Rhumbline Advisers Raises Position in eBay Inc. (EBAY)
Rhumbline Advisers raised its position in shares of eBay Inc. (NASDAQ:EBAY) by 2.9% during the second quarter, Holdings Channel reports. The firm owned 1,758,261 shares of the e-commerce company’s stock after buying an additional 49,511 shares during the period. Rhumbline Advisers’ holdings in eBay were worth $61,398,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of eBay by 2,424.9% in the first quarter. BlackRock Inc. now owns 62,409,458 shares of the e-commerce company’s stock worth $2,095,089,000 after buying an additional 59,937,723 shares during the period. Wellington Management Group LLP raised its position in shares of eBay by 169.5% in the first quarter. Wellington Management Group LLP now owns 37,211,205 shares of the e-commerce company’s stock worth $1,249,180,000 after buying an additional 23,404,909 shares during the period. Nordea Investment Management AB raised its position in shares of eBay by 46.7% in the first quarter. Nordea Investment Management AB now owns 14,928,670 shares of the e-commerce company’s stock worth $501,155,000 after buying an additional 4,749,434 shares during the period. Independent Franchise Partners LLP raised its position in shares of eBay by 17.6% in the second quarter. Independent Franchise Partners LLP now owns 19,322,583 shares of the e-commerce company’s stock worth $674,744,000 after buying an additional 2,898,085 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of eBay during the first quarter worth $96,616,000. Hedge funds and other institutional investors own 86.48% of the company’s stock.
Shares of eBay Inc. (EBAY) opened at 34.99 on Friday. The firm has a market capitalization of $37.45 billion, a price-to-earnings ratio of 5.25 and a beta of 1.36. eBay Inc. has a 52 week low of $27.28 and a 52 week high of $37.48. The stock has a 50 day moving average price of $35.77 and a 200-day moving average price of $34.17.
eBay (NASDAQ:EBAY) last announced its earnings results on Thursday, July 20th. The e-commerce company reported $0.45 EPS for the quarter, meeting analysts’ consensus estimates of $0.45. The firm had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.31 billion. eBay had a return on equity of 17.50% and a net margin of 80.93%. eBay’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.43 EPS. On average, analysts anticipate that eBay Inc. will post $2.01 EPS for the current year.
eBay announced that its Board of Directors has approved a share repurchase plan on Thursday, July 20th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the e-commerce company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
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Several research firms have recently commented on EBAY. Citigroup Inc. reaffirmed a “buy” rating and set a $43.00 price target (up previously from $42.00) on shares of eBay in a research report on Friday, July 21st. UBS AG set a $40.00 price objective on eBay and gave the company a “buy” rating in a research note on Friday, July 21st. Barclays PLC reiterated an “overweight” rating and set a $42.00 price objective (up from $41.00) on shares of eBay in a research note on Friday, July 21st. J P Morgan Chase & Co set a $38.00 price target on eBay and gave the stock a “neutral” rating in a research note on Friday, July 21st. Finally, Stifel Nicolaus set a $36.00 price target on eBay and gave the stock a “neutral” rating in a research note on Friday, July 21st. Three equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and seventeen have assigned a buy rating to the stock. eBay currently has an average rating of “Hold” and a consensus price target of $36.97.
In other eBay news, Director Kathleen C. Mitic sold 11,897 shares of the stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $33.84, for a total transaction of $402,594.48. Following the sale, the director now owns 20,162 shares in the company, valued at approximately $682,282.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Brian J. Doerger sold 10,450 shares of the stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $36.56, for a total value of $382,052.00. Following the sale, the vice president now owns 24,001 shares in the company, valued at approximately $877,476.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,303 shares of company stock worth $2,560,022. 6.78% of the stock is owned by insiders.
eBay Inc (eBay) is a commerce company, which operates through its Marketplace, StubHub and Classifieds platforms. The Company connects buyers and sellers around the world. Its platforms enable sellers around the world to organize and offer their inventory for sale, and buyers to find and purchase it.
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