Principal Financial Group Inc. Has $110.09 Million Position in j2 Global, Inc. (JCOM)
Principal Financial Group Inc. increased its stake in shares of j2 Global, Inc. (NASDAQ:JCOM) by 88.1% during the second quarter, according to its most recent filing with the SEC. The fund owned 1,293,825 shares of the technology company’s stock after buying an additional 606,091 shares during the period. Principal Financial Group Inc. owned approximately 2.68% of j2 Global worth $110,092,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Alps Advisors Inc. boosted its position in j2 Global by 0.3% in the second quarter. Alps Advisors Inc. now owns 5,629 shares of the technology company’s stock worth $479,000 after buying an additional 15 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in j2 Global by 0.3% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 8,301 shares of the technology company’s stock worth $697,000 after buying an additional 27 shares during the last quarter. Renaissance Group LLC boosted its position in j2 Global by 0.9% in the first quarter. Renaissance Group LLC now owns 3,961 shares of the technology company’s stock worth $332,000 after buying an additional 37 shares during the last quarter. First Mercantile Trust Co. boosted its position in j2 Global by 1.9% in the second quarter. First Mercantile Trust Co. now owns 2,150 shares of the technology company’s stock worth $183,000 after buying an additional 40 shares during the last quarter. Finally, World Asset Management Inc boosted its position in j2 Global by 1.8% in the first quarter. World Asset Management Inc now owns 2,966 shares of the technology company’s stock worth $249,000 after buying an additional 52 shares during the last quarter.
j2 Global, Inc. (NASDAQ JCOM) opened at 74.86 on Friday. The company has a market capitalization of $3.62 billion, a PE ratio of 25.08 and a beta of 0.98. j2 Global, Inc. has a 12-month low of $62.55 and a 12-month high of $91.48. The firm’s 50 day moving average price is $78.49 and its 200-day moving average price is $83.33.
j2 Global (NASDAQ:JCOM) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $1.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.31 by $0.06. j2 Global had a return on equity of 26.62% and a net margin of 14.74%. The business had revenue of $273.20 million during the quarter, compared to the consensus estimate of $271.89 million. During the same quarter in the prior year, the business posted $1.21 earnings per share. j2 Global’s quarterly revenue was up 29.0% compared to the same quarter last year. On average, equities analysts anticipate that j2 Global, Inc. will post $5.76 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, August 14th were given a dividend of $0.385 per share. The ex-dividend date was Thursday, August 10th. This is a positive change from j2 Global’s previous quarterly dividend of $0.38. This represents a $1.54 annualized dividend and a dividend yield of 2.06%. j2 Global’s payout ratio is currently 51.68%.
JCOM has been the topic of a number of research analyst reports. BidaskClub upgraded j2 Global from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Robert W. Baird restated a “buy” rating and set a $94.00 price target on shares of j2 Global in a report on Friday. ValuEngine cut j2 Global from a “buy” rating to a “hold” rating in a report on Friday. Citigroup Inc. cut their price target on j2 Global from $89.00 to $88.00 and set a “neutral” rating on the stock in a report on Monday, August 7th. Finally, Susquehanna Bancshares Inc restated a “positive” rating and set a $120.00 price target (up from $95.00) on shares of j2 Global in a report on Tuesday, May 9th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. j2 Global presently has an average rating of “Hold” and an average target price of $100.60.
In related news, Director W Brian Kretzmer sold 1,336 shares of j2 Global stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $86.20, for a total transaction of $115,163.20. Following the sale, the director now directly owns 11,607 shares in the company, valued at $1,000,523.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas Y. Bech sold 15,000 shares of j2 Global stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $85.86, for a total value of $1,287,900.00. Following the sale, the director now owns 123,966 shares in the company, valued at $10,643,720.76. The disclosure for this sale can be found here. Insiders own 5.15% of the company’s stock.
About j2 Global
j2 Global, Inc is a provider of services delivered through the Internet. The Company provides cloud services to businesses of all sizes, from individuals to enterprises. The Company operates in two segments: Business Cloud Services and Digital Media. The Company’s Digital Media business segment consists of the Web properties and business operations of Ziff Davis, Inc (Ziff Davis).
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