First Manhattan Co. trimmed its stake in CBIZ, Inc. (NYSE:CBZ) by 12.0% during the second quarter, HoldingsChannel.com reports. The fund owned 1,787,779 shares of the business services provider’s stock after selling 242,650 shares during the quarter. First Manhattan Co.’s holdings in CBIZ were worth $41,118,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in CBZ. Hennessy Advisors Inc. bought a new stake in CBIZ in the first quarter valued at $4,033,000. P2 Capital Partners LLC grew its position in CBIZ by 5.1% in the first quarter. P2 Capital Partners LLC now owns 2,694,902 shares of the business services provider’s stock valued at $49,182,000 after acquiring an additional 129,902 shares during the period. Millennium Management LLC grew its position in CBIZ by 91.4% in the first quarter. Millennium Management LLC now owns 232,884 shares of the business services provider’s stock valued at $4,250,000 after acquiring an additional 111,215 shares during the period. Acadian Asset Management LLC acquired a new position in CBIZ in the second quarter worth $2,502,000. Finally, James Investment Research Inc. acquired a new position in CBIZ in the second quarter worth $2,376,000. Hedge funds and other institutional investors own 85.56% of the company’s stock.
In related news, insider Ware H. Grove sold 14,963 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $21.50, for a total value of $321,704.50. Following the transaction, the insider now owns 288,059 shares in the company, valued at $6,193,268.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Donald V. Weir sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 24th. The shares were sold at an average price of $20.31, for a total transaction of $203,100.00. Following the completion of the transaction, the director now owns 21,955 shares in the company, valued at approximately $445,906.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,163 shares of company stock worth $997,777. Insiders own 7.20% of the company’s stock.
CBIZ (NYSE:CBZ) last announced its quarterly earnings data on Thursday, August 2nd. The business services provider reported $0.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.01. The business had revenue of $232.60 million for the quarter, compared to analyst estimates of $223.86 million. CBIZ had a net margin of 6.97% and a return on equity of 11.01%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.20 EPS. research analysts anticipate that CBIZ, Inc. will post 1.1 earnings per share for the current year.
A number of equities analysts have commented on the company. Zacks Investment Research raised CBIZ from a “hold” rating to a “strong-buy” rating and set a $21.00 price objective on the stock in a research note on Tuesday, May 1st. ValuEngine lowered CBIZ from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 2nd. Finally, Sidoti assumed coverage on CBIZ in a research note on Tuesday, June 12th. They issued a “buy” rating on the stock.
CBIZ, Inc, through its subsidiaries, provides professional business services, products, and solutions in the United States and Canada. It offers its services through three practice groups: Financial Services, Benefits and Insurance Services, and National Practices. The Financial Services practice group provides accounting and tax compliance and consulting, government health care consulting, financial advisory, valuation, litigation support, risk and advisory, real estate consulting, and internal audit outsourcing services.
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