Martingale Asset Management L P Has $33.56 Million Holdings in CDK Global Inc (CDK)
Martingale Asset Management L P raised its stake in CDK Global Inc (NASDAQ:CDK) by 6.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 536,357 shares of the software maker’s stock after acquiring an additional 32,980 shares during the period. Martingale Asset Management L P’s holdings in CDK Global were worth $33,555,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. WealthTrust Fairport LLC acquired a new position in CDK Global in the 3rd quarter valued at $104,000. Qube Research & Technologies Ltd acquired a new position in shares of CDK Global during the 2nd quarter worth $109,000. Fort L.P. acquired a new position in shares of CDK Global during the 2nd quarter worth $121,000. Itau Unibanco Holding S.A. acquired a new position in shares of CDK Global during the 2nd quarter worth $170,000. Finally, Steward Partners Investment Advisory LLC acquired a new position in shares of CDK Global during the 3rd quarter worth $179,000. 84.07% of the stock is owned by hedge funds and other institutional investors.
In other news, General Counsel Lee J. Brunz bought 2,500 shares of the stock in a transaction on Friday, November 9th. The stock was acquired at an average price of $50.96 per share, with a total value of $127,400.00. Following the acquisition, the general counsel now directly owns 39,427 shares in the company, valued at $2,009,199.92. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Joseph A. Tautges bought 7,900 shares of the stock in a transaction on Friday, November 9th. The stock was purchased at an average cost of $50.68 per share, with a total value of $400,372.00. Following the acquisition, the chief financial officer now owns 25,594 shares in the company, valued at $1,297,103.92. The disclosure for this purchase can be found here. 0.50% of the stock is owned by corporate insiders.
CDK Global (NASDAQ:CDK) last posted its quarterly earnings results on Wednesday, November 7th. The software maker reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. CDK Global had a negative return on equity of 173.86% and a net margin of 17.23%. The company had revenue of $554.50 million during the quarter, compared to analysts’ expectations of $560.52 million. During the same quarter in the previous year, the firm earned $0.68 EPS. CDK Global’s revenue was down 2.0% on a year-over-year basis. Research analysts expect that CDK Global Inc will post 3.59 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Monday, December 3rd will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $0.60 dividend on an annualized basis and a yield of 1.21%. CDK Global’s payout ratio is presently 19.74%.
A number of equities analysts have recently commented on the company. ValuEngine cut CDK Global from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Barrington Research reissued a “buy” rating and set a $80.00 price target on shares of CDK Global in a report on Monday, August 13th. BidaskClub raised CDK Global from a “strong sell” rating to a “sell” rating in a report on Saturday, September 15th. Zacks Investment Research cut CDK Global from a “hold” rating to a “sell” rating in a report on Monday, August 20th. Finally, Morgan Stanley lowered their price target on CDK Global from $75.00 to $68.00 and set an “equal weight” rating for the company in a report on Wednesday, August 15th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $72.20.
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CDK Global Company Profile
CDK Global, Inc provides software and technology solutions for automotive retailers in the United States and internationally. The company operates through Retail Solutions North America, Advertising North America, and CDK International segments. The company offers Dealer Management System (DMS), a portfolio of layered software applications and services for automotive retailers, original equipment manufacturers (OEMs), consumers, and other industry participants manage the acquisition, sale, financing, insuring, parts supply, and repair and maintenance of vehicles.
Read More: Stock Symbols and CUSIP Explained
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