Spark Investment Management LLC Holds Position in NIC Inc. (EGOV)
Spark Investment Management LLC continued to hold its stake in NIC Inc. (NASDAQ:EGOV) during the second quarter, according to its most recent disclosure with the SEC. The fund owned 102,300 shares of the software maker’s stock at the end of the second quarter. Spark Investment Management LLC’s holdings in NIC were worth $1,938,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the stock. Great West Life Assurance Co. Can raised its stake in NIC by 3.1% in the second quarter. Great West Life Assurance Co. Can now owns 91,902 shares of the software maker’s stock worth $1,736,000 after buying an additional 2,800 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its stake in NIC by 3.7% in the second quarter. Municipal Employees Retirement System of Michigan now owns 14,650 shares of the software maker’s stock worth $278,000 after buying an additional 520 shares in the last quarter. Strs Ohio purchased a new stake in NIC during the second quarter worth about $5,827,000. Russell Investments Group Ltd. raised its stake in NIC by 14.9% in the second quarter. Russell Investments Group Ltd. now owns 189,583 shares of the software maker’s stock worth $3,593,000 after buying an additional 24,630 shares in the last quarter. Finally, Copeland Capital Management LLC raised its stake in NIC by 7.1% in the second quarter. Copeland Capital Management LLC now owns 554,804 shares of the software maker’s stock worth $10,514,000 after buying an additional 36,967 shares in the last quarter. Institutional investors and hedge funds own 92.76% of the company’s stock.
NIC (NASDAQ:EGOV) last released its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.01. NIC had a net margin of 17.31% and a return on equity of 38.37%. The business had revenue of $85.30 million for the quarter, compared to analyst estimates of $83.57 million. During the same quarter last year, the firm earned $0.20 EPS. NIC’s quarterly revenue was up 5.6% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Friday, September 1st. NIC’s payout ratio is 38.10%.
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A number of equities research analysts have recently issued reports on the stock. Maxim Group set a $16.00 price target on shares of NIC and gave the company a “hold” rating in a report on Thursday. Sidoti lowered shares of NIC from a “buy” rating to a “neutral” rating and set a $19.00 price target on the stock. in a report on Friday, July 21st. Zacks Investment Research upgraded shares of NIC from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a report on Tuesday, July 18th. Imperial Capital upgraded shares of NIC from an “in-line” rating to an “outperform” rating and set a $23.00 price target on the stock in a report on Monday, July 17th. Finally, BidaskClub lowered shares of NIC from a “sell” rating to a “strong sell” rating in a report on Friday, June 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $20.00.
In related news, COO Robert W. Knapp sold 25,000 shares of NIC stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $20.38, for a total transaction of $509,500.00. Following the transaction, the chief operating officer now owns 197,531 shares of the company’s stock, valued at approximately $4,025,681.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.10% of the stock is owned by company insiders.
NIC Company Profile
NIC Inc is a provider of digital government services that help governments use technology to provide services to businesses and citizens. The Company operates through Outsourced Portals segment. The Company offers its services through two channels: primary outsourced portal businesses, and software and services businesses.
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