KLP Kapitalforvaltning AS Buys Shares of 76,903 Match Group, Inc. (NASDAQ:MTCH)

KLP Kapitalforvaltning AS purchased a new position in shares of Match Group, Inc. (NASDAQ:MTCH) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 76,903 shares of the technology company’s stock, valued at approximately $2,515,000.

Several other hedge funds have also made changes to their positions in MTCH. Itau Unibanco Holding S.A. purchased a new stake in Match Group during the 3rd quarter worth approximately $31,000. Northwest & Ethical Investments L.P. purchased a new position in Match Group in the 3rd quarter valued at approximately $57,000. Quarry LP grew its stake in shares of Match Group by 126.3% in the third quarter. Quarry LP now owns 2,958 shares of the technology company’s stock worth $112,000 after acquiring an additional 1,651 shares in the last quarter. Assetmark Inc. increased its position in shares of Match Group by 14.2% during the fourth quarter. Assetmark Inc. now owns 3,035 shares of the technology company’s stock worth $99,000 after acquiring an additional 378 shares during the period. Finally, Principal Securities Inc. raised its stake in shares of Match Group by 420.3% in the fourth quarter. Principal Securities Inc. now owns 3,283 shares of the technology company’s stock valued at $107,000 after acquiring an additional 2,652 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Match Group Stock Performance

Match Group stock opened at $31.83 on Thursday. Match Group, Inc. has a one year low of $27.66 and a one year high of $38.84. The company has a market cap of $7.97 billion, a P/E ratio of 15.76, a price-to-earnings-growth ratio of 0.82 and a beta of 1.45. The business has a fifty day moving average of $32.92 and a two-hundred day moving average of $33.85.

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

Match Group declared that its board has approved a share repurchase program on Wednesday, December 11th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to reacquire up to 19% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Match Group Announces Dividend

The firm also recently disclosed 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. This represents a $0.76 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Thursday, April 3rd. Match Group’s dividend payout ratio (DPR) is 37.62%.

Insider Activity at Match Group

In related news, President Gary Swidler sold 242,209 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $32.86, for a total transaction of $7,958,987.74. Following the completion of the sale, the president now directly owns 1,690 shares of the company’s stock, valued at approximately $55,533.40. This trade represents a 99.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.77% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently commented on MTCH. Piper Sandler reissued an “overweight” rating and set a $40.00 target price on shares of Match Group in a research note on Thursday, December 12th. Bank of America boosted their price objective on Match Group from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Wells Fargo & Company reduced their target price on shares of Match Group from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, December 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $35.00 price target on shares of Match Group in a report on Monday, December 9th. Finally, HSBC lowered shares of Match Group from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Sixteen equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Match Group presently has a consensus rating of “Hold” and an average price target of $37.68.

Match Group Profile

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.