Kanawha Capital Management LLC Has $1,168,000 Position in CDK Global Inc. (CDK)
Kanawha Capital Management LLC reduced its stake in CDK Global Inc. (NASDAQ:CDK) by 2.0% during the second quarter, Holdings Channel reports. The fund owned 21,051 shares of the company’s stock after selling 431 shares during the period. Kanawha Capital Management LLC’s holdings in CDK Global were worth $1,168,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Strs Ohio boosted its position in shares of CDK Global by 21.7% in the second quarter. Strs Ohio now owns 3,394 shares of the company’s stock valued at $188,000 after buying an additional 606 shares during the last quarter. Stewart & Patten Co. LLC purchased a new position in shares of CDK Global during the second quarter valued at about $204,000. FirstMerit Bank N A Trustee purchased a new position in shares of CDK Global during the second quarter valued at about $209,000. Papp L Roy & Associates purchased a new position in shares of CDK Global during the second quarter valued at about $215,000. Finally, Penobscot Investment Management Company Inc. purchased a new position in shares of CDK Global during the second quarter valued at about $219,000. 85.39% of the stock is currently owned by institutional investors and hedge funds.
Shares of CDK Global Inc. (NASDAQ:CDK) traded up 0.18% during mid-day trading on Monday, reaching $54.64. The company had a trading volume of 162,937 shares. The stock has a 50 day moving average of $57.01 and a 200-day moving average of $54.51. CDK Global Inc. has a 52 week low of $39.67 and a 52 week high of $60.09. The company has a market capitalization of $8.20 billion, a price-to-earnings ratio of 36.19 and a beta of 0.65.
CDK Global (NASDAQ:CDK) last announced its earnings results on Wednesday, August 3rd. The company reported $0.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.03. CDK Global had a return on equity of 45.25% and a net margin of 11.32%. The company had revenue of $542.20 million for the quarter, compared to analyst estimates of $533.84 million. During the same period in the prior year, the company posted $0.28 EPS. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, analysts expect that CDK Global Inc. will post $2.32 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 0.99%. The ex-dividend date was Wednesday, September 14th. CDK Global’s dividend payout ratio is currently 35.76%.
Several research firms have recently commented on CDK. Zacks Investment Research downgraded CDK Global from a “buy” rating to a “hold” rating in a research note on Wednesday, October 5th. William Blair began coverage on CDK Global in a research note on Wednesday, October 12th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $55.75.
About CDK Global
CDK Global, Inc is a provider of integrated information technology and digital marketing/advertising solutions to the automotive retail industry. The Company’s segments are Automotive Retail North America (ARNA), Automotive Retail International (ARI) and Digital Marketing (DM). The Company’s solutions automate workflow processes from pre-sale targeted advertising and marketing campaigns to the sale, financing, insurance, parts supply, and repair and maintenance of vehicles.
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