Dupont Capital Management Corp Has $1.62 Million Position in Progress Software Corp (PRGS)
Dupont Capital Management Corp increased its stake in Progress Software Corp (NASDAQ:PRGS) by 54.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,924 shares of the software maker’s stock after buying an additional 16,277 shares during the quarter. Dupont Capital Management Corp’s holdings in Progress Software were worth $1,621,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Itau Unibanco Holding S.A. purchased a new stake in Progress Software in the second quarter worth $140,000. Harvest Fund Management Co. Ltd purchased a new stake in Progress Software in the third quarter worth $146,000. Charter Trust Co. purchased a new stake in Progress Software in the second quarter worth $200,000. Ifrah Financial Services Inc. purchased a new stake in Progress Software in the third quarter worth $213,000. Finally, Hartford Investment Management Co. purchased a new stake in Progress Software in the second quarter worth $351,000. Institutional investors own 94.57% of the company’s stock.
A number of analysts have weighed in on the company. BidaskClub upgraded Progress Software from a “sell” rating to a “hold” rating in a research note on Saturday, August 25th. Zacks Investment Research lowered Progress Software from a “buy” rating to a “hold” rating in a research note on Wednesday, August 29th. Finally, ValuEngine lowered Progress Software from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $40.00.
Progress Software (NASDAQ:PRGS) last released its earnings results on Thursday, September 27th. The software maker reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The business had revenue of $95.79 million for the quarter, compared to analyst estimates of $96.98 million. Progress Software had a return on equity of 28.94% and a net margin of 15.30%. The business’s revenue was down 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 earnings per share. Sell-side analysts predict that Progress Software Corp will post 2.14 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be paid a dividend of $0.155 per share. The ex-dividend date is Friday, November 30th. This represents a $0.62 annualized dividend and a dividend yield of 1.87%. This is a positive change from Progress Software’s previous quarterly dividend of $0.14. Progress Software’s dividend payout ratio (DPR) is currently 32.56%.
In other news, insider Dimitre Taslakov sold 2,000 shares of the firm’s stock in a transaction on Wednesday, October 3rd. The stock was sold at an average price of $35.00, for a total transaction of $70,000.00. Following the transaction, the insider now owns 43,431 shares in the company, valued at $1,520,085. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.00% of the company’s stock.
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About Progress Software
Progress Software Corporation provides software solutions for various industries worldwide. It operates through three segments: OpenEdge; Data Connectivity and Integration; and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.
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