Affiliated Managers Group (NYSE:AMG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “Affiliated Managers’ shares have outperformed the industry, over the past six months. This was supported by the company’s impressive earnings surprise history, as it surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The company remains well positioned for growth based on successful partnerships, a diverse product mix and initiatives undertaken to strengthen its retail market operations. Further, inflows are expected to get impetus with broad distribution across channels and product categories. However, pressure on revenues remains a major concern for the company. Also, its use of high levels of debt could restrict it from procuring additional finance for working capital and other purposes.”
Several other research firms have also recently weighed in on AMG. Credit Suisse Group cut shares of Affiliated Managers Group from an “outperform” rating to a “neutral” rating and set a $220.00 price target on the stock. in a report on Wednesday. Jefferies Group reissued a “buy” rating and issued a $226.00 price target on shares of Affiliated Managers Group in a report on Thursday, October 12th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $229.00 price target on shares of Affiliated Managers Group in a report on Thursday, October 12th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $215.00 target price on shares of Affiliated Managers Group in a report on Wednesday, October 4th. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Affiliated Managers Group presently has an average rating of “Buy” and an average target price of $209.00.
Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings results on Monday, October 30th. The asset manager reported $3.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.36 by $0.05. The firm had revenue of $585.70 million for the quarter, compared to analysts’ expectations of $586.55 million. Affiliated Managers Group had a net margin of 23.29% and a return on equity of 17.63%. The business’s revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm earned $3.02 EPS. equities analysts forecast that Affiliated Managers Group will post 14.47 EPS for the current year.
In related news, Director Dwight D. Churchill sold 2,080 shares of Affiliated Managers Group stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $184.28, for a total value of $383,302.40. Following the transaction, the director now directly owns 6,104 shares of the company’s stock, valued at $1,124,845.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Patrick T. Ryan sold 7,705 shares of Affiliated Managers Group stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $185.27, for a total transaction of $1,427,505.35. Following the completion of the transaction, the director now directly owns 6,797 shares in the company, valued at $1,259,280.19. The disclosure for this sale can be found here. Insiders have sold 89,585 shares of company stock worth $16,734,012 over the last ninety days. Insiders own 1.40% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Stephens Inc. AR boosted its position in Affiliated Managers Group by 0.4% in the second quarter. Stephens Inc. AR now owns 2,247 shares of the asset manager’s stock valued at $373,000 after buying an additional 9 shares in the last quarter. Bronfman E.L. Rothschild L.P. boosted its position in Affiliated Managers Group by 2.2% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 755 shares of the asset manager’s stock valued at $125,000 after buying an additional 16 shares in the last quarter. Pacer Advisors Inc. boosted its position in Affiliated Managers Group by 7.9% in the second quarter. Pacer Advisors Inc. now owns 1,183 shares of the asset manager’s stock valued at $196,000 after buying an additional 87 shares in the last quarter. Bancorpsouth Inc. boosted its position in Affiliated Managers Group by 12.0% in the second quarter. Bancorpsouth Inc. now owns 1,695 shares of the asset manager’s stock valued at $281,000 after buying an additional 181 shares in the last quarter. Finally, Advisor Group Inc. boosted its position in Affiliated Managers Group by 46.2% in the second quarter. Advisor Group Inc. now owns 722 shares of the asset manager’s stock valued at $120,000 after buying an additional 228 shares in the last quarter. 95.65% of the stock is currently owned by institutional investors and hedge funds.
About Affiliated Managers Group
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities.
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