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Highlights:
Pitcairn Co. reduced its position in Meta Platforms by 12.7% in Q3 2024, holding 26,730 shares at the end of the period.
Several institutional investors significantly increased their stakes in Meta Platforms during the same quarter.
Meta Platforms recently posted strong earnings, with significant growth in revenue and earnings per share.
Description:
Pitcairn Co. reduced its position in Meta Platforms (NASDAQ:META) by 12.7% in the third quarter of 2024, according to the firm’s most recent 13F filing with the Securities and Exchange Commission. Following the sale of 3,873 shares, the firm held 26,730 shares of the social networking company, which made up approximately 0.9% of its portfolio. At the close of the most recent reporting period, these holdings were valued at around $15 million.
During the same period, several institutional investors made significant changes to their positions in Meta. International Assets Investment Management LLC increased its holdings in Meta Platforms by an astonishing 57,001.5%, acquiring more than 9.5 million shares. Other firms, including Integrated Investment Consultants LLC, also grew their positions substantially. These movements reflect the continuing strong interest in Meta Platforms, despite fluctuations in its stock price.
In terms of financial performance, Meta Platforms delivered strong results for the third quarter of 2024, reporting earnings per share of $6.03, surpassing analysts' estimates. Revenue for the quarter reached $40.59 billion, slightly exceeding expectations. The company also reported a return on equity of 35.6% and a net margin of 35.5%, indicating a robust financial standing.
On the insider front, there has been notable selling activity, with key executives such as CAO Aaron Anderson and CFO Susan J. Li reducing their stakes in the company. In total, insiders have sold over 118,000 shares in the past 90 days, which accounts for about 13.7% of the company’s total stock held by insiders.
Meta Platforms continues to show strong fundamentals, with a market capitalization of $1.43 trillion, and its stock remains a key focus for both institutional investors and analysts alike.
