Chemung Canal Trust Co. reduced its position in shares of Automatic Data Processing (NYSE:ADP) by 9.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,637 shares of the business services provider’s stock after selling 1,454 shares during the period. Chemung Canal Trust Co.’s holdings in Automatic Data Processing were worth $1,398,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the stock. Goelzer Investment Management Inc. increased its stake in shares of Automatic Data Processing by 0.3% in the first quarter. Goelzer Investment Management Inc. now owns 4,239 shares of the business services provider’s stock worth $434,000 after buying an additional 12 shares in the last quarter. Guardian Life Insurance Co. of America increased its stake in shares of Automatic Data Processing by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,740 shares of the business services provider’s stock worth $178,000 after buying an additional 12 shares in the last quarter. Flagship Harbor Advisors LLC increased its stake in shares of Automatic Data Processing by 0.6% in the first quarter. Flagship Harbor Advisors LLC now owns 2,778 shares of the business services provider’s stock worth $282,000 after buying an additional 16 shares in the last quarter. Middleton & Co Inc MA increased its stake in shares of Automatic Data Processing by 0.4% in the first quarter. Middleton & Co Inc MA now owns 5,306 shares of the business services provider’s stock worth $543,000 after buying an additional 20 shares in the last quarter. Finally, Parallel Advisors LLC increased its stake in shares of Automatic Data Processing by 0.6% in the first quarter. Parallel Advisors LLC now owns 4,495 shares of the business services provider’s stock worth $438,000 after buying an additional 26 shares in the last quarter.
Automatic Data Processing (NYSE:ADP) opened at 117.38 on Friday. The stock has a market capitalization of $52.00 billion and a P/E ratio of 30.49. The firm’s 50 day moving average is $103.39 and its 200 day moving average is $101.95. Automatic Data Processing has a 1-year low of $85.48 and a 1-year high of $120.00.
Automatic Data Processing (NYSE:ADP) last issued its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.67 by $0.02. The business had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.04 billion. Automatic Data Processing had a return on equity of 59.56% and a net margin of 17.24%. Automatic Data Processing’s revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.69 EPS. On average, equities research analysts anticipate that Automatic Data Processing will post $3.91 earnings per share for the current year.
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A number of equities research analysts recently weighed in on the stock. BMO Capital Markets reaffirmed an “outperform” rating on shares of Automatic Data Processing in a research note on Friday. Goldman Sachs Group, Inc. (The) downgraded shares of Automatic Data Processing from a “buy” rating to a “neutral” rating and lowered their target price for the company from $115.00 to $108.00 in a research note on Tuesday, June 20th. Barclays PLC reaffirmed a “buy” rating on shares of Automatic Data Processing in a research note on Thursday, April 27th. BidaskClub downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, William Blair downgraded shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $98.43.
In other Automatic Data Processing news, insider Michael A. Bonarti sold 2,932 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $101.98, for a total value of $299,005.36. Following the completion of the sale, the insider now owns 46,256 shares of the company’s stock, valued at $4,717,186.88. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Carlos A. Rodriguez sold 49,392 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $100.01, for a total value of $4,939,693.92. Following the completion of the sale, the chief executive officer now directly owns 159,403 shares of the company’s stock, valued at approximately $15,941,894.03. The disclosure for this sale can be found here. In the last three months, insiders sold 54,257 shares of company stock valued at $5,435,827.
Automatic Data Processing Company Profile
Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.
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