Granite Investment Advisors LLC Has $650,000 Position in Automatic Data Processing (ADP)

Granite Investment Advisors LLC lowered its position in shares of Automatic Data Processing (NASDAQ:ADP) by 3.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 4,960 shares of the business services provider’s stock after selling 180 shares during the period. Granite Investment Advisors LLC’s holdings in Automatic Data Processing were worth $650,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Automatic Data Processing by 1.2% in the third quarter. Vanguard Group Inc. now owns 36,946,069 shares of the business services provider’s stock worth $5,566,295,000 after purchasing an additional 425,007 shares in the last quarter. Vanguard Group Inc lifted its position in shares of Automatic Data Processing by 1.2% in the third quarter. Vanguard Group Inc now owns 36,946,069 shares of the business services provider’s stock worth $5,566,295,000 after purchasing an additional 425,007 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Automatic Data Processing by 1.3% in the third quarter. Bank of New York Mellon Corp now owns 9,605,668 shares of the business services provider’s stock worth $1,447,190,000 after purchasing an additional 121,162 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Automatic Data Processing by 213.1% in the third quarter. JPMorgan Chase & Co. now owns 8,639,847 shares of the business services provider’s stock worth $1,301,682,000 after purchasing an additional 5,880,242 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Automatic Data Processing by 36.3% in the third quarter. Deutsche Bank AG now owns 2,546,248 shares of the business services provider’s stock worth $383,612,000 after purchasing an additional 678,657 shares in the last quarter. Hedge funds and other institutional investors own 77.83% of the company’s stock.

NASDAQ ADP opened at $132.94 on Friday. Automatic Data Processing has a 1 year low of $107.61 and a 1 year high of $153.51. The firm has a market cap of $58.11 billion, a price-to-earnings ratio of 30.56, a PEG ratio of 2.02 and a beta of 0.95. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.03.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, October 31st. The business services provider reported $1.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.09. Automatic Data Processing had a net margin of 12.71% and a return on equity of 50.96%. The firm had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $3.28 billion. During the same period in the previous year, the company earned $0.94 earnings per share. The company’s quarterly revenue was up 8.0% on a year-over-year basis. Equities research analysts anticipate that Automatic Data Processing will post 5.27 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 8th will be issued a $0.79 dividend. The ex-dividend date is Thursday, March 7th. This represents a $3.16 annualized dividend and a dividend yield of 2.38%. Automatic Data Processing’s dividend payout ratio is currently 72.64%.

In related news, CEO Carlos A. Rodriguez sold 101,620 shares of the company’s stock in a transaction dated Thursday, November 8th. The shares were sold at an average price of $147.46, for a total value of $14,984,885.20. Following the transaction, the chief executive officer now directly owns 199,405 shares in the company, valued at $29,404,261.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Brock Albinson sold 4,389 shares of the company’s stock in a transaction dated Wednesday, January 2nd. The shares were sold at an average price of $129.00, for a total transaction of $566,181.00. Following the completion of the transaction, the vice president now owns 8,144 shares in the company, valued at $1,050,576. The disclosure for this sale can be found here. Over the last quarter, insiders sold 198,716 shares of company stock worth $28,606,425. Corporate insiders own 0.33% of the company’s stock.

A number of analysts have recently commented on ADP shares. Jefferies Financial Group started coverage on shares of Automatic Data Processing in a research report on Monday, October 1st. They issued a “hold” rating and a $160.00 price objective on the stock. Barclays started coverage on shares of Automatic Data Processing in a research report on Wednesday, November 14th. They issued an “overweight” rating and a $168.00 price objective on the stock. Zacks Investment Research raised shares of Automatic Data Processing from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Moffett Nathanson started coverage on shares of Automatic Data Processing in a research report on Thursday, October 4th. They issued a “buy” rating and a $180.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $151.87.

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About Automatic Data Processing

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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