Icon Advisers Inc. Co. decreased its holdings in Altria Group Inc (NYSE:MO) by 19.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,100 shares of the company’s stock after selling 8,600 shares during the period. Icon Advisers Inc. Co.’s holdings in Altria Group were worth $1,662,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Grimes & Company Inc. increased its stake in shares of Altria Group by 9.3% in the first quarter. Grimes & Company Inc. now owns 8,387 shares of the company’s stock worth $481,000 after purchasing an additional 717 shares in the last quarter. FMR LLC boosted its position in shares of Altria Group by 68.1% in the first quarter. FMR LLC now owns 78,710,352 shares of the company’s stock valued at $4,520,337,000 after acquiring an additional 31,883,878 shares during the period. Clearbridge Investments LLC boosted its position in shares of Altria Group by 78.2% in the first quarter. Clearbridge Investments LLC now owns 347,017 shares of the company’s stock valued at $19,929,000 after acquiring an additional 152,302 shares during the period. Laurel Wealth Advisors Inc. boosted its position in shares of Altria Group by 15.4% in the first quarter. Laurel Wealth Advisors Inc. now owns 54,949 shares of the company’s stock valued at $3,156,000 after acquiring an additional 7,339 shares during the period. Finally, Bowling Portfolio Management LLC bought a new position in shares of Altria Group in the second quarter valued at approximately $2,502,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.
In other Altria Group news, VP W Hildebrandt Surgner, Jr. sold 2,000 shares of Altria Group stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $52.48, for a total transaction of $104,960.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.11% of the company’s stock.
A number of equities analysts have recently commented on MO shares. Morgan Stanley cut their price objective on shares of Altria Group from $48.00 to $44.00 and set an “underweight” rating for the company in a research report on Wednesday, August 7th. TheStreet lowered shares of Altria Group from a “b-” rating to a “c+” rating in a research report on Wednesday. ValuEngine lowered shares of Altria Group from a “hold” rating to a “sell” rating in a research report on Wednesday, May 29th. Wells Fargo & Co restated a “buy” rating on shares of Altria Group in a research report on Friday, August 9th. Finally, Citigroup set a $45.00 price objective on shares of Altria Group and gave the company a “sell” rating in a research report on Friday, April 26th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $60.74.
Altria Group stock traded up $0.99 during mid-day trading on Friday, hitting $46.48. 6,923,200 shares of the company traded hands, compared to its average volume of 8,049,746. Altria Group Inc has a one year low of $42.40 and a one year high of $66.04. The stock has a market cap of $85.69 billion, a price-to-earnings ratio of 11.65, a price-to-earnings-growth ratio of 1.44 and a beta of 0.38. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.28 and a current ratio of 0.56. The stock has a fifty day moving average price of $48.38 and a 200-day moving average price of $51.54.
Altria Group (NYSE:MO) last announced its earnings results on Tuesday, July 30th. The company reported $1.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.10. Altria Group had a net margin of 25.04% and a return on equity of 51.53%. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. During the same period in the previous year, the business posted $1.01 earnings per share. Altria Group’s revenue for the quarter was up 6.4% on a year-over-year basis. Sell-side analysts predict that Altria Group Inc will post 4.17 EPS for the current year.
Altria Group announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, July 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 1.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Altria Group Profile
Altria Group, Inc, through its subsidiaries, manufactures and sells cigarettes, smokeless products, and wine in the United States. It offers cigarettes primarily under the Marlboro brand; cigars principally under the Black & Mild brand; and moist smokeless tobacco products under the Copenhagen, Skoal, Red Seal, and Husky brands.
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