New York State Common Retirement Fund lowered its holdings in NIC Inc. (NASDAQ:EGOV) by 1.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 514,714 shares of the software maker’s stock after selling 6,208 shares during the quarter. New York State Common Retirement Fund’s holdings in NIC were worth $6,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in NIC by 1.9% during the third quarter. Dimensional Fund Advisors LP now owns 2,201,335 shares of the software maker’s stock valued at $32,580,000 after buying an additional 40,379 shares during the period. Teachers Advisors LLC grew its position in NIC by 3.4% during the third quarter. Teachers Advisors LLC now owns 127,236 shares of the software maker’s stock valued at $1,883,000 after buying an additional 4,198 shares during the period. Jane Street Group LLC acquired a new stake in NIC during the third quarter valued at $174,000. AQR Capital Management LLC grew its position in NIC by 54.8% during the third quarter. AQR Capital Management LLC now owns 214,401 shares of the software maker’s stock valued at $3,173,000 after buying an additional 75,883 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in NIC during the third quarter valued at $855,000. Hedge funds and other institutional investors own 86.15% of the company’s stock.
EGOV has been the topic of several analyst reports. BidaskClub lowered shares of NIC from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 1st. Zacks Investment Research upgraded shares of NIC from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research report on Monday, February 4th. Loop Capital set a $13.00 target price on shares of NIC and gave the company a “hold” rating in a research report on Monday, December 10th. ValuEngine upgraded shares of NIC from a “sell” rating to a “hold” rating in a research report on Thursday, January 31st. Finally, Barrington Research upgraded shares of NIC from a “market perform” rating to an “outperform” rating and set a $26.00 target price on the stock in a research report on Thursday, January 31st. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $19.75.
Shares of NASDAQ EGOV opened at $16.79 on Friday. NIC Inc. has a 52-week low of $11.76 and a 52-week high of $17.55. The stock has a market capitalization of $1.11 billion, a PE ratio of 19.08, a P/E/G ratio of 2.27 and a beta of 0.97.
NIC (NASDAQ:EGOV) last announced its earnings results on Wednesday, January 30th. The software maker reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.02. NIC had a net margin of 16.89% and a return on equity of 29.79%. The business had revenue of $78.65 million for the quarter, compared to analyst estimates of $74.44 million. During the same quarter last year, the business earned $0.16 earnings per share. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. Sell-side analysts forecast that NIC Inc. will post 0.73 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 19th. Stockholders of record on Tuesday, March 5th will be given a $0.08 dividend. The ex-dividend date is Monday, March 4th. This represents a $0.32 annualized dividend and a dividend yield of 1.91%. NIC’s dividend payout ratio (DPR) is 36.36%.
NIC Company Profile
NIC Inc, together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company's outsourced portal business enters into long-term contracts with state and local governments to design, build, and operate Internet-based and enterprise-wide portals on their behalf.
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