Engineers Gate Manager LP Cuts Stake in Affiliated Managers Group, Inc. (AMG)

Engineers Gate Manager LP decreased its position in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 54.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 20,324 shares of the asset manager’s stock after selling 24,694 shares during the quarter. Engineers Gate Manager LP’s holdings in Affiliated Managers Group were worth $2,779,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Redpoint Investment Management Pty Ltd boosted its stake in Affiliated Managers Group by 3.8% in the 2nd quarter. Redpoint Investment Management Pty Ltd now owns 9,398 shares of the asset manager’s stock worth $1,397,000 after purchasing an additional 343 shares during the period. Janney Montgomery Scott LLC boosted its stake in Affiliated Managers Group by 12.4% in the 2nd quarter. Janney Montgomery Scott LLC now owns 3,466 shares of the asset manager’s stock worth $515,000 after purchasing an additional 382 shares during the period. New Jersey Better Educational Savings Trust boosted its stake in Affiliated Managers Group by 20.0% in the 3rd quarter. New Jersey Better Educational Savings Trust now owns 2,400 shares of the asset manager’s stock worth $328,000 after purchasing an additional 400 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in Affiliated Managers Group by 21.2% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 2,339 shares of the asset manager’s stock worth $348,000 after purchasing an additional 409 shares during the period. Finally, Guinness Asset Management Ltd boosted its stake in Affiliated Managers Group by 21.9% in the 3rd quarter. Guinness Asset Management Ltd now owns 2,274 shares of the asset manager’s stock worth $310,000 after purchasing an additional 409 shares during the period. Institutional investors own 93.07% of the company’s stock.

In other Affiliated Managers Group news, EVP Hugh Cutler purchased 1,564 shares of the stock in a transaction on Wednesday, October 31st. The shares were purchased at an average price of $115.48 per share, with a total value of $180,610.72. Following the acquisition, the executive vice president now directly owns 7,087 shares in the company, valued at approximately $818,406.76. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.91% of the company’s stock.

Several brokerages have commented on AMG. Deutsche Bank cut their target price on Affiliated Managers Group from $166.00 to $164.00 and set a “buy” rating for the company in a research note on Tuesday, October 30th. Citigroup cut their target price on Affiliated Managers Group from $195.00 to $140.00 and set a “buy” rating for the company in a research note on Tuesday, October 30th. Barrington Research cut their target price on Affiliated Managers Group from $200.00 to $150.00 and set an “outperform” rating for the company in a research note on Monday, October 29th. Zacks Investment Research upgraded Affiliated Managers Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 16th. Finally, Keefe, Bruyette & Woods upgraded Affiliated Managers Group from a “market perform” rating to an “outperform” rating and set a $191.00 target price for the company in a research note on Monday, July 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $190.50.

NYSE:AMG opened at $114.78 on Tuesday. Affiliated Managers Group, Inc. has a twelve month low of $110.27 and a twelve month high of $216.99. The stock has a market capitalization of $6.24 billion, a price-to-earnings ratio of 7.46, a price-to-earnings-growth ratio of 0.64 and a beta of 1.53. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.42 and a current ratio of 0.49.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings results on Monday, October 29th. The asset manager reported $3.45 earnings per share for the quarter, beating the consensus estimate of $3.42 by $0.03. Affiliated Managers Group had a return on equity of 19.37% and a net margin of 29.38%. The firm had revenue of $601.30 million for the quarter, compared to analysts’ expectations of $604.82 million. During the same quarter last year, the firm posted $3.41 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. As a group, research analysts expect that Affiliated Managers Group, Inc. will post 14.8 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Thursday, November 8th will be issued a $0.30 dividend. The ex-dividend date is Wednesday, November 7th. This represents a $1.20 annualized dividend and a dividend yield of 1.05%. Affiliated Managers Group’s payout ratio is currently 8.22%.

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Affiliated Managers Group 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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Want to see what other hedge funds are holding AMG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Affiliated Managers Group, Inc. (NYSE:AMG).

Institutional Ownership by Quarter for Affiliated Managers Group (NYSE:AMG)

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