Summit Securities Group LLC Sells 9,828 Shares of Amdocs Limited (NASDAQ:DOX)
Summit Securities Group LLC reduced its position in shares of Amdocs Limited (NASDAQ:DOX) by 56.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,720 shares of the technology company’s stock after selling 9,828 shares during the period. Summit Securities Group LLC’s holdings in Amdocs Limited were worth $498,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Robecosam AG purchased a new position in shares of Amdocs Limited during the first quarter worth approximately $114,000. Creative Planning increased its position in shares of Amdocs Limited by 62.7% in the first quarter. Creative Planning now owns 2,198 shares of the technology company’s stock worth $134,000 after buying an additional 847 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Amdocs Limited by 30.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,969 shares of the technology company’s stock worth $181,000 after buying an additional 696 shares during the period. Atria Investments LLC purchased a new position in shares of Amdocs Limited during the second quarter worth approximately $218,000. Finally, HighTower Advisors LLC purchased a new position in shares of Amdocs Limited during the first quarter worth approximately $220,000. Hedge funds and other institutional investors own 89.97% of the company’s stock.
Shares of Amdocs Limited (DOX) opened at 63.64 on Friday. The stock’s 50 day moving average price is $65.38 and its 200 day moving average price is $62.73. The company has a market cap of $9.29 billion, a P/E ratio of 22.11 and a beta of 0.54. Amdocs Limited has a 1-year low of $54.91 and a 1-year high of $67.98.
Amdocs Limited (NASDAQ:DOX) last announced its quarterly earnings data on Wednesday, August 2nd. The technology company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.06. The company had revenue of $967 million during the quarter, compared to analysts’ expectations of $967.04 million. Amdocs Limited had a return on equity of 14.73% and a net margin of 11.11%. Amdocs Limited’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.90 EPS. Equities research analysts forecast that Amdocs Limited will post $3.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, September 29th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend is Thursday, September 28th. Amdocs Limited’s payout ratio is 30.66%.
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A number of research analysts have commented on DOX shares. Zacks Investment Research upgraded Amdocs Limited from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research note on Monday, May 22nd. Stifel Nicolaus restated a “buy” rating and issued a $68.00 target price on shares of Amdocs Limited in a research note on Wednesday, June 28th. BidaskClub upgraded Amdocs Limited from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Jefferies Group LLC restated a “hold” rating and issued a $59.00 target price on shares of Amdocs Limited in a research note on Friday, June 16th. Finally, Barclays PLC restated a “hold” rating and issued a $68.00 target price on shares of Amdocs Limited in a research note on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $67.63.
Amdocs Limited Company Profile
Amdocs Limited is a provider of software and services for communications, entertainment and media industry service providers. The Company develops, implements and manages software and services associated with business support systems (BSS), operational support systems (OSS) and network operations to enable service providers to introduce new products and services, process orders, monetize data, support new business models and enhance their understanding of their customers.
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