Moelis & Co Sets New 12-Month High Following Better-Than-Expected Earnings (MC)
Moelis & Co (NYSE:MC) reached a new 52-week high during trading on Thursday following a stronger than expected earnings report, StockRatingsNetwork.com reports. The stock traded as high as $36.01 and last traded at $33.41, with a volume of 61,284 shares traded. The stock had previously closed at $34.08.
The company reported $0.42 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.24 by $0.18. The company had revenue of $131.70 million for the quarter, compared to the consensus estimate of $84.80 million. The company’s quarterly revenue was up 33.7% on a year-over-year basis.
The company also recently announced a quarterly dividend, which is scheduled for Monday, September 8th. Stockholders of record on Monday, August 25th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.35%.
A number of analysts have recently weighed in on MC shares. Analysts at JMP Securities reiterated a “market outperform” rating on shares of Moelis & Co in a research note on Friday, July 11th. They now have a $35.00 price target on the stock, up previously from $33.00. Separately, analysts at Susquehanna initiated coverage on shares of Moelis & Co in a research note on Thursday, June 5th. They set a “neutral” rating and a $31.00 price target on the stock. Finally, analysts at Rafferty Capital Markets initiated coverage on shares of Moelis & Co in a research note on Wednesday, May 21st. They set a “hold” rating and a $32.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $32.60.
The stock has a 50-day moving average of $33.06 and a 200-day moving average of $30.91. The company has a market cap of $512.4 million and a P/E ratio of 16.25.
Moelis & Company is a global independent investment bank that provides strategic and financial advice to a diverse client base, including corporations, governments and financial sponsors.
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