Wallington Asset Management LLC raised its stake in shares of Facebook, Inc. (NASDAQ:FB) by 0.7% in the third quarter, Holdings Channel.com reports. The fund owned 27,667 shares of the social networking company’s stock after purchasing an additional 190 shares during the period. Facebook makes up approximately 1.7% of Wallington Asset Management LLC’s investment portfolio, making the stock its 25th biggest position. Wallington Asset Management LLC’s holdings in Facebook were worth $7,246,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in FB. BlackRock Inc. boosted its stake in shares of Facebook by 1.1% in the second quarter. BlackRock Inc. now owns 161,273,433 shares of the social networking company’s stock valued at $36,620,359,000 after purchasing an additional 1,765,562 shares during the period. State Street Corp lifted its stake in Facebook by 1.2% in the first quarter. State Street Corp now owns 95,449,004 shares of the social networking company’s stock worth $15,920,894,000 after acquiring an additional 1,132,053 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Facebook by 11.2% in the second quarter. Bank of New York Mellon Corp now owns 24,179,742 shares of the social networking company’s stock worth $5,490,495,000 after acquiring an additional 2,431,190 shares during the last quarter. Morgan Stanley lifted its stake in Facebook by 2.4% in the first quarter. Morgan Stanley now owns 17,661,522 shares of the social networking company’s stock worth $2,945,942,000 after acquiring an additional 412,559 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in Facebook by 16.6% in the second quarter. Jennison Associates LLC now owns 14,807,293 shares of the social networking company’s stock worth $3,362,292,000 after acquiring an additional 2,110,327 shares during the last quarter. Institutional investors and hedge funds own 65.31% of the company’s stock.
A number of research analysts recently issued reports on the stock. JMP Securities lifted their price target on shares of Facebook from $250.00 to $305.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Needham & Company LLC began coverage on shares of Facebook in a research report on Thursday, July 2nd. They set a “hold” rating for the company. Mizuho boosted their price objective on shares of Facebook from $285.00 to $315.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Bank of America boosted their price objective on shares of Facebook from $265.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, MKM Partners boosted their price objective on shares of Facebook from $240.00 to $290.00 in a research report on Wednesday, July 15th. One analyst has rated the stock with a sell rating, six have given a hold rating, forty-two have given a buy rating and one has given a strong buy rating to the company. Facebook currently has an average rating of “Buy” and an average target price of $283.11.
Shares of Facebook stock traded down $0.79 on Friday, hitting $265.93. The company’s stock had a trading volume of 16,622,702 shares, compared to its average volume of 23,501,252. Facebook, Inc. has a 52-week low of $137.10 and a 52-week high of $304.67. The firm has a fifty day moving average price of $268.73 and a 200-day moving average price of $234.17. The company has a market capitalization of $757.59 billion, a P/E ratio of 32.47, a price-to-earnings-growth ratio of 1.80 and a beta of 1.29.
Facebook (NASDAQ:FB) last released its quarterly earnings data on Thursday, July 30th. The social networking company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.44 by $0.36. Facebook had a net margin of 31.29% and a return on equity of 22.90%. The business had revenue of $18.69 billion for the quarter, compared to analyst estimates of $17.29 billion. As a group, analysts expect that Facebook, Inc. will post 8.11 earnings per share for the current year.
In other Facebook news, CRO David B. Fischer sold 13,110 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $293.95, for a total value of $3,853,684.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Jennifer Newstead sold 194 shares of the company’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $246.22, for a total transaction of $47,766.68. Following the completion of the transaction, the vice president now owns 2,112 shares in the company, valued at $520,016.64. The disclosure for this sale can be found here. Insiders sold a total of 34,023 shares of company stock worth $9,420,337 over the last quarter. Insiders own 14.14% of the company’s stock.
Facebook Company Profile
Facebook, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and in-home devices worldwide. The company's products include Facebook that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing photos, videos, and private messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application that is used by people and businesses to communicate in a private way.
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