Retirement Systems of Alabama Increases Stake in Match Group, Inc. (NASDAQ:MTCH)

Retirement Systems of Alabama boosted its position in Match Group, Inc. (NASDAQ:MTCH) by 2,732.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,659,718 shares of the technology company’s stock after acquiring an additional 1,601,115 shares during the period. Retirement Systems of Alabama owned 0.66% of Match Group worth $62,804,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of MTCH. Venturi Wealth Management LLC raised its stake in Match Group by 617.3% in the third quarter. Venturi Wealth Management LLC now owns 703 shares of the technology company’s stock worth $27,000 after buying an additional 605 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of Match Group in the 3rd quarter valued at approximately $31,000. Quarry LP boosted its position in shares of Match Group by 54.5% during the second quarter. Quarry LP now owns 1,307 shares of the technology company’s stock valued at $40,000 after purchasing an additional 461 shares in the last quarter. Northwest & Ethical Investments L.P. purchased a new stake in Match Group in the third quarter worth $57,000. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Match Group by 433.5% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,846 shares of the technology company’s stock worth $70,000 after purchasing an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Wall Street Analysts Forecast Growth

MTCH has been the topic of a number of recent research reports. StockNews.com cut shares of Match Group from a “buy” rating to a “hold” rating in a report on Friday, November 15th. KeyCorp lowered their price objective on Match Group from $45.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Truist Financial cut their target price on Match Group from $35.00 to $34.00 and set a “hold” rating on the stock in a research note on Thursday. Piper Sandler reaffirmed an “overweight” rating and issued a $40.00 price target on shares of Match Group in a research report on Thursday. Finally, UBS Group cut their price objective on shares of Match Group from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Thursday. Ten investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $39.06.

Insider Buying and Selling at Match Group

In other Match Group news, Director Stephen Bailey sold 801 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $31.61, for a total transaction of $25,319.61. Following the transaction, the director now owns 12,398 shares in the company, valued at $391,900.78. The trade was a 6.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.77% of the stock is currently owned by company insiders.

Match Group Stock Up 1.1 %

NASDAQ:MTCH traded up $0.35 during mid-day trading on Friday, hitting $30.93. 187,045 shares of the company traded hands, compared to its average volume of 5,182,080. The firm has a market cap of $7.77 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 1.18 and a beta of 1.47. Match Group, Inc. has a one year low of $27.66 and a one year high of $42.42. The stock’s fifty day moving average price is $34.47 and its 200-day moving average price is $34.11.

Match Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 21st. Investors of record on Monday, January 6th will be given a $0.19 dividend. The ex-dividend date is Monday, January 6th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.46%.

Match Group announced that its Board of Directors has initiated a share repurchase plan on Wednesday, December 11th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to buy up to 19% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Match Group Profile

Match Group, Inc engages in the provision of dating products. Its portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and Hakuna, as well as a various other brands, each built to increase users' likelihood of connecting with others. Its services are available in over 40 languages to users worldwide.