Tower Research Capital LLC TRC Purchases 3,514 Shares of Automatic Data Processing (NASDAQ:ADP)

Tower Research Capital LLC TRC increased its position in Automatic Data Processing (NASDAQ:ADP) by 79.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,954 shares of the business services provider’s stock after purchasing an additional 3,514 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Automatic Data Processing were worth $1,284,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Parkside Financial Bank & Trust grew its stake in Automatic Data Processing by 18.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 3,865 shares of the business services provider’s stock valued at $624,000 after buying an additional 600 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in Automatic Data Processing by 17.4% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 20,280 shares of the business services provider’s stock valued at $3,274,000 after buying an additional 3,001 shares during the last quarter. Benjamin Edwards Inc. grew its stake in Automatic Data Processing by 10.9% in the 3rd quarter. Benjamin Edwards Inc. now owns 1,058 shares of the business services provider’s stock valued at $171,000 after buying an additional 104 shares during the last quarter. Whitnell & Co. grew its stake in Automatic Data Processing by 29.6% in the 3rd quarter. Whitnell & Co. now owns 26,069 shares of the business services provider’s stock valued at $4,208,000 after buying an additional 5,951 shares during the last quarter. Finally, Principle Wealth Partners LLC acquired a new position in Automatic Data Processing in the 3rd quarter valued at about $240,000. 80.61% of the stock is currently owned by institutional investors.

In other news, VP Brock Albinson sold 6,683 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $167.87, for a total transaction of $1,121,875.21. Following the completion of the sale, the vice president now owns 6,302 shares of the company’s stock, valued at approximately $1,057,916.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Carlos A. Rodriguez sold 49,392 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $161.70, for a total transaction of $7,986,686.40. Following the sale, the chief executive officer now directly owns 132,338 shares of the company’s stock, valued at approximately $21,399,054.60. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Shares of NASDAQ:ADP traded up $2.62 on Wednesday, reaching $168.98. 2,346,800 shares of the company’s stock were exchanged, compared to its average volume of 1,964,535. The company has a fifty day moving average of $161.58 and a 200-day moving average of $163.80. Automatic Data Processing has a twelve month low of $121.40 and a twelve month high of $174.50. The company has a market capitalization of $70.41 billion, a price-to-earnings ratio of 31.01, a PEG ratio of 2.03 and a beta of 0.88. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.19.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, October 30th. The business services provider reported $1.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.01. Automatic Data Processing had a net margin of 16.52% and a return on equity of 46.94%. The firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.52 billion. During the same quarter in the prior year, the business posted $1.20 EPS. The business’s revenue was up 5.6% compared to the same quarter last year. As a group, equities research analysts forecast that Automatic Data Processing will post 6.17 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date is Thursday, December 12th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $0.79. Automatic Data Processing’s dividend payout ratio is 57.98%.

A number of brokerages recently commented on ADP. Barclays upped their price target on shares of Automatic Data Processing from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Jefferies Financial Group increased their target price on shares of Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Cowen assumed coverage on shares of Automatic Data Processing in a research report on Wednesday, September 11th. They set an “outperform” rating and a $195.00 target price on the stock. Morgan Stanley increased their target price on shares of Automatic Data Processing from $150.00 to $174.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. increased their target price on shares of Automatic Data Processing from $170.00 to $177.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. Automatic Data Processing presently has a consensus rating of “Hold” and a consensus target price of $179.56.

About Automatic Data Processing

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

Featured Story: How is the Producer Price Index calculated?

Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

Leave a Reply

Your email address will not be published. Required fields are marked *

*