Oxford Asset Management Acquires New Stake in NIC Inc. (EGOV)
Oxford Asset Management purchased a new position in NIC Inc. (NASDAQ:EGOV) during the first quarter, Holdings Channel reports. The firm purchased 13,800 shares of the software maker’s stock, valued at approximately $279,000.
A number of other hedge funds have also modified their holdings of EGOV. Numeric Investors LLC raised its stake in shares of NIC by 168.6% in the fourth quarter. Numeric Investors LLC now owns 129,200 shares of the software maker’s stock worth $3,088,000 after buying an additional 81,100 shares during the period. Thrivent Financial for Lutherans increased its stake in NIC by 6.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 33,760 shares of the software maker’s stock worth $807,000 after buying an additional 2,120 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in NIC during the fourth quarter worth about $430,000. Two Sigma Investments LP increased its stake in NIC by 1.4% in the fourth quarter. Two Sigma Investments LP now owns 156,006 shares of the software maker’s stock worth $3,729,000 after buying an additional 2,141 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in NIC by 8.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 10,412 shares of the software maker’s stock worth $249,000 after buying an additional 814 shares in the last quarter. Institutional investors and hedge funds own 92.93% of the company’s stock.
NIC Inc. (EGOV) opened at 19.80 on Tuesday. The stock has a market cap of $1.31 billion, a P/E ratio of 23.16 and a beta of 0.53. NIC Inc. has a one year low of $19.50 and a one year high of $25.90. The company’s 50-day moving average price is $20.53 and its 200-day moving average price is $22.06.
NIC (NASDAQ:EGOV) last released its quarterly earnings results on Monday, May 1st. The software maker reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.03. NIC had a net margin of 17.64% and a return on equity of 39.07%. The business had revenue of $83.20 million for the quarter, compared to analyst estimates of $81.99 million. During the same period in the previous year, the company earned $0.19 earnings per share. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. Analysts forecast that NIC Inc. will post $0.73 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 20th. Shareholders of record on Tuesday, June 6th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.62%. The ex-dividend date is Friday, June 2nd. NIC’s dividend payout ratio is currently 37.65%.
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Separately, Zacks Investment Research upgraded NIC from a “sell” rating to a “hold” rating in a research report on Tuesday, February 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. NIC currently has a consensus rating of “Hold” and an average target price of $22.83.
In other NIC news, COO Robert W. Knapp sold 25,000 shares of NIC stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $20.38, for a total value of $509,500.00. Following the transaction, the chief operating officer now directly owns 197,531 shares of the company’s stock, valued at $4,025,681.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexander C. Kemper sold 7,000 shares of NIC stock in a transaction on Wednesday, March 22nd. The stock was sold at an average price of $20.85, for a total transaction of $145,950.00. Following the completion of the transaction, the director now directly owns 32,232 shares in the company, valued at $672,037.20. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by insiders.
NIC Inc is a provider of digital government services that help governments use technology to provide services to businesses and citizens. The Company operates through Outsourced Portals segment. The Company offers its services through two channels: primary outsourced portal businesses, and software and services businesses.
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