DnB Asset Management AS Buys 1,874,853 Shares of Match Group, Inc. (NASDAQ:MTCH)

DnB Asset Management AS raised its position in Match Group, Inc. (NASDAQ:MTCH) by 4,659.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,915,093 shares of the technology company’s stock after buying an additional 1,874,853 shares during the quarter. DnB Asset Management AS’s holdings in Match Group were worth $62,643,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Itau Unibanco Holding S.A. bought a new position in shares of Match Group in the 3rd quarter valued at about $31,000. Northwest & Ethical Investments L.P. acquired a new stake in Match Group during the 3rd quarter worth $57,000. Quarry LP lifted its stake in shares of Match Group by 126.3% in the 3rd quarter. Quarry LP now owns 2,958 shares of the technology company’s stock valued at $112,000 after purchasing an additional 1,651 shares during the period. Assetmark Inc. boosted its position in shares of Match Group by 14.2% in the 4th quarter. Assetmark Inc. now owns 3,035 shares of the technology company’s stock worth $99,000 after purchasing an additional 378 shares during the last quarter. Finally, Principal Securities Inc. grew its stake in shares of Match Group by 420.3% during the fourth quarter. Principal Securities Inc. now owns 3,283 shares of the technology company’s stock worth $107,000 after purchasing an additional 2,652 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MTCH. Wells Fargo & Company decreased their price objective on shares of Match Group from $33.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, December 12th. Bank of America raised their price objective on Match Group from $35.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. New Street Research downgraded Match Group from a “buy” rating to a “neutral” rating in a report on Monday, December 16th. Stifel Nicolaus lowered their price objective on shares of Match Group from $36.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, February 6th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $33.00 price target (down previously from $40.00) on shares of Match Group in a research report on Wednesday, December 18th. Sixteen equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Match Group has an average rating of “Hold” and an average price target of $37.68.

Insider Activity

In other Match Group news, President Gary Swidler sold 242,209 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $32.86, for a total value of $7,958,987.74. Following the completion of the transaction, the president now directly owns 1,690 shares in the company, valued at approximately $55,533.40. This trade represents a 99.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.77% of the stock is owned by corporate insiders.

Match Group Stock Performance

Shares of MTCH stock opened at $31.84 on Friday. Match Group, Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $38.84. The company has a market cap of $7.97 billion, a PE ratio of 15.76, a P/E/G ratio of 0.82 and a beta of 1.45. The stock’s fifty day moving average price is $32.90 and its two-hundred day moving average price is $33.83.

Match Group (NASDAQ:MTCH) last issued its earnings results on Tuesday, February 4th. The technology company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.22). Match Group had a negative return on equity of 574.22% and a net margin of 15.84%. On average, equities analysts predict that Match Group, Inc. will post 2.44 EPS for the current fiscal year.

Match Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 17th. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.19 per share. The ex-dividend date is Thursday, April 3rd. This represents a $0.76 annualized dividend and a dividend yield of 2.39%. Match Group’s dividend payout ratio (DPR) is presently 37.62%.

Match Group announced that its board has authorized a share buyback program on Wednesday, December 11th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 19% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

About Match Group

Match Group, Inc engages in the provision of dating products. Its portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and Hakuna, as well as a various other brands, each built to increase users' likelihood of connecting with others. Its services are available in over 40 languages to users worldwide.