River Road Asset Management LLC Acquires New Holdings in Tech Data Corp (TECD)

River Road Asset Management LLC acquired a new stake in Tech Data Corp (NASDAQ:TECD) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 453,140 shares of the company’s stock, valued at approximately $32,431,000.

Other large investors also recently added to or reduced their stakes in the company. Northern Trust Corp increased its holdings in shares of Tech Data by 4.4% in the second quarter. Northern Trust Corp now owns 687,706 shares of the company’s stock valued at $56,474,000 after purchasing an additional 28,976 shares during the last quarter. Engineers Gate Manager LP acquired a new position in shares of Tech Data in the second quarter valued at $1,965,000. United Services Automobile Association increased its holdings in shares of Tech Data by 1.3% in the second quarter. United Services Automobile Association now owns 66,572 shares of the company’s stock valued at $5,467,000 after purchasing an additional 847 shares during the last quarter. Mutual of America Capital Management LLC increased its holdings in shares of Tech Data by 2.8% in the second quarter. Mutual of America Capital Management LLC now owns 30,624 shares of the company’s stock valued at $2,515,000 after purchasing an additional 833 shares during the last quarter. Finally, Aperio Group LLC increased its holdings in shares of Tech Data by 31.7% in the second quarter. Aperio Group LLC now owns 55,772 shares of the company’s stock valued at $4,580,000 after purchasing an additional 13,409 shares during the last quarter. Hedge funds and other institutional investors own 95.38% of the company’s stock.

TECD stock opened at $75.85 on Monday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.28. Tech Data Corp has a 52 week low of $66.93 and a 52 week high of $108.62. The stock has a market capitalization of $2.91 billion, a P/E ratio of 8.33, a price-to-earnings-growth ratio of 1.01 and a beta of 0.67.

Tech Data (NASDAQ:TECD) last released its quarterly earnings results on Thursday, August 30th. The company reported $2.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.11 by ($0.10). Tech Data had a net margin of 0.39% and a return on equity of 12.67%. The business had revenue of $8.89 billion during the quarter, compared to analyst estimates of $8.73 billion. During the same quarter last year, the company posted $1.74 earnings per share. The company’s revenue was up 9.8% on a year-over-year basis. On average, analysts predict that Tech Data Corp will post 9.96 EPS for the current year.

Tech Data declared that its board has approved a stock buyback plan on Tuesday, October 2nd that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

TECD has been the topic of several research reports. Zacks Investment Research downgraded shares of Tech Data from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. Needham & Company LLC decreased their price target on shares of Tech Data from $115.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, August 31st. TheStreet downgraded shares of Tech Data from a “b-” rating to a “c+” rating in a research note on Monday, October 1st. Citigroup decreased their price target on shares of Tech Data from $95.00 to $85.00 and set a “neutral” rating on the stock in a research note on Friday, August 31st. Finally, Bank of America downgraded shares of Tech Data from a “buy” rating to an “underperform” rating and set a $80.00 price target on the stock. in a research note on Friday, August 31st. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $100.14.

About Tech Data

Tech Data Corporation engages in the wholesale distribution of technology products. It offers endpoint portfolio solutions, including PC systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics; and advanced portfolio solutions, such as storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure, as well as specialized solutions.

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Institutional Ownership by Quarter for Tech Data (NASDAQ:TECD)

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