Connor Clark & Lunn Investment Management Ltd. lessened its stake in Moneygram International Inc (NASDAQ:MGI) by 8.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 255,525 shares of the financial services provider’s stock after selling 24,350 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.46% of Moneygram International worth $1,367,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in MGI. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Moneygram International during the third quarter valued at $199,000. Martingale Asset Management L P purchased a new stake in Moneygram International during the second quarter valued at $203,000. JPMorgan Chase & Co. raised its stake in Moneygram International by 743.0% during the third quarter. JPMorgan Chase & Co. now owns 52,859 shares of the financial services provider’s stock valued at $283,000 after purchasing an additional 46,589 shares in the last quarter. Panagora Asset Management Inc. raised its stake in Moneygram International by 1,420.8% during the third quarter. Panagora Asset Management Inc. now owns 63,160 shares of the financial services provider’s stock valued at $338,000 after purchasing an additional 59,007 shares in the last quarter. Finally, Schroder Investment Management Group purchased a new stake in Moneygram International during the third quarter valued at $417,000. 84.07% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on the stock. BidaskClub raised shares of Moneygram International from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 30th. Barclays assumed coverage on shares of Moneygram International in a research note on Wednesday, November 14th. They set an “underweight” rating and a $2.00 price target on the stock. Zacks Investment Research raised shares of Moneygram International from a “hold” rating to a “buy” rating and set a $6.75 price target on the stock in a research note on Friday, August 10th. Finally, Evercore ISI downgraded shares of Moneygram International from an “in-line” rating to an “underperform” rating in a research note on Friday, November 9th. Five investment analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. Moneygram International has a consensus rating of “Sell” and a consensus target price of $5.08.
Moneygram International stock opened at $1.89 on Friday. The firm has a market cap of $115.68 million, a P/E ratio of 2.15 and a beta of 1.92. Moneygram International Inc has a 52-week low of $1.73 and a 52-week high of $14.00.
Moneygram International (NASDAQ:MGI) last released its quarterly earnings results on Thursday, November 8th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.08. Moneygram International had a negative net margin of 4.24% and a negative return on equity of 10.35%. The company had revenue of $347.20 million for the quarter, compared to the consensus estimate of $378.73 million. The business’s revenue was up 14.1% on a year-over-year basis. As a group, equities analysts forecast that Moneygram International Inc will post 0.48 EPS for the current year.
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Moneygram International Profile
MoneyGram International, Inc, together with its subsidiaries, provides money transfer services in the United States and internationally. The company operates through two segments, Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment offers money transfer services and bill payment services primarily to unbanked and underbanked consumers.
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