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CACI

CACI

$197.04

-10.29 (-4.96%)

11:32
08/15/19
08/15
11:32
08/15/19
11:32

CACI responds to 'erroneous' IRS tax liens

CACI International announced that it is providing information for its shareholders regarding "erroneous" federal tax liens against certain of its subsidiaries. In a statement,t he company said: "In August 2019, CACI learned that the IRS had filed tax liens against seven CACI subsidiaries related to the purported failure of these entities to pay certain employment-related taxes during 2018. After reviewing the matter internally, CACI is providing our shareholders with facts regarding these federal tax liens and confirming that the tax liens are the result of administrative errors and that CACI and each of our subsidiaries have paid all taxes in a timely manner. In 2017, CACI reorganized internally, resulting in the transfer of employees in several CACI subsidiaries to CACI, Inc. - Federal. As a result, those subsidiaries ceased to employ personnel as of December 31, 2017 and were no longer required to pay certain employment-related taxes during 2018. Instead, CACI, Inc. - Federal was responsible for payment of the employment-related taxes and did in fact make timely payment of those taxes. The fact that these subsidiaries ceased to employ personnel was not immediately recognized by the IRS, nor was the fact that CACI, Inc. - Federal had paid the employment- related taxes. As a result, the IRS filed $156M in tax liens against these subsidiaries for certain employment-related taxes which the IRS expected that those subsidiaries would have paid in 2018. CACI is in communication with the IRS to resolve the misunderstanding, and we have provided evidence to the IRS that CACI and each of our subsidiaries have paid the appropriate employment-related taxes for their personnel during the period in question. CACI will continue to work with the IRS to facilitate the resolution of this matter and the release of the tax liens. CACI is highly confident that the matter will be resolved favorably and without financial consequence."

  • 15

    Aug

CACI CACI
$197.04

-10.29 (-4.96%)

05/09/19
05/09/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Booz Allen (BAH) initiated with a Buy at Goldman Sachs. 2. CACI (CACI) initiated with a Buy at Goldman Sachs. 3. SAIC (SAIC) initiated with a Neutral at Goldman Sachs 4. Avista (AVA) initiated with an Underperform at BofA/Merrill. 5. Restaurant Brands (QSR) initiated with a Hold at Jefferies. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/03/19
MSCO
06/03/19
INITIATION
Target $215
MSCO
Equal Weight
CACI initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Matthew Sharpe initiated coverage of the Government Services industry, starting CACI with an Equal Weight rating and $215 price target.
06/20/19
WELS
06/20/19
NO CHANGE
Target $250
WELS
Outperform
CACI price target raised to $250 from $225 at Wells Fargo
Wells Fargo analyst Edward Caso raised his price target for CACI to $250 from $225, noting that the company's initial 2020 outlook was well ahead of estimates for revenue, EBITDA and EPS. The analyst reiterates an Outperform rating with growth and margin promises now accelerating.
07/09/19
SBSH
07/09/19
DOWNGRADE
Target $230
SBSH
Neutral
CACI downgraded to Neutral from Buy at Citi
Citi analyst Jonathan Raviv downgraded both CACI International (CACI) and Leidos (LDOS) to Neutral from Buy citing valuation. While the company's fundamentals "look good," shares of CACI are up 45% year-to-date, Raviv tells investors in a research note. He raised his price target for CACI shares to $230 from $200. The analyst maintains a Buy rating on SAIC (SAIC) with a $100 price target, saying the company's enjoys "more valuation cushion" yielding greater than 10%.

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