State Board of Administration of Florida Retirement System Lowers Holdings in RH (NYSE:RH)

State Board of Administration of Florida Retirement System lessened its stake in RH (NYSE:RH) by 9.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,884 shares of the company’s stock after selling 1,860 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.08% of RH worth $4,356,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Raymond James & Associates boosted its stake in RH by 81.7% during the first quarter. Raymond James & Associates now owns 11,395 shares of the company’s stock valued at $3,716,000 after buying an additional 5,124 shares during the last quarter. US Bancorp DE lifted its position in RH by 13.2% during the first quarter. US Bancorp DE now owns 650 shares of the company’s stock valued at $213,000 after purchasing an additional 76 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in RH by 2.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,609 shares of the company’s stock valued at $851,000 after purchasing an additional 56 shares during the last quarter. D.A. Davidson & CO. bought a new position in RH during the first quarter valued at $236,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in RH by 10.8% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,373 shares of the company’s stock valued at $2,078,000 after purchasing an additional 622 shares during the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insider Transactions at RH

In other news, insider Edward T. Lee sold 1,400 shares of the firm’s stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $300.00, for a total transaction of $420,000.00. Following the transaction, the insider now owns 2,624 shares in the company, valued at $787,200. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Edward T. Lee sold 1,400 shares of RH stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $300.00, for a total transaction of $420,000.00. Following the transaction, the insider now directly owns 2,624 shares of the company’s stock, valued at $787,200. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Carlos Alberini sold 25,000 shares of RH stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $310.42, for a total transaction of $7,760,500.00. Following the transaction, the director now directly owns 21,916 shares in the company, valued at $6,803,164.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,400 shares of company stock valued at $8,790,980. 23.90% of the stock is currently owned by company insiders.

RH Stock Performance

Shares of NYSE:RH opened at $292.46 on Tuesday. The firm has a market cap of $5.38 billion, a PE ratio of 22.31, a price-to-earnings-growth ratio of 2.91 and a beta of 2.18. The firm’s 50 day simple moving average is $364.11 and its 200-day simple moving average is $299.54. RH has a one year low of $227.00 and a one year high of $406.38. The company has a debt-to-equity ratio of 3.70, a quick ratio of 0.71 and a current ratio of 1.55.

Analyst Upgrades and Downgrades

RH has been the subject of several research reports. Wedbush increased their price objective on shares of RH from $230.00 to $360.00 and gave the company a “neutral” rating in a research report on Thursday, August 24th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $365.00 price objective on shares of RH in a research note on Friday, September 8th. Citigroup lowered their price objective on RH from $460.00 to $440.00 and set a “buy” rating for the company in a research note on Friday, September 8th. Morgan Stanley lowered their price objective on RH from $355.00 to $340.00 and set an “equal weight” rating for the company in a research note on Monday, September 11th. Finally, Robert W. Baird lifted their price target on shares of RH from $230.00 to $300.00 in a research note on Friday, September 8th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $326.53.

About RH

RH, together with its subsidiaries, operates as a retailer in the home furnishings and operates under RH Galleries and RH brand names in the District of Columbia and Canada, as well as Waterworks showrooms throughout the United States and the United Kingdom. It offers products in various categories, including furniture, lighting, textiles, bathware, décor, outdoor and garden, and child and teen furnishings.