Bank of Montreal Can Has $2.29 Million Stake in LogMein, Inc. (LOGM)
Bank of Montreal Can reduced its position in LogMein, Inc. (NASDAQ:LOGM) by 90.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,859 shares of the software maker’s stock after selling 200,338 shares during the period. Bank of Montreal Can’s holdings in LogMein were worth $2,285,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nikko Asset Management Americas Inc. purchased a new position in shares of LogMein during the first quarter worth about $105,000. Creative Planning increased its position in shares of LogMein by 142.9% in the first quarter. Creative Planning now owns 1,144 shares of the software maker’s stock worth $112,000 after buying an additional 673 shares during the last quarter. Amica Pension Fund Board of Trustees purchased a new position in shares of LogMein during the first quarter worth about $151,000. Amica Mutual Insurance Co. purchased a new position in shares of LogMein during the first quarter worth about $152,000. Finally, Fortaleza Asset Management Inc. purchased a new position in shares of LogMein during the first quarter worth about $172,000. 95.88% of the stock is currently owned by hedge funds and other institutional investors.
LogMein, Inc. (NASDAQ:LOGM) traded up 1.66% during mid-day trading on Friday, reaching $113.35. 204,434 shares of the company’s stock traded hands. LogMein, Inc. has a 52 week low of $79.63 and a 52 week high of $123.95. The stock’s 50 day moving average is $111.06 and its 200-day moving average is $106.29. The stock’s market capitalization is $5.98 billion.
LogMein (NASDAQ:LOGM) last announced its quarterly earnings results on Thursday, July 27th. The software maker reported $1.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.08. The company had revenue of $266.95 million for the quarter, compared to analyst estimates of $264.95 million. LogMein had a negative net margin of 0.41% and a positive return on equity of 5.42%. The firm’s revenue was up 220.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.49 earnings per share. On average, equities analysts anticipate that LogMein, Inc. will post $4.06 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Wednesday, August 9th will be paid a $0.25 dividend. The ex-dividend date is Monday, August 7th. This represents a $1.00 annualized dividend and a yield of 0.90%. LogMein’s dividend payout ratio is currently -909.01%.
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A number of brokerages have recently issued reports on LOGM. KeyCorp raised shares of LogMein from a “sector weight” rating to an “overweight” rating and set a $135.00 price objective on the stock in a research report on Friday, July 28th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $170.00 price objective on shares of LogMein in a research report on Wednesday. BidaskClub downgraded shares of LogMein from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. TheStreet raised shares of LogMein from a “c” rating to a “b-” rating in a research report on Wednesday, April 19th. Finally, Northland Securities reaffirmed a “buy” rating on shares of LogMein in a research report on Friday, July 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $127.74.
In other LogMein news, SVP James Lok sold 640 shares of the stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $116.05, for a total value of $74,272.00. Following the transaction, the senior vice president now directly owns 3,709 shares in the company, valued at $430,429.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Lawrence M. D’angelo sold 4,412 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $109.99, for a total transaction of $485,275.88. Following the completion of the transaction, the senior vice president now owns 6,476 shares in the company, valued at $712,295.24. The disclosure for this sale can be found here. Insiders sold 117,500 shares of company stock worth $13,332,517 over the last quarter. 2.50% of the stock is currently 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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