Kornitzer Capital Management Inc. KS Has $10.98 Million Position in LogMein, Inc. (LOGM)
Kornitzer Capital Management Inc. KS grew its stake in LogMein, Inc. (NASDAQ:LOGM) by 30.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,807 shares of the software maker’s stock after buying an additional 23,580 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.19% of LogMein worth $10,984,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. Creative Planning grew its stake in LogMein by 0.3% in the 2nd quarter. Creative Planning now owns 1,147 shares of the software maker’s stock worth $120,000 after buying an additional 3 shares in the last quarter. Renaissance Group LLC grew its stake in LogMein by 0.9% in the 2nd quarter. Renaissance Group LLC now owns 3,445 shares of the software maker’s stock worth $360,000 after buying an additional 32 shares in the last quarter. M&T Bank Corp grew its stake in LogMein by 1.8% in the 2nd quarter. M&T Bank Corp now owns 2,104 shares of the software maker’s stock worth $219,000 after buying an additional 37 shares in the last quarter. D.A. Davidson & CO. grew its stake in LogMein by 1.5% in the 2nd quarter. D.A. Davidson & CO. now owns 4,127 shares of the software maker’s stock worth $431,000 after buying an additional 61 shares in the last quarter. Finally, Advisor Group Inc. grew its stake in LogMein by 4.0% in the 2nd quarter. Advisor Group Inc. now owns 3,236 shares of the software maker’s stock worth $335,000 after buying an additional 123 shares in the last quarter. 95.80% of the stock is owned by institutional investors and hedge funds.
Shares of LogMein, Inc. (LOGM) opened at $125.50 on Tuesday. LogMein, Inc. has a 12 month low of $90.35 and a 12 month high of $129.51. The stock has a market cap of $6,590.00, a price-to-earnings ratio of 45.80, a PEG ratio of 2.14 and a beta of 1.34.
LogMein (NASDAQ:LOGM) last announced its quarterly earnings data on Thursday, October 26th. The software maker reported $1.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.05. LogMein had a net margin of 1.01% and a return on equity of 5.50%. The company had revenue of $269.30 million during the quarter, compared to analysts’ expectations of $270.56 million. During the same quarter in the prior year, the company earned $0.56 EPS. The firm’s revenue was up 216.5% on a year-over-year basis. analysts predict that LogMein, Inc. will post 3.28 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Wednesday, November 8th will be paid a $0.25 dividend. The ex-dividend date is Tuesday, November 7th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.80%. LogMein’s dividend payout ratio (DPR) is 909.09%.
A number of equities analysts have commented on LOGM shares. Northland Securities reissued a “buy” rating on shares of LogMein in a research note on Friday, July 28th. Cowen and Company reissued a “buy” rating and issued a $134.00 price target on shares of LogMein in a research note on Friday, September 1st. BidaskClub cut shares of LogMein from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 3rd. Zacks Investment Research raised shares of LogMein from a “hold” rating to a “buy” rating and set a $131.00 price target for the company in a research note on Thursday, August 3rd. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $170.00 price target on shares of LogMein in a research note on Tuesday, October 24th. One analyst has rated the stock with a sell rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $135.96.
In related news, Director Steven J. Benson sold 3,016 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $111.60, for a total transaction of $336,585.60. Following the completion of the sale, the director now directly owns 1,787 shares in the company, valued at approximately $199,429.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher Battles sold 1,136 shares of the company’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $119.43, for a total transaction of $135,672.48. Following the sale, the insider now owns 2,760 shares of the company’s stock, valued at $329,626.80. The disclosure for this sale can be found here. Insiders sold a total of 24,152 shares of company stock valued at $2,710,858 in the last ninety days. 2.50% of the stock is owned by corporate insiders.
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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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