Zacks Investment Research Downgrades Apollo Global Management (APO) to Strong Sell

Apollo Global Management (NYSE:APO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday.

According to Zacks, “Apollo Management, L.P. operates as an alternative asset manager globally. The Company operates in three business segments: private equity, capital markets and real estate. It raises, invests and manages funds on behalf of pension and endowment funds, as well as other institutional and individual investors. Apollo Management, L.P. is headquartered in New York, New York. “

Several other brokerages also recently weighed in on APO. Citigroup upgraded Apollo Global Management from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Monday, March 12th. Credit Suisse Group increased their price target on Apollo Global Management from $38.00 to $39.00 and gave the stock a “neutral” rating in a report on Monday, February 5th. Oppenheimer reiterated a “buy” rating on shares of Apollo Global Management in a report on Thursday, May 3rd. ValuEngine upgraded Apollo Global Management from a “buy” rating to a “strong-buy” rating in a report on Friday, February 2nd. Finally, Deutsche Bank increased their price target on Apollo Global Management from $32.00 to $33.00 and gave the stock a “hold” rating in a report on Friday, May 4th. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $36.69.

NYSE:APO opened at $31.27 on Wednesday. The company has a market capitalization of $6.21 billion, a PE ratio of 8.76, a P/E/G ratio of 1.42 and a beta of 1.15. Apollo Global Management has a 1 year low of $25.61 and a 1 year high of $37.35. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.10 and a quick ratio of 1.10.

Apollo Global Management (NYSE:APO) last posted its quarterly earnings data on Thursday, May 3rd. The financial services provider reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.26). The company had revenue of $149.62 million during the quarter, compared to the consensus estimate of $215.07 million. Apollo Global Management had a net margin of 19.52% and a return on equity of 44.70%. Apollo Global Management’s revenue for the quarter was down 77.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.82 earnings per share. research analysts expect that Apollo Global Management will post 1.98 EPS for the current fiscal year.

In other news, major shareholder Tiger Global Management Llc acquired 100,000 shares of Apollo Global Management stock in a transaction on Friday, March 23rd. The shares were bought at an average cost of $30.34 per share, for a total transaction of $3,034,000.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director A B. Krongard acquired 1,800 shares of Apollo Global Management stock in a transaction on Thursday, May 10th. The shares were purchased at an average price of $30.38 per share, for a total transaction of $54,684.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 201,800 shares of company stock worth $5,944,184 and have sold 166,341 shares worth $5,515,558. Company insiders own 4.11% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its holdings in shares of Apollo Global Management by 29.2% in the 1st quarter. JPMorgan Chase & Co. now owns 6,270,356 shares of the financial services provider’s stock valued at $185,727,000 after acquiring an additional 1,415,957 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Apollo Global Management by 5.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,338,136 shares of the financial services provider’s stock worth $158,116,000 after purchasing an additional 267,942 shares in the last quarter. HMI Capital LLC boosted its position in shares of Apollo Global Management by 11.5% in the 1st quarter. HMI Capital LLC now owns 4,519,028 shares of the financial services provider’s stock worth $133,854,000 after purchasing an additional 464,814 shares in the last quarter. TimesSquare Capital Management LLC lifted its position in Apollo Global Management by 1.9% during the 4th quarter. TimesSquare Capital Management LLC now owns 3,821,500 shares of the financial services provider’s stock worth $127,906,000 after acquiring an additional 70,200 shares during the period. Finally, Beck Mack & Oliver LLC lifted its position in Apollo Global Management by 1.1% during the 4th quarter. Beck Mack & Oliver LLC now owns 3,093,673 shares of the financial services provider’s stock worth $103,545,000 after acquiring an additional 34,943 shares during the period. Institutional investors own 71.07% of the company’s stock.

Apollo Global Management Company Profile

Apollo Global Management, LLC is a publicly owned investment manager. The firm primarily provides its services to endowment and sovereign wealth funds, as well as other institutional and individual investors. It manages client focused portfolios. The firm launches and manages hedge funds and mutual funds for its clients.

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