Bank of New York Mellon Corp boosted its position in TriNet Group Inc. (NYSE:TNET) by 6.2% during the second quarter, Holdings Channel reports. The fund owned 164,821 shares of the company’s stock after buying an additional 9,551 shares during the period. Bank of New York Mellon Corp owned 0.23% of TriNet Group worth $3,426,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of TNET. TIAA CREF Investment Management LLC boosted its stake in shares of TriNet Group by 44.0% in the first quarter. TIAA CREF Investment Management LLC now owns 254,108 shares of the company’s stock valued at $3,646,000 after buying an additional 77,687 shares in the last quarter. A.R.T. Advisors LLC boosted its stake in shares of TriNet Group by 168.4% in the first quarter. A.R.T. Advisors LLC now owns 114,447 shares of the company’s stock valued at $1,642,000 after buying an additional 71,800 shares in the last quarter. Bogle Investment Management L P DE bought a new stake in shares of TriNet Group during the first quarter valued at $4,640,000. JPMorgan Chase & Co. boosted its stake in shares of TriNet Group by 88,643.9% in the first quarter. JPMorgan Chase & Co. now owns 267,119 shares of the company’s stock valued at $3,833,000 after buying an additional 266,818 shares in the last quarter. Finally, HBK Investments L P bought a new stake in shares of TriNet Group during the first quarter valued at $1,454,000. Hedge funds and other institutional investors own 78.91% of the company’s stock.
TriNet Group Inc. (NYSE:TNET) traded up 2.95% during midday trading on Friday, reaching $21.63. The company’s stock had a trading volume of 404,621 shares. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 37.95 and a beta of 2.74. TriNet Group Inc. has a 12-month low of $11.10 and a 12-month high of $22.97. The company’s 50-day moving average is $21.01 and its 200 day moving average is $19.21.
TriNet Group (NYSE:TNET) last posted its quarterly earnings results on Monday, August 1st. The company reported $0.27 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.02. The business had revenue of $745.80 million for the quarter, compared to analysts’ expectations of $148.11 million. TriNet Group had a return on equity of 439.36% and a net margin of 1.43%. The business’s quarterly revenue was up 16.5% on a year-over-year basis. During the same period last year, the firm earned $0.14 earnings per share. Equities analysts forecast that TriNet Group Inc. will post $1.16 earnings per share for the current year.
TNET has been the subject of several analyst reports. Deutsche Bank AG increased their target price on TriNet Group from $20.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. Morgan Stanley cut TriNet Group from an “overweight” rating to an “equal weight” rating and set a $22.00 target price for the company. in a report on Thursday, August 4th. They noted that the move was a valuation call. Zacks Investment Research cut TriNet Group from a “strong-buy” rating to a “hold” rating in a report on Friday, August 12th. Jefferies Group increased their target price on TriNet Group from $17.00 to $20.00 and gave the company a “hold” rating in a report on Friday, August 5th. Finally, Piper Jaffray Cos. increased their target price on TriNet Group from $18.00 to $21.00 and gave the company a “neutral” rating in a report on Tuesday, August 2nd. Four research analysts have rated the stock with a hold rating and two 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 $22.33.
In other news, CEO Burton M. Goldfield sold 55,000 shares of TriNet Group stock in a transaction dated Thursday, July 14th. The stock was sold at an average price of $22.50, for a total value of $1,237,500.00. Following the sale, the chief executive officer now directly owns 107,050 shares of the company’s stock, valued at $2,408,625. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kenneth A. Goldman sold 40,000 shares of TriNet Group stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $20.70, for a total value of $828,000.00. Following the completion of the sale, the director now directly owns 20,000 shares in the company, valued at $414,000. The disclosure for this sale can be found here. Company insiders own 42.40% of the company’s stock.
TriNet Group Company Profile
TriNet Group, Inc (TriNet) is a provider of human resources (HR) solutions for small to medium-sized businesses (SMBs). The Company’s human resource solutions include offerings, such as multi-state payroll processing and tax administration; employee benefits programs, including health insurance and retirement plans; workers compensation insurance and claims management; federal, state and local labor, employment and benefit law compliance; risk mitigation, including employment practices claims management; expense and time management, and human capital consulting.
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