Global Payments Inc. (GPN) Rating Lowered to Hold at Zacks Investment Research
Global Payments Inc. (NYSE:GPN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Global Payments' investment for future growth, efforts to further the Heartland integration and successfully refinancing its credit facilities bodes well for the long term. The company is witnessing sustained growth in business from Europe, Asia Pacific, and North America. Year to date, shares of the company have outperformed the Zacks categorized Business Service industry. Following the company’s strong first-quarter earnings, progress with the Heartland integration as well as the recent refinancing, the company increased its outlook for 2017. The company’s high debt and exposure to currency volatility are other concerns.”
Several other equities analysts have also issued reports on the company. Atlantic Securities assumed coverage on Global Payments in a report on Wednesday, April 12th. They set an “overweight” rating and a $91.00 price objective on the stock. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Global Payments in a report on Monday, May 15th. Mizuho assumed coverage on Global Payments in a report on Tuesday, June 27th. They set a “buy” rating and a $105.00 price target on the stock. Credit Suisse Group lifted their price objective on Global Payments from $86.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, May 5th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Global Payments in a report on Friday, May 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nineteen have assigned a buy rating to the stock. Global Payments currently has a consensus rating of “Buy” and an average target price of $90.28.
Shares of Global Payments (GPN) traded up 0.54% during midday trading on Friday, reaching $94.12. The company had a trading volume of 381,741 shares. The stock has a market capitalization of $14.35 billion, a PE ratio of 74.05 and a beta of 1.09. Global Payments has a 1-year low of $64.63 and a 1-year high of $94.32. The company’s 50-day moving average is $90.63 and its 200-day moving average is $83.23.
Global Payments (NYSE:GPN) last announced its quarterly earnings data on Thursday, May 4th. The business services provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.10. The business had revenue of $919.76 million for the quarter, compared to analysts’ expectations of $767.09 million. Global Payments had a return on equity of 17.38% and a net margin of 6.22%. The company’s revenue for the quarter was up 46.9% compared to the same quarter last year. During the same period last year, the firm earned $0.64 earnings per share. On average, equities research analysts forecast that Global Payments will post $3.91 EPS for the current year.
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In other Global Payments news, Director Robert H. B. Baldwin, Jr. sold 50,000 shares of the company’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $85.00, for a total value of $4,250,000.00. Following the completion of the transaction, the director now owns 267,552 shares in the company, valued at approximately $22,741,920. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Alan M. Silberstein sold 600 shares of the company’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $88.09, for a total transaction of $52,854.00. Following the completion of the transaction, the director now owns 49,093 shares of the company’s stock, valued at approximately $4,324,602.37. The disclosure for this sale can be found here. In the last quarter, insiders have sold 70,702 shares of company stock worth $6,147,076. 0.93% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of GPN. Financial Architects Inc boosted its position in Global Payments by 14.5% in the first quarter. Financial Architects Inc now owns 1,840 shares of the business services provider’s stock valued at $149,000 after buying an additional 233 shares during the period. Morgan Dempsey Capital Management LLC boosted its position in Global Payments by 86.6% in the first quarter. Morgan Dempsey Capital Management LLC now owns 2,004 shares of the business services provider’s stock valued at $162,000 after buying an additional 930 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. boosted its position in Global Payments by 84.8% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,033 shares of the business services provider’s stock valued at $164,000 after buying an additional 933 shares during the period. Point72 Asia Hong Kong Ltd bought a new position in Global Payments during the first quarter valued at about $200,000. Finally, BlueCrest Capital Management Ltd bought a new position in Global Payments during the first quarter valued at about $203,000. Institutional investors and hedge funds own 98.73% of the company’s stock.
About Global Payments
Global Payments Inc is a provider of payment technology services. The Company provides payment and digital commerce solutions. The Company operates through three segments: North America, Europe and Asia-Pacific. The Company’s segments primarily provide payment solutions for credit cards, debit cards, electronic payments and check-related services.
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