Cim Investment Management Inc. Reduces Stake in Euronet Worldwide, Inc. (NASDAQ:EEFT)

Cim Investment Management Inc. lowered its stake in shares of Euronet Worldwide, Inc. (NASDAQ:EEFT) by 19.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,264 shares of the business services provider’s stock after selling 539 shares during the period. Cim Investment Management Inc.’s holdings in Euronet Worldwide were worth $234,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Shellback Capital LP purchased a new stake in Euronet Worldwide in the second quarter worth $5,175,000. Mackenzie Financial Corp bought a new position in shares of Euronet Worldwide during the 2nd quarter worth $541,000. Maverick Capital Ltd. increased its holdings in Euronet Worldwide by 507.8% in the 2nd quarter. Maverick Capital Ltd. now owns 14,916 shares of the business services provider’s stock worth $1,544,000 after acquiring an additional 12,462 shares during the last quarter. AQR Capital Management LLC raised its stake in Euronet Worldwide by 36.6% in the 2nd quarter. AQR Capital Management LLC now owns 272,430 shares of the business services provider’s stock valued at $28,197,000 after acquiring an additional 73,053 shares during the period. Finally, AXA S.A. bought a new stake in Euronet Worldwide in the 2nd quarter valued at about $1,117,000. Institutional investors own 91.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. StockNews.com downgraded shares of Euronet Worldwide from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. Monness Crespi & Hardt raised their price objective on shares of Euronet Worldwide from $140.00 to $145.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $125.00 target price on shares of Euronet Worldwide in a report on Wednesday, September 4th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Euronet Worldwide presently has a consensus rating of “Moderate Buy” and a consensus target price of $124.11.

Euronet Worldwide Stock Up 1.0 %

EEFT opened at $100.03 on Friday. The firm has a market capitalization of $4.49 billion, a P/E ratio of 17.61 and a beta of 1.46. Euronet Worldwide, Inc. has a one year low of $73.84 and a one year high of $117.66. The company has a fifty day moving average price of $100.72 and a 200-day moving average price of $105.69. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.19 and a quick ratio of 1.19.

Euronet Worldwide (NASDAQ:EEFT) last posted its earnings results on Thursday, July 18th. The business services provider reported $2.25 EPS for the quarter, topping the consensus estimate of $2.04 by $0.21. Euronet Worldwide had a return on equity of 27.81% and a net margin of 7.46%. The business had revenue of $986.20 million during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the previous year, the business earned $1.84 earnings per share. The firm’s revenue was up 5.0% on a year-over-year basis. Equities research analysts expect that Euronet Worldwide, Inc. will post 7.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Thomas A. Mcdonnell bought 3,206 shares of the company’s stock in a transaction on Monday, August 5th. The stock was acquired at an average cost of $93.86 per share, for a total transaction of $300,915.16. Following the completion of the transaction, the director now directly owns 90,000 shares in the company, valued at approximately $8,447,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Euronet Worldwide news, Director Thomas A. Mcdonnell purchased 3,206 shares of Euronet Worldwide stock in a transaction on Monday, August 5th. The shares were acquired at an average cost of $93.86 per share, for a total transaction of $300,915.16. Following the completion of the transaction, the director now directly owns 90,000 shares of the company’s stock, valued at $8,447,400. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Juan Bianchi sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $102.58, for a total transaction of $410,320.00. Following the completion of the sale, the chief executive officer now owns 12,440 shares of the company’s stock, valued at $1,276,095.20. The disclosure for this sale can be found here. 10.50% of the stock is owned by company insiders.

Euronet Worldwide Company Profile

Euronet Worldwide, Inc provides payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, and individual consumers worldwide. It operates through three segments: Electronic Fund Transfer Processing, epay, and Money Transfer. The Electronic Fund Transfer Processing segment provides electronic payment solutions, including automated teller machine (ATM) cash withdrawal and deposit services, ATM network participation, outsourced ATM and point-of-sale (POS) management solutions, credit and debit and prepaid card outsourcing, card issuing, and merchant acquiring services.