NorthCoast Asset Management LLC Reduces Position in Nasdaq Inc (NDAQ)

NorthCoast Asset Management LLC decreased its holdings in shares of Nasdaq Inc (NASDAQ:NDAQ) by 23.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 56,360 shares of the financial services provider’s stock after selling 17,727 shares during the period. NorthCoast Asset Management LLC’s holdings in Nasdaq were worth $5,144,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. California Public Employees Retirement System grew its position in Nasdaq by 29.4% in the 2nd quarter. California Public Employees Retirement System now owns 400,745 shares of the financial services provider’s stock worth $36,576,000 after purchasing an additional 90,958 shares during the last quarter. Davy Asset Management Ltd bought a new position in Nasdaq in the 2nd quarter worth about $2,015,000. Worldquant Millennium Quantitative Strategies LLC bought a new position in Nasdaq in the 2nd quarter worth about $13,766,000. Zurich Insurance Group Ltd FI bought a new position in Nasdaq in the 2nd quarter worth about $2,799,000. Finally, Tower Research Capital LLC TRC bought a new position in Nasdaq in the 2nd quarter worth about $383,000. Hedge funds and other institutional investors own 75.66% of the company’s stock.

Nasdaq stock opened at $90.73 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $15.06 billion, a PE ratio of 22.35, a P/E/G ratio of 1.98 and a beta of 0.65. Nasdaq Inc has a 12-month low of $71.65 and a 12-month high of $96.84.

Nasdaq (NASDAQ:NDAQ) last posted its quarterly earnings data on Wednesday, July 25th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.01. The business had revenue of $615.00 million during the quarter, compared to analysts’ expectations of $620.25 million. Nasdaq had a net margin of 18.13% and a return on equity of 13.40%. The business’s revenue was up 3.2% on a year-over-year basis. During the same period last year, the firm posted $1.02 earnings per share. sell-side analysts anticipate that Nasdaq Inc will post 4.82 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Thursday, September 13th. Nasdaq’s dividend payout ratio (DPR) is presently 43.35%.

Several research firms have commented on NDAQ. Rosenblatt Securities began coverage on shares of Nasdaq in a research report on Wednesday, September 5th. They issued a “neutral” rating and a $99.00 target price for the company. Barclays upped their target price on shares of Nasdaq from $90.00 to $96.00 and gave the stock an “overweight” rating in a research report on Thursday, July 12th. Wells Fargo & Co restated a “buy” rating and issued a $104.00 target price on shares of Nasdaq in a research report on Friday, June 22nd. Zacks Investment Research cut shares of Nasdaq from a “buy” rating to a “sell” rating in a research report on Wednesday, July 11th. Finally, Citigroup upped their target price on shares of Nasdaq from $89.00 to $95.00 and gave the stock a “$95.59” rating in a research report on Wednesday, July 18th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. Nasdaq has a consensus rating of “Hold” and an average price target of $94.07.

In other news, insider Bradley J. Peterson sold 1,500 shares of the stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $93.34, for a total value of $140,010.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.40% of the company’s stock.

Nasdaq Company Profile

Nasdaq, Inc provides trading, clearing, marketplace technology, regulatory, securities listing, information, and public and private company services worldwide. The company's Market Services segment offers equity derivative trading and clearing; cash equity trading; fixed income and commodities trading and clearing; and trade management services.

Further Reading: Short Selling Stocks, A Beginner’s Guide

Want to see what other hedge funds are holding NDAQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nasdaq Inc (NASDAQ:NDAQ).

Institutional Ownership by Quarter for Nasdaq (NASDAQ:NDAQ)

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