Equity Investment Corp Reduces Position in ManpowerGroup Inc. (MAN)

Equity Investment Corp decreased its stake in shares of ManpowerGroup Inc. (NYSE:MAN) by 25.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,360 shares of the business services provider’s stock after selling 1,130 shares during the quarter. Equity Investment Corp’s holdings in ManpowerGroup were worth $289,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in ManpowerGroup by 11.9% during the first quarter. Principal Financial Group Inc. now owns 319,899 shares of the business services provider’s stock valued at $36,820,000 after purchasing an additional 34,004 shares during the last quarter. Allianz Asset Management GmbH lifted its position in ManpowerGroup by 5.4% during the first quarter. Allianz Asset Management GmbH now owns 296,327 shares of the business services provider’s stock valued at $34,107,000 after purchasing an additional 15,156 shares during the last quarter. DnB Asset Management AS lifted its position in ManpowerGroup by 18.3% during the second quarter. DnB Asset Management AS now owns 29,058 shares of the business services provider’s stock valued at $2,501,000 after purchasing an additional 4,500 shares during the last quarter. Clinton Group Inc. lifted its position in ManpowerGroup by 26.2% during the second quarter. Clinton Group Inc. now owns 3,637 shares of the business services provider’s stock valued at $313,000 after purchasing an additional 756 shares during the last quarter. Finally, IFM Investors Pty Ltd lifted its position in ManpowerGroup by 43.7% during the second quarter. IFM Investors Pty Ltd now owns 2,982 shares of the business services provider’s stock valued at $257,000 after purchasing an additional 907 shares during the last quarter. Hedge funds and other institutional investors own 92.20% of the company’s stock.

MAN has been the subject of several research reports. Zacks Investment Research upgraded shares of ManpowerGroup from a “sell” rating to a “hold” rating in a research report on Wednesday, September 19th. JPMorgan Chase & Co. lowered shares of ManpowerGroup from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $120.00 to $82.00 in a research report on Monday, October 22nd. Robert W. Baird lowered their price objective on shares of ManpowerGroup from $101.00 to $97.00 and set an “outperform” rating for the company in a research report on Monday, October 22nd. Nomura reiterated a “buy” rating and set a $130.00 price objective on shares of ManpowerGroup in a research report on Sunday, July 22nd. Finally, Barclays lowered their price objective on shares of ManpowerGroup from $115.00 to $90.00 and set a “$86.63” rating for the company in a research report on Wednesday, July 18th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. ManpowerGroup presently has a consensus rating of “Hold” and an average price target of $99.85.

In other news, EVP Mara E. Swan sold 11,192 shares of the stock in a transaction on Friday, August 31st. The shares were sold at an average price of $93.77, for a total value of $1,049,473.84. Following the sale, the executive vice president now owns 13,493 shares of the company’s stock, valued at $1,265,238.61. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ulice Payne, Jr. sold 1,350 shares of the stock in a transaction on Friday, August 10th. The shares were sold at an average price of $89.43, for a total transaction of $120,730.50. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.

Shares of MAN opened at $79.45 on Wednesday. ManpowerGroup Inc. has a twelve month low of $71.79 and a twelve month high of $136.93. The firm has a market capitalization of $5.14 billion, a PE ratio of 11.29, a PEG ratio of 1.07 and a beta of 1.21. The company has a current ratio of 1.47, a quick ratio of 1.48 and a debt-to-equity ratio of 0.37.

ManpowerGroup (NYSE:MAN) last announced its earnings results on Friday, October 19th. The business services provider reported $2.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.41 by $0.02. ManpowerGroup had a net margin of 2.76% and a return on equity of 20.02%. The business had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.64 billion. During the same quarter in the prior year, the firm posted $2.04 earnings per share. The business’s revenue for the quarter was down .8% on a year-over-year basis. On average, equities research analysts predict that ManpowerGroup Inc. will post 8.69 earnings per share for the current year.

ManpowerGroup declared that its board has approved a stock buyback program on Friday, August 3rd that authorizes the company to repurchase 6,000,000 outstanding shares. This repurchase authorization authorizes the business services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

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ManpowerGroup Company Profile

ManpowerGroup Inc provides workforce solutions and services in the Americas, Southern Europe, Northern Europe, and the Asia Pacific Middle East region. The company's recruitment service portfolio includes permanent, temporary, and contract recruitment of professionals, as well as administrative and industrial positions.

See Also: Outstanding Shares

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Institutional Ownership by Quarter for ManpowerGroup (NYSE:MAN)

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