New York State Common Retirement Fund Sells 10,400 Shares of Driven Brands Holdings Inc. (NASDAQ:DRVN)

New York State Common Retirement Fund lowered its position in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 24.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,900 shares of the company’s stock after selling 10,400 shares during the period. New York State Common Retirement Fund’s holdings in Driven Brands were worth $986,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Driven Brands in the second quarter valued at about $144,000. Alliancebernstein L.P. raised its holdings in shares of Driven Brands by 8.6% in the second quarter. Alliancebernstein L.P. now owns 3,658,058 shares of the company’s stock valued at $113,107,000 after purchasing an additional 290,028 shares during the last quarter. Davidson Kempner Capital Management LP purchased a new stake in shares of Driven Brands in the first quarter valued at about $3,180,000. Aperture Investors LLC purchased a new stake in shares of Driven Brands in the first quarter valued at about $16,946,000. Finally, Blackstone Group Inc. purchased a new stake in shares of Driven Brands in the first quarter valued at about $11,947,000. Institutional investors own 22.41% of the company’s stock.

In other news, major shareholder Rc Iv Cayman Icw Holdings Llc sold 284,212 shares of the firm’s stock in a transaction that occurred on Wednesday, September 8th. The shares were sold at an average price of $29.50, for a total value of $8,384,254.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Driven Equity Llc sold 8,130,510 shares of the firm’s stock in a transaction that occurred on Monday, August 9th. The shares were sold at an average price of $29.50, for a total transaction of $239,850,045.00. The disclosure for this sale can be found here. Insiders have sold 21,296,115 shares of company stock valued at $628,235,393 in the last quarter. Company insiders own 2.60% of the company’s stock.

DRVN has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Driven Brands from a “buy” rating to a “hold” rating in a report on Wednesday, September 8th. Stifel Nicolaus started coverage on shares of Driven Brands in a report on Tuesday, June 29th. They set a “buy” rating and a $40.00 price objective for the company. Credit Suisse Group raised their price objective on shares of Driven Brands from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, July 29th. Robert W. Baird raised their price objective on shares of Driven Brands from $37.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, July 29th. Finally, Morgan Stanley raised their price objective on shares of Driven Brands from $32.00 to $35.00 and gave the stock an “equal weight” rating in a report on Monday, August 2nd. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $36.80.

Shares of NASDAQ:DRVN opened at $30.30 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.10 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $5.07 billion and a PE ratio of 73.90. Driven Brands Holdings Inc. has a twelve month low of $22.26 and a twelve month high of $35.56. The company has a 50-day moving average price of $29.64 and a two-hundred day moving average price of $28.39.

Driven Brands (NASDAQ:DRVN) last issued its earnings results on Tuesday, July 27th. The company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.09. The business had revenue of $374.83 million for the quarter, compared to the consensus estimate of $322.54 million. Analysts anticipate that Driven Brands Holdings Inc. will post 0.82 earnings per share for the current fiscal year.

Driven Brands Profile

Driven Brands Holdings Inc provides automotive services to retail and commercial customers in North America and internationally. It operates through Maintenance; Car Wash, Paint, Collision & Glass; and Platform Services segments. The company offers various services, such as paint, collision, refinishing, glass, vehicle repair, oil change, maintenance, and car wash services.

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Institutional Ownership by Quarter for Driven Brands (NASDAQ:DRVN)

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