UBS Group AG has reduced its position in Par Pacific Holdings, Inc. (NYSE:PARR) by 31.1% during the third quarter, as reported by HoldingsChannel.com. The institutional investor sold 46,345 shares, leaving them with 102,651 shares of the company’s stock, valued at $3,689,000 as of the most recent SEC filing.
Other hedge funds have also made changes to their stakes in PARR. JPMorgan Chase & Co. increased its holdings by 23.7%, now owning 440,701 shares worth $5,738,000. Citigroup Inc. raised its holdings by 76.8%, owning 89,635 shares valued at $1,166,000. PNC Financial Services Group Inc. and MetLife Investment Management LLC also increased their stakes, along with Rhumbline Advisers.
Currently, 92.83% of the stock is owned by hedge funds and other institutional investors.
StockNews.com upgraded Par Pacific from a ‘hold’ rating to a ‘buy’ rating, while UBS Group lowered the price objective from $38.00 to $37.00 and maintained a ‘neutral’ rating. MarketBeat reports that three equities research analysts have given the stock a hold rating, and three have given a buy rating, with an average target price of $36.00.
On Friday, shares of NYSE PARR opened at $35.95.
