RK Asset Management LLC cut its stake in shares of Nelnet, Inc. (NYSE:NNI) by 11.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,424 shares of the credit services provider’s stock after selling 5,165 shares during the quarter. Nelnet accounts for about 2.3% of RK Asset Management LLC’s investment portfolio, making the stock its 15th largest holding. RK Asset Management LLC owned approximately 0.10% of Nelnet worth $2,413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently bought and sold shares of the company. Northern Trust Corp boosted its stake in shares of Nelnet by 0.3% in the 2nd quarter. Northern Trust Corp now owns 392,640 shares of the credit services provider’s stock worth $23,253,000 after buying an additional 1,256 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Nelnet by 2.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 153,017 shares of the credit services provider’s stock valued at $8,932,000 after buying an additional 3,496 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Nelnet by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 142,222 shares of the credit services provider’s stock valued at $8,422,000 after acquiring an additional 2,866 shares during the period. Renaissance Technologies LLC raised its stake in Nelnet by 37.4% during the 2nd quarter. Renaissance Technologies LLC now owns 105,500 shares of the credit services provider’s stock worth $6,248,000 after acquiring an additional 28,700 shares during the period. Finally, Nuveen Asset Management LLC purchased a new position in Nelnet during the second quarter valued at approximately $5,143,000. Institutional investors and hedge funds own 35.98% of the company’s stock.
In other news, insider William J. Munn sold 1,500 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $61.72, for a total value of $92,580.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 44.97% of the stock is owned by corporate insiders.
NNI traded up $0.72 on Monday, reaching $59.50. The company’s stock had a trading volume of 807 shares, compared to its average volume of 115,637. The stock has a 50 day moving average of $60.48 and a two-hundred day moving average of $62.33. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of 11.07 and a beta of 0.35. Nelnet, Inc. has a fifty-two week low of $51.19 and a fifty-two week high of $69.97. The company has a quick ratio of 64.22, a current ratio of 64.22 and a debt-to-equity ratio of 8.88.
Nelnet (NYSE:NNI) last issued its quarterly earnings results on Thursday, November 7th. The credit services provider reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.12). Nelnet had a return on equity of 9.17% and a net margin of 6.89%. The business had revenue of $285.57 million during the quarter, compared to analyst estimates of $270.35 million. During the same period in the previous year, the business posted $1.14 earnings per share.
Separately, ValuEngine upgraded shares of Nelnet from a “sell” rating to a “hold” rating in a report on Friday, January 3rd.
Nelnet, Inc provides education related products and services, and loan asset management services worldwide. The company's Loan Servicing and Systems is involved in loan servicing activities, such as loan conversion, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliation, and claim processing activities for student loan portfolio and third-party clients.
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