,557,491 shares of the offshore drilling services provider’s stock after selling 38,808 shares during the quarter. Bank of New York Mellon Corp owned 0.91% of Transocean worth $29,278,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in RIG. Nationwide Fund Advisors raised its position in Transocean by 16.4% during the first quarter. Nationwide Fund Advisors now owns 327,207 shares of the offshore drilling services provider’s stock valued at $4,074,000 after acquiring an additional 46,097 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Transocean by 230.6% in the first quarter. Russell Investments Group Ltd. now owns 196,778 shares of the offshore drilling services provider’s stock valued at $2,452,000 after buying an additional 137,248 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Transocean by 21.6% in the first quarter. Wells Fargo & Company MN now owns 481,855 shares of the offshore drilling services provider’s stock valued at $6,000,000 after buying an additional 85,486 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Transocean by 740.6% in the first quarter. Canada Pension Plan Investment Board now owns 429,594 shares of the offshore drilling services provider’s stock valued at $5,348,000 after buying an additional 378,490 shares in the last quarter. Finally, State Treasurer State of Michigan increased its position in shares of Transocean by 0.4% in the first quarter. State Treasurer State of Michigan now owns 127,848 shares of the offshore drilling services provider’s stock valued at $1,592,000 after buying an additional 500 shares in the last quarter. Institutional investors own 67.84% of the company’s stock.

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In related news, CAO Howard E. Davis bought 40,000 shares of Transocean stock in a transaction that occurred on Thursday, August 17th. The stock was acquired at an average price of $7.32 per share, with a total value of $292,800.00. Following the acquisition, the chief accounting officer now owns 21,793 shares of the company’s stock, valued at approximately $159,524.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.33% of the company’s stock.

Transocean Ltd. (NYSE RIG) opened at 8.49 on Tuesday. The firm’s market cap is $3.32 billion. Transocean Ltd. has a 12 month low of $7.20 and a 12 month high of $16.66. The stock’s 50 day moving average is $8.30 and its 200-day moving average is $10.02.

A number of analysts have recently issued reports on RIG shares. R. F. Lafferty lowered their price target on Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, May 15th. Royal Bank Of Canada reissued a “sell” rating and set a $13.00 price objective on shares of Transocean in a research note on Monday, May 15th. Odeon Capital Group LLC initiated coverage on Transocean in a research note on Wednesday, May 17th. They set a “sell” rating and a $8.00 price objective on the stock. Jefferies Group LLC set a $12.00 target price on Transocean and gave the company a “hold” rating in a research report on Wednesday, May 24th. Finally, BidaskClub upgraded Transocean from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Ten research analysts have rated the stock with a sell rating, fourteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Transocean has an average rating of “Hold” and an average price target of $12.21.

About Transocean

Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.

Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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