KLP Kapitalforvaltning AS Lowers Position in Match Group Inc. (NASDAQ:MTCH)

Key Points

• KLP Kapitalforvaltning AS has reduced its stake in Match Group Inc. by 40.1%, owning 46,100 shares after selling 30,803 shares in the first quarter, valued at approximately $1.44 million.
• Several institutional investors, including Commonwealth Equity Services LLC and Korea Investment CORP, have increased their stakes in Match Group significantly during the fourth quarter, suggesting growing interest in the company despite KLP's divestment.
• Match Group recently announced a quarterly dividend of $0.19 per share, representing an annualized yield of 2.20% and a payout ratio of 37.62%.

KLP Kapitalforvaltning AS lowered its stake in shares of Match Group Inc. (NASDAQ:MTCH - Free Report) by 40.1% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 46,100 shares of the technology company's stock after selling 30,803 shares during the period. KLP Kapitalforvaltning AS's holdings in Match Group were worth $1,438,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in MTCH. Stratos Wealth Partners LTD. increased its holdings in shares of Match Group by 5.0% during the first quarter. Stratos Wealth Partners LTD. now owns 19,671 shares of the technology company's stock worth $614,000 after buying an additional 939 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Match Group by 7.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,132 shares of the technology company's stock valued at $1,015,000 after acquiring an additional 2,429 shares during the last quarter. QRG Capital Management Inc. raised its holdings in Match Group by 34.0% in the first quarter. QRG Capital Management Inc. now owns 15,897 shares of the technology company's stock worth $496,000 after purchasing an additional 4,035 shares during the period. GAMMA Investing LLC raised its holdings in shares of Match Group by 79.2% during the first quarter. GAMMA Investing LLC now owns 9,255 shares of the technology company's stock worth $289,000 after acquiring an additional 4,090 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Match Group by 9.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 553,599 shares of the technology company's stock valued at $17,272,000 after buying an additional 47,137 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

Insider Buying and Selling

In other Match Group news, CEO Spencer M. Rascoff bought 70,885 shares of Match Group stock in a transaction dated Friday, May 9th. The stock was bought at an average cost of $28.05 per share, with a total value of $1,988,324.25. Following the completion of the acquisition, the chief executive officer directly owned 137,478 shares in the company, valued at approximately $3,856,257.90. The trade was a 106.45% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.64% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MTCH. Citigroup lowered their price target on shares of Match Group from $31.00 to $30.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Bank of America cut their price objective on shares of Match Group from $36.00 to $33.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Barclays cut their price objective on shares of Match Group from $52.00 to $46.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Wall Street Zen downgraded shares of Match Group from a "buy" rating to a "hold" rating in a report on Saturday, May 17th. Finally, UBS Group increased their price objective on shares of Match Group from $31.00 to $35.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $36.16.

Match Group Stock Performance

Shares of NASDAQ:MTCH traded down $0.03 during midday trading on Thursday, reaching $34.28. The company's stock had a trading volume of 1,382,971 shares, compared to its average volume of 4,687,822. The firm has a market capitalization of $8.58 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 0.75 and a beta of 1.34. The firm has a 50 day moving average price of $31.67 and a two-hundred day moving average price of $31.44. Match Group Inc. has a fifty-two week low of $26.39 and a fifty-two week high of $38.84.

Match Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date was Thursday, July 3rd. Match Group's payout ratio is 37.62%.

About Match Group

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.