Engineers Gate Manager LP Raises Holdings in Navient Corp (NAVI)
Engineers Gate Manager LP raised its position in shares of Navient Corp (NASDAQ:NAVI) by 352.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 73,465 shares of the credit services provider’s stock after purchasing an additional 57,238 shares during the quarter. Engineers Gate Manager LP’s holdings in Navient were worth $990,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Canyon Capital Advisors LLC boosted its stake in Navient by 27.1% during the 2nd quarter. Canyon Capital Advisors LLC now owns 25,607,480 shares of the credit services provider’s stock valued at $333,665,000 after purchasing an additional 5,465,768 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Navient by 43.4% during the 2nd quarter. BlackRock Inc. now owns 24,405,633 shares of the credit services provider’s stock worth $318,005,000 after acquiring an additional 7,380,981 shares in the last quarter. LSV Asset Management boosted its stake in shares of Navient by 4.0% during the 2nd quarter. LSV Asset Management now owns 6,399,207 shares of the credit services provider’s stock worth $83,381,000 after acquiring an additional 248,144 shares in the last quarter. FMR LLC boosted its stake in shares of Navient by 4.0% during the 2nd quarter. FMR LLC now owns 5,920,147 shares of the credit services provider’s stock worth $77,139,000 after acquiring an additional 229,419 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Navient by 25.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,937,215 shares of the credit services provider’s stock worth $51,301,000 after acquiring an additional 799,292 shares in the last quarter. 91.65% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently weighed in on the company. BidaskClub raised Navient from a “strong sell” rating to a “sell” rating in a research note on Thursday. Zacks Investment Research lowered Navient from a “buy” rating to a “hold” rating in a research note on Monday, October 29th. Oppenheimer reissued a “hold” rating on shares of Navient in a research note on Thursday, October 25th. ValuEngine lowered Navient from a “hold” rating to a “sell” rating in a research note on Saturday, October 27th. Finally, Citigroup reduced their price objective on Navient from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, October 25th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $15.79.
Navient (NASDAQ:NAVI) last released its earnings results on Tuesday, October 23rd. The credit services provider reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.04. The company had revenue of $327.00 million during the quarter, compared to analyst estimates of $310.17 million. Navient had a return on equity of 13.43% and a net margin of 4.29%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 earnings per share. Sell-side analysts anticipate that Navient Corp will post 1.9 EPS for the current fiscal year.
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Navient Corporation provides asset management and business processing services to education, health care, and government clients at the federal, state, and local levels in the United States. The company operates in three segments: Federal Family Education Loan Program (FFELP) Loans, Private Education Loans, and Business Services.
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