Renaissance Technologies LLC Increases Stock Position in Nelnet, Inc. $NNI

Renaissance Technologies LLC boosted its holdings in Nelnet, Inc. (NYSE:NNI) by 58.9% during the 1st quarter, HoldingsChannel.com reports. The fund owned 48,000 shares of the credit services provider’s stock after buying an additional 17,800 shares during the period. Renaissance Technologies LLC’s holdings in Nelnet were worth $6,190,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Rossby Financial LCC bought a new stake in shares of Nelnet in the 4th quarter worth $27,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nelnet in the fourth quarter worth $31,000. Osaic Holdings Inc. lifted its holdings in shares of Nelnet by 170.3% during the second quarter. Osaic Holdings Inc. now owns 373 shares of the credit services provider’s stock valued at $45,000 after purchasing an additional 235 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Nelnet during the fourth quarter valued at $59,000. Finally, State of Wyoming purchased a new stake in shares of Nelnet during the second quarter valued at $62,000. 33.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Nelnet in a report on Wednesday, July 29th. Zacks Research cut shares of Nelnet from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $140.00.

Nelnet Trading Down 1.7%

NYSE:NNI opened at $135.97 on Wednesday. The company has a market cap of $4.89 billion, a PE ratio of 11.84 and a beta of 0.78. The company has a current ratio of 24.07, a quick ratio of 24.07 and a debt-to-equity ratio of 2.14. The company has a 50 day simple moving average of $132.18 and a two-hundred day simple moving average of $131.88. Nelnet, Inc. has a 12 month low of $116.62 and a 12 month high of $144.38.

Nelnet (NYSE:NNI) last released its quarterly earnings results on Thursday, May 7th. The credit services provider reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.66 by ($0.72). The firm had revenue of $419.06 million for the quarter, compared to the consensus estimate of $443.84 million. Nelnet had a net margin of 18.45% and a return on equity of 11.73%. Research analysts forecast that Nelnet, Inc. will post 8.18 earnings per share for the current year.

About Nelnet

Nelnet, Inc (NYSE: NNI) is a diversified education services company founded in 1978 and headquartered in Lincoln, Nebraska. Originally established as the National Education Loan Network by Michael S. Dunlap, the company has grown into a prominent provider of student loan servicing and education finance solutions in the United States.

At the core of Nelnet’s business is student loan servicing, where it administers and manages federal and private education loans on behalf of borrowers and lending partners.