Kornitzer Capital Management Inc. KS Lowers Position in Facebook, Inc. (FB)

Kornitzer Capital Management Inc. KS lowered its position in Facebook, Inc. (NASDAQ:FB) by 2.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 292,637 shares of the social networking company’s stock after selling 6,105 shares during the period. Facebook makes up about 0.8% of Kornitzer Capital Management Inc. KS’s investment portfolio, making the stock its 24th biggest position. Kornitzer Capital Management Inc. KS’s holdings in Facebook were worth $44,182,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Arcadia Investment Management Corp MI lifted its stake in Facebook by 20.0% in the 1st quarter. Arcadia Investment Management Corp MI now owns 721 shares of the social networking company’s stock valued at $102,000 after buying an additional 120 shares in the last quarter. D. Scott Neal Inc. lifted its stake in Facebook by 1,358.0% in the 2nd quarter. D. Scott Neal Inc. now owns 729 shares of the social networking company’s stock valued at $110,000 after buying an additional 679 shares in the last quarter. Farmers & Merchants Investments Inc. lifted its stake in Facebook by 4.4% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 809 shares of the social networking company’s stock valued at $122,000 after buying an additional 34 shares in the last quarter. Pacific Center for Financial Services lifted its stake in Facebook by 10.7% in the 1st quarter. Pacific Center for Financial Services now owns 910 shares of the social networking company’s stock valued at $129,000 after buying an additional 88 shares in the last quarter. Finally, Watermark Asset Management Inc. purchased a new stake in Facebook in the 1st quarter valued at approximately $141,000. Institutional investors and hedge funds own 57.26% of the company’s stock.

Facebook, Inc. (FB) opened at 172.23 on Monday. Facebook, Inc. has a one year low of $113.55 and a one year high of $175.49. The firm has a 50-day moving average of $169.94 and a 200-day moving average of $157.13. The company has a market cap of $500.19 billion, a PE ratio of 38.55 and a beta of 0.70.

Facebook (NASDAQ:FB) last issued its quarterly earnings data on Wednesday, July 26th. The social networking company reported $1.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.19. The firm had revenue of $9.32 billion for the quarter, compared to analysts’ expectations of $9.19 billion. Facebook had a net margin of 38.84% and a return on equity of 21.73%. The company’s quarterly revenue was up 44.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.97 earnings per share. On average, analysts predict that Facebook, Inc. will post $5.34 EPS for the current year.

A number of research firms recently issued reports on FB. BidaskClub raised Facebook from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 13th. Robert W. Baird reissued an “outperform” rating and set a $185.00 price target (up previously from $163.00) on shares of Facebook in a research note on Thursday, July 27th. Mizuho reissued a “buy” rating on shares of Facebook in a research note on Monday, August 7th. MKM Partners reissued a “buy” rating and set a $200.00 price target (up previously from $180.00) on shares of Facebook in a research note on Monday, August 7th. Finally, Pivotal Research lowered Facebook from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, forty-three have given a buy rating and three have assigned a strong buy rating to the company. Facebook currently has a consensus rating of “Buy” and an average target price of $185.38.

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In other news, VP Colin Stretch sold 750 shares of the company’s stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $153.36, for a total transaction of $115,020.00. Following the transaction, the vice president now directly owns 85,406 shares in the company, valued at $13,097,864.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Zuckerberg sold 268,100 shares of the company’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $158.52, for a total transaction of $42,499,212.00. The disclosure for this sale can be found here. Insiders have sold 12,900,933 shares of company stock worth $2,118,781,506 over the last ninety days. Insiders own 19.08% of the company’s stock.

Facebook Profile

Facebook, Inc is focused on building products that enable people to connect and share through mobile devices, personal computers and other surfaces. The Company’s products include Facebook, Instagram, Messenger, WhatsApp and Oculus. Facebook enables people to connect, share, discover and communicate with each other on mobile devices and personal computers.

Institutional Ownership by Quarter for Facebook (NASDAQ:FB)

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