Borr Drilling Limited (NYSE:BORR) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in shares of Borr Drilling Limited (NYSE:BORR) by 28.9% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,523 shares of the company’s stock after selling 6,723 shares during the period. Principal Financial Group Inc.’s holdings in Borr Drilling were worth $91,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Point72 DIFC Ltd acquired a new stake in Borr Drilling during the second quarter worth approximately $30,000. Signaturefd LLC grew its stake in Borr Drilling by 666.6% during the 2nd quarter. Signaturefd LLC now owns 7,865 shares of the company’s stock worth $51,000 after buying an additional 6,839 shares during the last quarter. SG Americas Securities LLC acquired a new position in Borr Drilling during the first quarter worth approximately $89,000. Xponance Inc. raised its position in Borr Drilling by 13.3% in the 2nd quarter. Xponance Inc. now owns 15,058 shares of the company’s stock valued at $97,000 after purchasing an additional 1,767 shares during the last quarter. Finally, Sei Investments Co. purchased a new stake in Borr Drilling during the 2nd quarter valued at approximately $99,000. 83.12% of the stock is currently owned by hedge funds and other institutional investors.

Borr Drilling Stock Performance

BORR stock opened at $3.63 on Wednesday. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.41 and a quick ratio of 1.41. The company’s 50-day moving average price is $4.81 and its 200 day moving average price is $5.75. Borr Drilling Limited has a 52 week low of $3.61 and a 52 week high of $7.61.

Borr Drilling (NYSE:BORR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.05). Borr Drilling had a return on equity of 8.50% and a net margin of 8.70%. The business had revenue of $241.60 million during the quarter.

Borr Drilling Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, November 29th. Borr Drilling’s dividend payout ratio is currently 30.30%.

Analysts Set New Price Targets

Separately, Evercore ISI upgraded Borr Drilling from an “in-line” rating to an “outperform” rating and set a $9.00 price target for the company in a research note on Friday, September 13th.

Borr Drilling Company Profile

Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry worldwide. The company owns, contracts, and operates jack-up drilling rigs for operations in shallow-water areas, including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production.