California Public Employees Retirement System lowered its position in shares of EarthLink Holdings Corp. (NASDAQ:ELNK) by 11.5% during the second quarter, Holdings Channel reports. The fund owned 573,603 shares of the company’s stock after selling 74,800 shares during the period. California Public Employees Retirement System owned about 0.55% of EarthLink Holdings Corp. worth $3,671,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Suntrust Banks Inc. increased its position in shares of EarthLink Holdings Corp. by 15.3% in the second quarter. Suntrust Banks Inc. now owns 18,343 shares of the company’s stock worth $116,000 after buying an additional 2,428 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of EarthLink Holdings Corp. during the second quarter worth about $125,000. Pacad Investment Ltd. increased its position in shares of EarthLink Holdings Corp. by 81.7% in the first quarter. Pacad Investment Ltd. now owns 34,700 shares of the company’s stock worth $197,000 after buying an additional 15,600 shares during the last quarter. Squarepoint Ops LLC increased its position in shares of EarthLink Holdings Corp. by 20.0% in the first quarter. Squarepoint Ops LLC now owns 37,200 shares of the company’s stock worth $211,000 after buying an additional 6,200 shares during the last quarter. Finally, Acrospire Investment Management LLC bought a new position in shares of EarthLink Holdings Corp. during the first quarter worth about $274,000. 89.02% of the stock is currently owned by institutional investors and hedge funds.
EarthLink Holdings Corp. (NASDAQ:ELNK) traded down 0.16% during mid-day trading on Friday, hitting $6.17. 623,775 shares of the stock were exchanged. The stock’s market cap is $650.90 million. The stock has a 50 day moving average of $6.39 and a 200-day moving average of $6.24. EarthLink Holdings Corp. has a 52-week low of $4.97 and a 52-week high of $9.86.
EarthLink Holdings Corp. (NASDAQ:ELNK) last issued its quarterly earnings results on Monday, August 8th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The company earned $240.40 million during the quarter, compared to the consensus estimate of $246.40 million. EarthLink Holdings Corp. had a negative return on equity of 43.21% and a negative net margin of 1.06%. EarthLink Holdings Corp.’s revenue was down 15.3% on a year-over-year basis. During the same period last year, the company earned ($0.10) earnings per share. Equities analysts predict that EarthLink Holdings Corp. will post $0.08 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 4th. Investors of record on Tuesday, September 20th will be given a $0.05 dividend. The ex-dividend date of this dividend is Friday, September 16th. This represents a $0.20 dividend on an annualized basis and a yield of 3.24%. EarthLink Holdings Corp.’s dividend payout ratio is presently -181.82%.
ELNK has been the topic of a number of research analyst reports. B. Riley initiated coverage on shares of EarthLink Holdings Corp. in a research report on Sunday, August 14th. They set a “buy” rating and a $10.00 price objective on the stock. Zacks Investment Research downgraded shares of EarthLink Holdings Corp. from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 20th. Barclays PLC upped their target price on shares of EarthLink Holdings Corp. to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, August 18th. Finally, Mitsubishi UFJ Financial Group downgraded shares of EarthLink Holdings Corp. from a “neutral” rating to an “underweight” rating in a research report on Friday, June 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $10.44.
In related news, EVP Rick C. Froehlich sold 31,499 shares of the firm’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $6.33, for a total value of $199,388.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.70% of the stock is owned by corporate insiders.
EarthLink Holdings Corp. Company Profile
EarthLink, Inc (EarthLink), is a network, communications and information technology (IT) services provider to business and residential customers in the United States. The Company operates in two segments: Business Services and Consumer Services. EarthLink’s Business Services segment provides a range of data, voice, managed IT and equipment services to business customers.
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