Why Investors Were Bugged About Rollins Stock This Week
Pest control specialist (NYSE: ROL) was not having a good week on the stock market. According to data compiled by S&P Global Market Intelligence, as of early Friday morning the company's share price had weakened by over 9% week to date. The announcement of a share sale was a key reason for the decline.
On Wednesday, Rollins revealed that its top institutional shareholder, LOR, would be divesting $1.35 billion worth of the company's common stock in a public offering. The following day, it said the issue's price would be $35 per share, which was well lower than the nearly $40 level the stock traded for at the beginning of the week.
The offering's underwriters, led by Goldman Sachs and Morgan Stanley, have been granted a 30-day option to buy up to a combined $202.5 million worth of additional stock.
Source Fool.com
Rollins Inc. Stock
Rollins Inc. is currently one of the favorites of our community with 10 Buy predictions and no Sell predictions.
As a result the target price of 47 € shows a slightly positive potential of 6.92% compared to the current price of 43.96 € for Rollins Inc..
