Pinnacle Associates Ltd. Reduces Position in Cross Country Healthcare, Inc. (NASDAQ:CCRN)

Pinnacle Associates Ltd. lessened its holdings in shares of Cross Country Healthcare, Inc. (NASDAQ:CCRN) by 10.8% in the second quarter, Holdings Channel.com reports. The fund owned 297,819 shares of the business services provider’s stock after selling 35,924 shares during the period. Pinnacle Associates Ltd.’s holdings in Cross Country Healthcare were worth $4,122,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Bank of New York Mellon Corp raised its holdings in shares of Cross Country Healthcare by 3.1% during the second quarter. Bank of New York Mellon Corp now owns 304,956 shares of the business services provider’s stock valued at $4,221,000 after acquiring an additional 9,090 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of Cross Country Healthcare by 3.8% during the second quarter. SummerHaven Investment Management LLC now owns 28,376 shares of the business services provider’s stock valued at $393,000 after acquiring an additional 1,032 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Cross Country Healthcare by 0.7% during the second quarter. Raymond James & Associates now owns 165,324 shares of the business services provider’s stock valued at $2,288,000 after acquiring an additional 1,155 shares in the last quarter. Wedge Capital Management L L P NC increased its holdings in shares of Cross Country Healthcare by 11.3% during the second quarter. Wedge Capital Management L L P NC now owns 85,331 shares of the business services provider’s stock valued at $1,181,000 after acquiring an additional 8,678 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Cross Country Healthcare by 622.4% during the second quarter. GAMMA Investing LLC now owns 5,678 shares of the business services provider’s stock valued at $79,000 after acquiring an additional 4,892 shares in the last quarter. Institutional investors own 96.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CCRN shares. Truist Financial raised their price target on Cross Country Healthcare from $16.00 to $17.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Barrington Research reduced their price target on Cross Country Healthcare from $21.00 to $19.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Cross Country Healthcare has a consensus rating of “Hold” and an average price target of $19.60.

Insiders Place Their Bets

In other Cross Country Healthcare news, insider Karen Mote sold 13,829 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $17.08, for a total value of $236,199.32. Following the transaction, the insider now directly owns 24,696 shares of the company’s stock, valued at $421,807.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Karen Mote sold 13,829 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $17.08, for a total value of $236,199.32. Following the transaction, the insider now owns 24,696 shares of the company’s stock, valued at $421,807.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Cynthia Ann Grieco sold 1,945 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $17.21, for a total value of $33,473.45. Following the completion of the transaction, the vice president now directly owns 7,605 shares in the company, valued at approximately $130,882.05. The disclosure for this sale can be found here. Insiders own 4.90% of the company’s stock.

Cross Country Healthcare Price Performance

Shares of Cross Country Healthcare stock traded down $0.19 during trading on Friday, hitting $14.92. 333,721 shares of the company’s stock traded hands, compared to its average volume of 431,653. The stock has a market capitalization of $518.83 million, a P/E ratio of 11.48, a PEG ratio of 2.57 and a beta of 0.63. The business has a 50-day simple moving average of $14.90 and a 200-day simple moving average of $16.14. Cross Country Healthcare, Inc. has a 1 year low of $12.87 and a 1 year high of $26.17.

Cross Country Healthcare (NASDAQ:CCRN) last announced its earnings results on Wednesday, July 31st. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.04). The firm had revenue of $339.77 million during the quarter, compared to analysts’ expectations of $334.75 million. Cross Country Healthcare had a return on equity of 7.29% and a net margin of 0.54%. The company’s revenue for the quarter was down 37.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.69 earnings per share. On average, equities analysts predict that Cross Country Healthcare, Inc. will post 0.68 earnings per share for the current fiscal year.

Cross Country Healthcare Profile

Cross Country Healthcare, Inc provides talent management and other consultative services for healthcare clients in the United States. The company's Nurse and Allied Staffing segment provides traditional staffing, recruiting, and value-added total talent solutions, including temporary and permanent placement of travel and local nurse and, allied professionals; temporary placement of healthcare leaders within nursing, allied, physician, and human resources; vendor neutral and managed services programs; education healthcare services; in-home care services; and outsourcing services.