The Manufacturers Life Insurance Company Grows Position in Borr Drilling Limited (NYSE:BORR)

The Manufacturers Life Insurance Company grew its holdings in Borr Drilling Limited (NYSE:BORR) by 10.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 109,727 shares of the company’s stock after acquiring an additional 10,375 shares during the period. The Manufacturers Life Insurance Company owned about 0.07% of Borr Drilling worth $708,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new stake in shares of Borr Drilling in the second quarter valued at about $30,000. Covestor Ltd boosted its holdings in shares of Borr Drilling by 31,600.0% during the 1st quarter. Covestor Ltd now owns 5,706 shares of the company’s stock valued at $39,000 after acquiring an additional 5,688 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Borr Drilling by 666.6% during the 2nd quarter. Signaturefd LLC now owns 7,865 shares of the company’s stock valued at $51,000 after acquiring an additional 6,839 shares in the last quarter. Ballentine Partners LLC acquired a new position in Borr Drilling during the 1st quarter worth about $88,000. Finally, SG Americas Securities LLC acquired a new position in Borr Drilling during the 1st quarter worth about $89,000. 83.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Borr Drilling Stock Performance

Shares of Borr Drilling stock opened at $5.29 on Tuesday. Borr Drilling Limited has a one year low of $5.09 and a one year high of $7.61. The firm has a market capitalization of $806.73 million, a price-to-earnings ratio of 31.12 and a beta of 2.99. The business has a 50-day simple moving average of $5.77 and a 200 day simple moving average of $6.04. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.57 and a quick ratio of 1.57.

Borr Drilling (NYSE:BORR) last issued its quarterly earnings data on Wednesday, August 14th. The company reported $0.12 EPS for the quarter. Borr Drilling had a return on equity of 7.69% and a net margin of 8.15%. The firm had revenue of $271.90 million during the quarter.

Borr Drilling Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Thursday, August 22nd were paid a $0.10 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $0.40 annualized dividend and a yield of 7.56%. Borr Drilling’s payout ratio is 58.82%.

Borr Drilling 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.