Essex Investment Management Co. LLC reduced its position in shares of Liberty Tax Inc. (NASDAQ:TAX) by 10.1% during the second quarter, Holdings Channel reports. The fund owned 10,530 shares of the company’s stock after selling 1,185 shares during the period. Essex Investment Management Co. LLC’s holdings in Liberty Tax were worth $140,000 as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. Kennedy Capital Management Inc. purchased a new stake in Liberty Tax during the first quarter valued at $1,097,000. Geode Capital Management LLC boosted its stake in Liberty Tax by 3.8% in the first quarter. Geode Capital Management LLC now owns 43,086 shares of the company’s stock valued at $844,000 after buying an additional 1,567 shares in the last quarter. State Street Corp boosted its stake in Liberty Tax by 13.2% in the first quarter. State Street Corp now owns 60,442 shares of the company’s stock valued at $1,184,000 after buying an additional 7,053 shares in the last quarter. Finally, BB&T Securities LLC boosted its stake in Liberty Tax by 50.1% in the first quarter. BB&T Securities LLC now owns 124,474 shares of the company’s stock valued at $2,438,000 after buying an additional 41,524 shares in the last quarter. 40.52% of the stock is owned by institutional investors.
Shares of Liberty Tax Inc. (NASDAQ:TAX) traded down 1.88% on Friday, reaching $12.55. The company’s stock had a trading volume of 87,499 shares. The stock has a market cap of $174.37 million, a P/E ratio of 9.41 and a beta of 0.70. Liberty Tax Inc. has a 12 month low of $9.95 and a 12 month high of $24.22. The firm’s 50-day moving average price is $13.12 and its 200-day moving average price is $13.68.
Liberty Tax (NASDAQ:TAX) last announced its earnings results on Friday, September 2nd. The company reported ($0.66) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.02. Liberty Tax had a return on equity of 18.09% and a net margin of 9.16%. The firm earned $7.10 million during the quarter, compared to analyst estimates of $7.25 million. During the same period last year, the firm posted ($0.65) EPS. The business’s revenue was down 5.3% compared to the same quarter last year. On average, analysts forecast that Liberty Tax Inc. will post $1.39 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 24th. Stockholders of record on Friday, October 14th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 5.10%. The ex-dividend date is Wednesday, October 12th. Liberty Tax’s dividend payout ratio is presently 52.89%.
Separately, Zacks Investment Research cut shares of Liberty Tax from a “hold” rating to a “sell” rating in a research report on Saturday, June 11th.
In related news, Director Ellen M. Mcdowell sold 2,000 shares of Liberty Tax stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $14.01, for a total value of $28,020.00. Following the completion of the sale, the director now owns 46,641 shares of the company’s stock, valued at approximately $653,440.41. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO John T. Hewitt sold 20,000 shares of Liberty Tax stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $12.73, for a total value of $254,600.00. Following the completion of the sale, the chief executive officer now directly owns 1,671,651 shares of the company’s stock, valued at approximately $21,280,117.23. The disclosure for this sale can be found here. Insiders own 46.80% of the company’s stock.
About Liberty Tax
Liberty Tax, Inc is the holding company for JTH Tax, Inc The Company is a provider of tax preparation services. The Company provides retail federal and state income tax preparation services and related tax settlement products in the United States and Canada. The Company’s tax preparation services and related tax settlement products are offered primarily through franchised locations.
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