Westwood Holdings Group Inc. lowered its position in shares of j2 Global, Inc. (NASDAQ:JCOM) by 57.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 761,455 shares of the technology company’s stock after selling 1,038,058 shares during the period. Westwood Holdings Group Inc. owned approximately 1.60% of j2 Global worth $63,893,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Investment Management Company LLC increased its stake in j2 Global by 0.3% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 8,301 shares of the technology company’s stock worth $697,000 after buying an additional 27 shares in the last quarter. Renaissance Group LLC increased its stake in shares of j2 Global by 0.9% in the first quarter. Renaissance Group LLC now owns 3,961 shares of the technology company’s stock valued at $332,000 after buying an additional 37 shares during the period. World Asset Management Inc increased its stake in shares of j2 Global by 1.8% in the first quarter. World Asset Management Inc now owns 2,966 shares of the technology company’s stock valued at $249,000 after buying an additional 52 shares during the period. Meadow Creek Investment Management LLC increased its stake in shares of j2 Global by 7.0% in the first quarter. Meadow Creek Investment Management LLC now owns 1,216 shares of the technology company’s stock valued at $102,000 after buying an additional 80 shares during the period. Finally, Cardinal Capital Management increased its stake in shares of j2 Global by 1.1% in the first quarter. Cardinal Capital Management now owns 8,072 shares of the technology company’s stock valued at $677,000 after buying an additional 90 shares during the period.
Shares of j2 Global, Inc. (JCOM) traded down 1.05% during mid-day trading on Tuesday, hitting $87.68. 235,063 shares of the stock traded hands. The firm’s 50-day moving average is $86.35 and its 200-day moving average is $84.16. j2 Global, Inc. has a 52 week low of $60.00 and a 52 week high of $91.48. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of 28.87 and a beta of 0.97.
j2 Global (NASDAQ:JCOM) last released its quarterly earnings data on Monday, May 8th. The technology company reported $1.14 EPS for the quarter, missing the consensus estimate of $1.21 by $0.07. j2 Global had a net margin of 15.98% and a return on equity of 26.41%. The business had revenue of $254.70 million for the quarter, compared to analysts’ expectations of $258.15 million. During the same period last year, the business earned $1.05 earnings per share. The company’s quarterly revenue was up 27.0% on a year-over-year basis. On average, analysts forecast that j2 Global, Inc. will post $5.84 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 2nd. Investors of record on Friday, May 19th were given a dividend of $0.375 per share. The ex-dividend date was Wednesday, May 17th. This is a boost from j2 Global’s previous quarterly dividend of $0.37. This represents a $1.50 annualized dividend and a dividend yield of 1.71%. j2 Global’s dividend payout ratio (DPR) is 49.34%.
Several brokerages have recently commented on JCOM. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $120.00 price objective (up previously from $95.00) on shares of j2 Global in a research report on Tuesday, May 9th. Zacks Investment Research downgraded shares of j2 Global from a “buy” rating to a “hold” rating in a research report on Wednesday, April 12th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $97.00.
In related news, Director Douglas Y. Bech sold 15,000 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $85.86, for a total transaction of $1,287,900.00. Following the sale, the director now directly owns 123,966 shares of the company’s stock, valued at $10,643,720.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Jeremy Rossen sold 1,094 shares of the stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $88.65, for a total value of $96,983.10. Following the sale, the vice president now directly owns 31,466 shares in the company, valued at $2,789,460.90. The disclosure for this sale can be found here. Insiders have sold 29,758 shares of company stock worth $2,583,053 over the last ninety days. 5.15% of the stock is currently owned by insiders.
About j2 Global
j2 Global, Inc is a provider of services delivered through the Internet. The Company provides cloud services to businesses of all sizes, from individuals to enterprises. The Company operates in two segments: Business Cloud Services and Digital Media. The Company’s Digital Media business segment consists of the Web properties and business operations of Ziff Davis, Inc (Ziff Davis).
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