Zacks Investment Research upgraded shares of Affiliated Managers Group (NYSE:AMG) from a hold rating to a buy rating in a research note published on Tuesday, January 2nd. The brokerage currently has $230.00 price target on the asset manager’s stock.
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, higher debt levels and intangibles in the balance sheet remain major near-term concerns.”
Several other equities analysts have also weighed in on the stock. Keefe, Bruyette & Woods reissued a buy rating and issued a $229.00 price objective on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Jefferies Group reissued a buy rating and issued a $226.00 price objective on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Finally, Barrington Research reissued an outperform rating and issued a $215.00 price objective on shares of Affiliated Managers Group in a research report on Wednesday, October 4th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Affiliated Managers Group has an average rating of Buy and a consensus target price of $211.63.
Affiliated Managers Group (AMG) opened at $200.72 on Tuesday. The firm has a market cap of $11,080.00, a PE ratio of 21.72, a PEG ratio of 0.82 and a beta of 1.71. Affiliated Managers Group has a 1 year low of $139.52 and a 1 year high of $207.67. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.61 and a quick ratio of 0.61.
Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings data 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 company had revenue of $585.70 million for the quarter, compared to analyst estimates of $586.55 million. Affiliated Managers Group had a net margin of 23.29% and a return on equity of 17.63%. The company’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 earnings per share. sell-side analysts predict that Affiliated Managers Group will post 14.47 EPS for the current fiscal year.
In related news, insider Peter W. Macewen sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, December 5th. The shares were sold at an average price of $197.67, for a total transaction of $1,976,700.00. Following the transaction, the insider now directly owns 37,682 shares of the company’s stock, valued at $7,448,600.94. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sean M. Healey sold 69,800 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $185.48, for a total transaction of $12,946,504.00. Following the transaction, the chief executive officer now directly owns 194,943 shares in the company, valued at $36,158,027.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 89,585 shares of company stock worth $16,734,012. 1.40% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. Tributary Capital Management LLC bought a new position in Affiliated Managers Group in the 3rd quarter valued at about $100,000. Advisor Group Inc. increased its holdings in Affiliated Managers Group by 46.2% in the 2nd quarter. Advisor Group Inc. now owns 722 shares of the asset manager’s stock valued at $120,000 after buying an additional 228 shares during the period. Bronfman E.L. Rothschild L.P. increased its holdings in Affiliated Managers Group by 2.2% in the 2nd 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 during the period. Pacer Advisors Inc. increased its holdings in Affiliated Managers Group by 7.9% in the 2nd 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 during the period. Finally, Douglas Lane & Associates LLC bought a new position in Affiliated Managers Group in the 3rd quarter valued at about $200,000. 95.65% of the stock is currently owned by hedge funds and other institutional investors.
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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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