Citigroup Cuts Affiliated Managers Group (NYSE:AMG) Price Target to $101.00

Affiliated Managers Group (NYSE:AMG) had its price objective reduced by Citigroup from $105.00 to $101.00 in a research report released on Tuesday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the asset manager’s stock.

Other equities research analysts have also recently issued reports about the stock. Barrington Research restated a buy rating and set a $135.00 price objective on shares of Affiliated Managers Group in a research note on Tuesday, April 30th. Bank of America set a $20.00 price objective on shares of Fiat Chrysler Automobiles and gave the company a hold rating in a research note on Thursday, June 6th. Zacks Investment Research cut shares of Haynes International from a hold rating to a sell rating in a research note on Wednesday, May 8th. ValuEngine upgraded shares of Zynerba Pharmaceuticals from a sell rating to a hold rating in a research note on Monday, April 1st. Finally, Deutsche Bank set a €230.00 ($267.44) price objective on shares of adidas and gave the company a neutral rating in a research note on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $123.11.

Shares of NYSE AMG opened at $91.02 on Tuesday. Affiliated Managers Group has a fifty-two week low of $83.10 and a fifty-two week high of $163.55. The company’s 50-day moving average is $88.82. The company has a market capitalization of $4.64 billion, a PE ratio of 6.28, a P/E/G ratio of 0.65 and a beta of 1.63.

Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings data on Monday, May 6th. The asset manager reported $3.26 earnings per share for the quarter, missing analysts’ consensus estimates of $3.27 by ($0.01). Affiliated Managers Group had a negative net margin of 4.77% and a positive return on equity of 17.72%. The company had revenue of $543.10 million for the quarter, compared to the consensus estimate of $541.42 million. During the same quarter in the prior year, the firm earned $3.92 earnings per share. Affiliated Managers Group’s revenue for the quarter was down 11.3% compared to the same quarter last year. As a group, equities analysts anticipate that Affiliated Managers Group will post 13.64 earnings per share for the current fiscal year.

In other Affiliated Managers Group news, Director Jide James Zeitlin sold 54,350 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $92.22, for a total value of $5,012,157.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jay C. Horgen purchased 11,000 shares of the company’s stock in a transaction on Friday, May 10th. The stock was acquired at an average price of $93.19 per share, for a total transaction of $1,025,090.00. Following the completion of the transaction, the insider now owns 115,527 shares of the company’s stock, valued at approximately $10,765,961.13. The disclosure for this purchase can be found here. 1.43% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its stake in Affiliated Managers Group by 0.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,179,673 shares of the asset manager’s stock valued at $126,354,000 after acquiring an additional 7,655 shares in the last quarter. Norges Bank purchased a new position in Affiliated Managers Group during the 4th quarter valued at about $45,931,000. Dimensional Fund Advisors LP grew its stake in Affiliated Managers Group by 15.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 344,237 shares of the asset manager’s stock valued at $33,541,000 after acquiring an additional 46,000 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Affiliated Managers Group by 6.4% during the 1st quarter. Nisa Investment Advisors LLC now owns 20,060 shares of the asset manager’s stock valued at $2,149,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Tyers Asset Management LLC grew its stake in Affiliated Managers Group by 27.5% during the 1st quarter. Tyers Asset Management LLC now owns 45,824 shares of the asset manager’s stock valued at $4,908,000 after acquiring an additional 9,872 shares in the last quarter. Hedge funds and other institutional investors own 94.65% of the company’s stock.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc, through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.

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Analyst Recommendations for Affiliated Managers Group (NYSE:AMG)

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