Bank of New York Mellon Corp Raises Position in LogMein, Inc. (LOGM)
Bank of New York Mellon Corp raised its position in shares of LogMein, Inc. (NASDAQ:LOGM) by 49.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,564,888 shares of the software maker’s stock after buying an additional 520,318 shares during the period. Bank of New York Mellon Corp owned about 2.97% of LogMein worth $163,531,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Nikko Asset Management Americas Inc. acquired a new position in shares of LogMein during the first quarter worth $105,000. Creative Planning boosted its position in shares of LogMein by 142.9% in the first quarter. Creative Planning now owns 1,144 shares of the software maker’s stock worth $112,000 after buying an additional 673 shares during the period. Amica Pension Fund Board of Trustees acquired a new position in shares of LogMein during the first quarter worth $151,000. Amica Mutual Insurance Co. acquired a new position in shares of LogMein during the first quarter worth $152,000. Finally, Fortaleza Asset Management Inc. acquired a new position in shares of LogMein during the first quarter worth $172,000. Hedge funds and other institutional investors own 97.39% of the company’s stock.
Shares of LogMein, Inc. (LOGM) opened at 113.70 on Tuesday. The stock’s market cap is $6.00 billion. LogMein, Inc. has a 12 month low of $79.94 and a 12 month high of $123.95. The stock’s 50 day moving average is $112.55 and its 200 day moving average is $106.77.
LogMein (NASDAQ:LOGM) last released its quarterly earnings results on Thursday, July 27th. The software maker reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.08. LogMein had a negative net margin of 0.41% and a positive return on equity of 5.42%. The business had revenue of $266.95 million during the quarter, compared to the consensus estimate of $264.95 million. During the same quarter last year, the company earned $0.49 earnings per share. The business’s quarterly revenue was up 220.6% compared to the same quarter last year. Analysts predict that LogMein, Inc. will post $4.06 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Wednesday, August 9th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend is Monday, August 7th. LogMein’s payout ratio is currently -909.01%.
Several research analysts have commented on the stock. KeyCorp upgraded shares of LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 price target for the company in a report on Friday, July 28th. Piper Jaffray Companies reiterated an “overweight” rating and set a $170.00 price target on shares of LogMein in a report on Wednesday, August 9th. BidaskClub cut shares of LogMein from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. Northland Securities reiterated a “buy” rating on shares of LogMein in a report on Friday, July 28th. Finally, Zacks Investment Research upgraded shares of LogMein from a “hold” rating to a “buy” rating and set a $131.00 price target for the company in a report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $127.74.
In other news, Director Michael K. Simon sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $112.80, for a total transaction of $2,256,000.00. Following the completion of the sale, the director now owns 800,102 shares of the company’s stock, valued at $90,251,505.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Raymond Wagner sold 4,588 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $116.30, for a total transaction of $533,584.40. Following the sale, the chief executive officer now directly owns 69,542 shares of the company’s stock, valued at approximately $8,087,734.60. The disclosure for this sale can be found here. Insiders have sold 87,059 shares of company stock valued at $9,959,841 in the last three months. Corporate insiders own 2.50% of the company’s stock.
LogMein Company Profile
LogMeIn, Inc provides a portfolio of cloud-based service offerings, which helps people and businesses to connect to their workplace, colleagues and customers. The Company’s core cloud-based services are categorized into four business lines: Communications and Collaboration; Engagement and Support; Identity and Access, and Additional Service Offerings.
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