Icon Advisers Inc. Co. Sells 28,893 Shares of Global Payments Inc. (NYSE:GPN)

Icon Advisers Inc. Co. lessened its position in Global Payments Inc. (NYSE:GPN) by 41.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,382 shares of the business services provider’s stock after selling 28,893 shares during the period. Global Payments comprises about 1.1% of Icon Advisers Inc. Co.’s portfolio, making the stock its 22nd largest holding. Icon Advisers Inc. Co.’s holdings in Global Payments were worth $4,355,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Glassman Wealth Services grew its position in shares of Global Payments by 94.3% in the 1st quarter. Glassman Wealth Services now owns 239 shares of the business services provider’s stock valued at $25,000 after acquiring an additional 116 shares during the period. Venturi Wealth Management LLC bought a new position in shares of Global Payments in the 1st quarter valued at about $29,000. Clear Street Markets LLC bought a new position in shares of Global Payments in the 4th quarter valued at about $27,000. MV Capital Management Inc. grew its position in shares of Global Payments by 166.7% in the 1st quarter. MV Capital Management Inc. now owns 296 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 185 shares during the period. Finally, Vigilant Capital Management LLC bought a new position in shares of Global Payments in the 1st quarter valued at about $34,000. Institutional investors own 85.23% of the company’s stock.

Global Payments Trading Down 1.4 %

GPN traded down $1.84 during trading on Tuesday, reaching $127.48. 267,411 shares of the company’s stock were exchanged, compared to its average volume of 2,058,083. Global Payments Inc. has a one year low of $92.27 and a one year high of $136.64. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $33.14 billion, a PE ratio of 43.11, a price-to-earnings-growth ratio of 0.89 and a beta of 0.97. The firm has a fifty day moving average price of $115.81 and a two-hundred day moving average price of $108.24.

Global Payments (NYSE:GPN) last posted its earnings results on Tuesday, August 1st. The business services provider reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $2.43 by $0.19. Global Payments had a net margin of 8.65% and a return on equity of 10.98%. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the previous year, the firm posted $2.23 EPS. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, equities research analysts forecast that Global Payments Inc. will post 9.68 earnings per share for the current fiscal year.

Global Payments Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend is Thursday, September 14th. Global Payments’s payout ratio is 33.33%.

Insider Activity

In other news, CAO David M. Sheffield sold 2,016 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $119.47, for a total value of $240,851.52. Following the sale, the chief accounting officer now directly owns 25,045 shares of the company’s stock, valued at approximately $2,992,126.15. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

GPN has been the subject of several research analyst reports. Stephens lifted their target price on shares of Global Payments from $135.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, August 2nd. Susquehanna reduced their target price on shares of Global Payments from $190.00 to $180.00 in a report on Monday, June 5th. Citigroup lifted their target price on shares of Global Payments from $137.00 to $146.00 and gave the stock a “buy” rating in a report on Wednesday, August 2nd. BMO Capital Markets lifted their target price on shares of Global Payments from $208.00 to $211.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Finally, Mizuho lifted their target price on shares of Global Payments from $100.00 to $123.00 and gave the stock a “neutral” rating in a report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $148.63.

About Global Payments

Global Payments Inc provides payment technology and software solutions for card, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through three segments: Merchant Solutions, Issuer Solutions, and Consumer Solutions. The Merchant Solutions segment offers authorization, settlement and funding, customer support, chargeback resolution, terminal rental, sales and deployment, payment security, and consolidated billing and reporting services.