Tech Data Corporation (NASDAQ:TECD) Position Held by First Manhattan Co.
First Manhattan Co. maintained its stake in Tech Data Corporation (NASDAQ:TECD) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,500 shares of the company’s stock at the end of the second quarter. First Manhattan Co.’s holdings in Tech Data Corporation were worth $252,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of TECD. BlackRock Inc. raised its stake in Tech Data Corporation by 12,492.8% in the first quarter. BlackRock Inc. now owns 3,852,635 shares of the company’s stock valued at $361,763,000 after buying an additional 3,822,041 shares during the period. Peregrine Capital Management LLC purchased a new stake in Tech Data Corporation during the second quarter valued at approximately $26,404,000. Teachers Advisors LLC raised its stake in Tech Data Corporation by 167.6% in the first quarter. Teachers Advisors LLC now owns 318,992 shares of the company’s stock valued at $29,953,000 after buying an additional 199,769 shares during the period. Foresters Investment Management Company Inc. purchased a new stake in Tech Data Corporation during the first quarter valued at approximately $16,620,000. Finally, Russell Investments Group Ltd. raised its stake in Tech Data Corporation by 41.7% in the second quarter. Russell Investments Group Ltd. now owns 501,681 shares of the company’s stock valued at $50,671,000 after buying an additional 147,558 shares during the period. Hedge funds and other institutional investors own 94.16% of the company’s stock.
Tech Data Corporation (TECD) opened at 101.34 on Friday. Tech Data Corporation has a 52-week low of $67.67 and a 52-week high of $107.50. The stock’s 50 day moving average is $103.85 and its 200-day moving average is $95.41. The company has a market capitalization of $3.86 billion, a P/E ratio of 18.91 and a beta of 0.79.
Tech Data Corporation (NASDAQ:TECD) last released its quarterly earnings data on Thursday, June 1st. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.53. Tech Data Corporation had a net margin of 0.69% and a return on equity of 11.67%. The firm had revenue of $7.66 billion during the quarter, compared to analysts’ expectations of $7.31 billion. During the same period in the previous year, the company earned $1.05 earnings per share. The firm’s quarterly revenue was up 28.5% on a year-over-year basis. Analysts predict that Tech Data Corporation will post $9.76 EPS for the current fiscal year.
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Several equities research analysts have commented on TECD shares. Zacks Investment Research upgraded shares of Tech Data Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, May 9th. Citigroup Inc. upgraded shares of Tech Data Corporation from a “sell” rating to a “neutral” rating and set a $115.00 price objective for the company in a research note on Friday, June 2nd. Bank of America Corporation reiterated a “buy” rating and issued a $110.00 price objective on shares of Tech Data Corporation in a research note on Thursday, June 1st. Finally, BidaskClub lowered shares of Tech Data Corporation from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 15th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $105.57.
In other news, VP David R. Vetter sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $100.26, for a total transaction of $601,560.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alain Amsellem sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $104.63, for a total transaction of $104,630.00. Following the transaction, the chief financial officer now directly owns 26,379 shares of the company’s stock, valued at $2,760,034.77. The disclosure for this sale can be found here. Insiders have sold 34,888 shares of company stock valued at $3,519,704 over the last three months. 1.60% of the stock is owned by corporate insiders.
About Tech Data Corporation
Tech Data Corporation is a wholesale distributor of technology products. The Company serves as a link in the technology supply chain by bringing products from the technology vendors to market, as well as providing its customers with logistics capabilities and services. It operates through the segment of distributing technology products, logistics management and other value-added services.
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