LogMein, Inc. (LOGM) Holdings Cut by Bank of New York Mellon Corp
Bank of New York Mellon Corp reduced its stake in shares of LogMein, Inc. (NASDAQ:LOGM) by 6.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,469,227 shares of the software maker’s stock after selling 95,661 shares during the quarter. Bank of New York Mellon Corp owned 2.79% of LogMein worth $161,689,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Penserra Capital Management LLC raised its stake in LogMein by 316.8% during the second quarter. Penserra Capital Management LLC now owns 8,224 shares of the software maker’s stock worth $104,000 after acquiring an additional 6,251 shares in the last quarter. Creative Planning grew its holdings in shares of LogMein by 0.3% during the second quarter. Creative Planning now owns 1,147 shares of the software maker’s stock worth $120,000 after purchasing an additional 3 shares during the last quarter. Reliance Trust Co. of Delaware bought a new stake in shares of LogMein during the third quarter worth $201,000. Osborn Williams & Donohoe LLC bought a new stake in shares of LogMein during the second quarter worth $203,000. Finally, American Capital Management Inc. bought a new stake in shares of LogMein during the second quarter worth $203,000. Hedge funds and other institutional investors own 95.39% of the company’s stock.
Several research firms recently issued reports on LOGM. Northland Securities reiterated a “buy” rating on shares of LogMein in a report on Friday, July 28th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $170.00 price target on shares of LogMein in a report on Wednesday, August 9th. Zacks Investment Research cut LogMein from a “buy” rating to a “hold” rating in a report on Thursday, September 28th. Cowen and Company reiterated an “outperform” rating and issued a $134.00 price target (up previously from $130.00) on shares of LogMein in a report on Sunday, July 30th. Finally, KeyCorp upgraded LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 price target on the stock in a report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating and ten have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $135.96.
LogMein (NASDAQ:LOGM) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $1.16 EPS for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.05. The company had revenue of $269.30 million for the quarter, compared to analyst estimates of $270.56 million. LogMein had a return on equity of 5.50% and a net margin of 1.01%. LogMein’s revenue was up 216.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.56 earnings per share. equities research analysts predict that LogMein, Inc. will post 3.28 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Wednesday, November 8th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Tuesday, November 7th. LogMein’s dividend payout ratio is presently 909.09%.
In related news, Director Michael K. Simon sold 20,000 shares of LogMein stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $111.93, for a total value of $2,238,600.00. Following the sale, the director now owns 765,579 shares of the company’s stock, valued at approximately $85,691,257.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christopher Battles sold 1,136 shares of LogMein stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $119.43, for a total value of $135,672.48. Following the completion of the sale, the insider now directly owns 2,760 shares in the company, valued at approximately $329,626.80. The disclosure for this sale can be found here. In the last three months, insiders sold 24,152 shares of company stock worth $2,710,858. 2.50% of the stock is owned by insiders.
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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