Lummis Asset Management LP Has $28,000 Holdings in Meta Platforms, Inc. (NASDAQ:META)

Lummis Asset Management LP cut its position in Meta Platforms, Inc. (NASDAQ:META) by 81.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57 shares of the social networking company’s stock after selling 250 shares during the period. Lummis Asset Management LP’s holdings in Meta Platforms were worth $28,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quest Partners LLC acquired a new position in shares of Meta Platforms during the fourth quarter worth approximately $32,000. Clear Investment Research LLC lifted its position in shares of Meta Platforms by 411.1% during the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after purchasing an additional 74 shares in the last quarter. Delos Wealth Advisors LLC lifted its position in shares of Meta Platforms by 527.3% during the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after purchasing an additional 58 shares in the last quarter. Cranbrook Wealth Management LLC lifted its position in shares of Meta Platforms by 80.4% during the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock worth $36,000 after purchasing an additional 45 shares in the last quarter. Finally, Gilfoyle & Co LLC acquired a new position in shares of Meta Platforms during the fourth quarter worth approximately $39,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Meta Platforms

In other Meta Platforms news, CFO Susan J. Li sold 8,951 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $471.85, for a total transaction of $4,223,529.35. Following the completion of the sale, the chief financial officer now owns 74,580 shares of the company’s stock, valued at approximately $35,190,573. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Meta Platforms news, insider Jennifer Newstead sold 576 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $466.33, for a total transaction of $268,606.08. Following the completion of the sale, the insider now owns 36,067 shares of the company’s stock, valued at approximately $16,819,124.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Susan J. Li sold 8,951 shares of Meta Platforms stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $471.85, for a total value of $4,223,529.35. Following the sale, the chief financial officer now directly owns 74,580 shares of the company’s stock, valued at approximately $35,190,573. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,175 shares of company stock worth $154,616,712. Company insiders own 13.71% of the company’s stock.

Meta Platforms Stock Up 4.8 %

Shares of NASDAQ:META traded up $22.91 during trading on Thursday, hitting $497.74. 43,010,578 shares of the company were exchanged, compared to its average volume of 16,368,418. The stock has a market cap of $1.26 trillion, a price-to-earnings ratio of 28.59, a P/E/G ratio of 1.20 and a beta of 1.21. Meta Platforms, Inc. has a fifty-two week low of $274.38 and a fifty-two week high of $542.81. The firm has a fifty day moving average price of $493.89 and a two-hundred day moving average price of $477.52. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $39.07 billion for the quarter, compared to analyst estimates of $38.26 billion. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. The business’s quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.23 EPS. As a group, research analysts anticipate that Meta Platforms, Inc. will post 20.26 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend was Friday, June 14th. Meta Platforms’s payout ratio is presently 11.49%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on META shares. Wells Fargo & Company upped their target price on shares of Meta Platforms from $625.00 to $647.00 and gave the stock an “overweight” rating in a research report on Thursday. Royal Bank of Canada reissued an “outperform” rating and set a $570.00 price target on shares of Meta Platforms in a research note on Thursday. JPMorgan Chase & Co. boosted their price target on shares of Meta Platforms from $480.00 to $610.00 and gave the stock an “overweight” rating in a research note on Thursday. Wolfe Research started coverage on shares of Meta Platforms in a research note on Tuesday, July 16th. They set an “outperform” rating and a $620.00 price target for the company. Finally, Truist Financial boosted their price target on shares of Meta Platforms from $535.00 to $570.00 and gave the stock a “buy” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Meta Platforms has an average rating of “Moderate Buy” and an average price target of $566.66.

Meta Platforms Company Profile

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.