Short Interest in Affiliated Managers Group, Inc. (NYSE:AMG) Drops By 8.8%

Affiliated Managers Group, Inc. (NYSE:AMG) was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 1,697,700 shares, a drop of 8.8% from the June 30th total of 1,862,000 shares. Based on an average trading volume of 551,000 shares, the days-to-cover ratio is currently 3.1 days. Approximately 3.3% of the shares of the stock are sold short.

NYSE AMG traded down $0.12 during trading hours on Thursday, hitting $76.67. 9,158 shares of the company were exchanged, compared to its average volume of 603,736. The stock has a 50-day moving average price of $86.97. Affiliated Managers Group has a 52 week low of $75.82 and a 52 week high of $150.61. The stock has a market capitalization of $3.89 billion, a PE ratio of 5.29, a PEG ratio of 0.59 and a beta of 1.63.

Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings data on Monday, July 29th. The asset manager reported $3.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.19 by $0.14. Affiliated Managers Group had a positive return on equity of 17.68% and a negative net margin of 5.19%. The company had revenue of $591.90 million for the quarter, compared to analysts’ expectations of $540.89 million. During the same period in the previous year, the firm posted $3.61 earnings per share. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, sell-side analysts expect that Affiliated Managers Group will post 13.56 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Wednesday, August 7th. This represents a $1.28 annualized dividend and a yield of 1.67%. Affiliated Managers Group’s payout ratio is currently 8.83%.

Several brokerages have recently issued reports on AMG. Bank of America cut Affiliated Managers Group from a “buy” rating to an “underperform” rating and reduced their target price for the stock from $97.00 to $85.00 in a report on Tuesday, July 30th. Barrington Research reduced their target price on Affiliated Managers Group from $135.00 to $125.00 and set an “outperform” rating on the stock in a report on Monday, July 29th. Citigroup reduced their target price on Affiliated Managers Group from $101.00 to $98.00 and set a “neutral” rating on the stock in a report on Tuesday, July 30th. Zacks Investment Research cut Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Finally, Deutsche Bank reduced their target price on Affiliated Managers Group from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Tuesday, May 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $109.84.

In other Affiliated Managers Group news, Director Jide James Zeitlin sold 54,350 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $92.22, for a total transaction of $5,012,157.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.43% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of AMG. Prudential Financial Inc. increased its stake in Affiliated Managers Group by 901.6% during the second quarter. Prudential Financial Inc. now owns 1,124,809 shares of the asset manager’s stock worth $103,640,000 after acquiring an additional 1,012,510 shares during the last quarter. EdgePoint Investment Group Inc. increased its stake in Affiliated Managers Group by 13.8% during the second quarter. EdgePoint Investment Group Inc. now owns 5,690,267 shares of the asset manager’s stock worth $524,301,000 after acquiring an additional 691,917 shares during the last quarter. Clarkston Capital Partners LLC increased its stake in Affiliated Managers Group by 59.9% during the second quarter. Clarkston Capital Partners LLC now owns 1,198,185 shares of the asset manager’s stock worth $110,401,000 after acquiring an additional 449,060 shares during the last quarter. FMR LLC increased its stake in Affiliated Managers Group by 110.6% during the first quarter. FMR LLC now owns 694,862 shares of the asset manager’s stock worth $74,427,000 after acquiring an additional 364,904 shares during the last quarter. Finally, Kiltearn Partners LLP increased its stake in Affiliated Managers Group by 26.8% during the second quarter. Kiltearn Partners LLP now owns 1,232,130 shares of the asset manager’s stock worth $113,528,000 after acquiring an additional 260,100 shares during the last quarter. 96.56% of the stock is currently owned by institutional investors.

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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