BlackRock Inc. Buys 124,485 Shares of Ninetowns Internet Technlgy Grp Co Ltd. (NINE)

BlackRock Inc. grew its stake in shares of Ninetowns Internet Technlgy Grp Co Ltd. (NASDAQ:NINE) by 26.8% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 588,500 shares of the company’s stock after purchasing an additional 124,485 shares during the period. BlackRock Inc.’s holdings in Ninetowns Internet Technlgy Grp were worth $19,491,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of NINE. The Manufacturers Life Insurance Company bought a new stake in Ninetowns Internet Technlgy Grp during the 1st quarter worth approximately $152,000. New York State Common Retirement Fund bought a new stake in Ninetowns Internet Technlgy Grp during the 1st quarter worth approximately $192,000. Cubist Systematic Strategies LLC bought a new stake in Ninetowns Internet Technlgy Grp during the 1st quarter worth approximately $213,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Ninetowns Internet Technlgy Grp during the 2nd quarter worth approximately $226,000. Finally, Rhumbline Advisers bought a new stake in Ninetowns Internet Technlgy Grp during the 2nd quarter worth approximately $249,000.

In other news, insider Edward Bruce Morgan sold 20,500 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $30.14, for a total value of $617,870.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.



NINE stock opened at $36.13 on Friday. Ninetowns Internet Technlgy Grp Co Ltd. has a 12-month low of $22.23 and a 12-month high of $40.39.

Ninetowns Internet Technlgy Grp (NASDAQ:NINE) last released its earnings results on Monday, August 13th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.17. The business had revenue of $205.49 million during the quarter, compared to the consensus estimate of $190.71 million.

A number of analysts have commented on NINE shares. Zacks Investment Research raised Ninetowns Internet Technlgy Grp from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 15th. Credit Suisse Group decreased their price objective on Ninetowns Internet Technlgy Grp from $36.00 to $34.00 and set an “outperform” rating for the company in a report on Tuesday, August 14th. Piper Jaffray Companies set a $40.00 price objective on Ninetowns Internet Technlgy Grp and gave the stock a “buy” rating in a report on Friday, August 17th. Wells Fargo & Co reissued a “positive” rating and set a $45.00 price objective on shares of Ninetowns Internet Technlgy Grp in a report on Tuesday, October 16th. Finally, Raymond James upped their target price on Ninetowns Internet Technlgy Grp from $39.00 to $48.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Ninetowns Internet Technlgy Grp presently has an average rating of “Buy” and an average price target of $34.86.

Ninetowns Internet Technlgy Grp Company Profile

Ninetowns Internet Technology Group Company Limited is a software company that enables enterprises and trade-related People’s Republic of China Government agencies to streamline the import/export process in China. It operates in four segments: enterprise software and related maintenance services , software development services segment, B2C e-commerce and, and real estate development.

See Also: Diversification

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Institutional Ownership by Quarter for Ninetowns Internet Technlgy Grp (NASDAQ:NINE)

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