T. Rowe Price stock drops 3.4 percent

April 13, 1995|By a Sun Staff Writer

T. Rowe Price Associates Inc.'s stock closed down 3.4 percent yesterday, on the heels of an analyst's downgrading of the stock of the Baltimore-based mutual fund company.

The $1.375 per-share decline, to $38.875, came after Prudential Securities Inc. analyst Dean Eberling lowered his rating on the stock from "hold" to "sell." Trading volume was heavy, at 300,000 shares.

Mr. Eberling was not available for comment yesterday, but a research associate at Prudential said the rating was lowered because the stock had become too expensive.

On Tuesday, T. Rowe Price's stock ended at $40.25, a record high.

In the first quarter of this year, T. Rowe Price is expected to report earnings of $15 million and assets under management of nearly $58 billion. Last year, T. Rowe Price reported record earnings of $61.2 million, a 26 percent gain from the prior year.

A T. Rowe Price spokesman said the company would not comment on either its stock price or reports by individual analysts.

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