Rent-A-Center Inc (NASDAQ:RCII)‘s fourth quarter results were not impressive either, with the stock plummeting by 25% in the first hours of trading. The company swung to a loss, following a $1.17 billion goodwill impairment charge. Rent-A-Center reported revenue of $793.8 million for the quarter, below expectations of $811.8 million, while adjusted earnings stood at $0.54 per share, above analysts’ estimates of $0.52 per share. The stock was already down by 11% for the year coming into today’s session and has now lost 34% year-to-date.
Our latest figures show that 3.7% of the elite funds in our system, 27 in all, are invested in Rent-A-Center Inc (NASDAQ:RCII) and together they hold some 19% of the company’s common stock. Phill Gross and Robert Atchinson‘s Adage Capital Management holds the largest stake in the company among the funds that we follow, amounting to 2.46 million shares, up by 2% over the third quarter.
Shares of Integrated Device Technology Inc (NASDAQ:IDTI) are down by 26% after its fiscal year 2016 third quarter results failed to impress market participants. The company reported a net profit of $32.5 million or $0.35 per share when adjusted for one-time gains and costs, in-line with analysts’ expectations. While analysts were looking for $177.9 million in revenue, Integrated Device Technology missed the estimate by a fraction, having reported revenue of $177.6 million. Although the results were more or less in-line with expectations, analysts at Bank of America/Merrill Lynch said the company is set for slower growth and downgraded the stock to ‘Neutral’ from the previous rating of ‘Buy’.
The Integrated Device Technology Inc (NASDAQ:IDTI) fan club lost some of its members during the third quarter, as the number of hedge funds betting on the stock dropped to 36, from 43 at the end of the previous quarter. Ken Griffin initiated a new position during the quarter, amassing 4.11 million shares, which made Citadel the largest holder of Integrated Device Technology shares among the funds in our database.