Affiliated Managers Group Inc. (AMG) Downgraded by Zacks Investment Research to Sell
Affiliated Managers Group Inc. (NYSE:AMG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Affiliated Managers’ mounting expenses are expected to hurt the company’s bottom line as the company continues to invest in affiliates. Further, intangible assets, which form a substantial part of its balance sheet, face the risk of impairment. Moreover, high debt level can restrict the company from procuring additional finance and might drag it into a relatively disadvantageous position. Nonetheless, the company remains well positioned based on successful partnerships and global distribution capability along with a diverse product mix and initiatives undertaken to strengthen the retail market operations.”
AMG has been the subject of several other research reports. Credit Suisse Group AG reiterated an “outperform” rating and issued a $212.00 price target on shares of Affiliated Managers Group in a research report on Thursday, September 8th. Deutsche Bank AG reiterated a “buy” rating on shares of Affiliated Managers Group in a research report on Sunday, July 10th. Keefe, Bruyette & Woods dropped their price target on Affiliated Managers Group from $215.00 to $196.00 and set an “outperform” rating for the company in a research report on Tuesday, August 2nd. Jefferies Group dropped their price target on Affiliated Managers Group from $197.00 to $195.00 and set a “buy” rating for the company in a research report on Monday, July 11th. Finally, TheStreet lowered Affiliated Managers Group from a “buy” rating to a “hold” rating in a research report on Friday, June 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $180.55.
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Affiliated Managers Group (NYSE:AMG) traded down 0.878% on Tuesday, hitting $143.915. The company’s stock had a trading volume of 217,386 shares. The firm has a 50 day moving average of $143.37 and a 200 day moving average of $154.36. The firm has a market cap of $7.75 billion, a price-to-earnings ratio of 16.736 and a beta of 1.55. Affiliated Managers Group has a 12 month low of $115.97 and a 12 month high of $190.74.
Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings data on Monday, August 1st. The company reported $3.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.05. The firm earned $646.60 million during the quarter, compared to analyst estimates of $565.16 million. Affiliated Managers Group had a return on equity of 18.39% and a net margin of 20.47%. The business’s quarterly revenue was down 14.3% compared to the same quarter last year. During the same quarter last year, the business posted $3.08 earnings per share. Equities research analysts forecast that Affiliated Managers Group will post $12.85 earnings per share for the current fiscal year.
Several hedge funds have recently bought and sold shares of AMG. Atlanta Capital Management Co. L L C increased its stake in Affiliated Managers Group by 41.2% in the first quarter. Atlanta Capital Management Co. L L C now owns 1,715,527 shares of the company’s stock valued at $278,601,000 after buying an additional 500,978 shares in the last quarter. Norges Bank bought a new stake in Affiliated Managers Group during the fourth quarter valued at $75,826,000. Marshall Wace LLP increased its stake in Affiliated Managers Group by 107.3% in the second quarter. Marshall Wace LLP now owns 602,691 shares of the company’s stock valued at $84,841,000 after buying an additional 311,991 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in Affiliated Managers Group during the second quarter valued at $40,476,000. Finally, Fiera Capital Corp bought a new stake in Affiliated Managers Group during the second quarter valued at $26,068,000. 96.69% of the stock is owned by hedge funds and other institutional investors.
About Affiliated Managers Group
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms (Affiliates). The Company is focused on investing in the boutique investment management firms globally, including traditional, alternative and wealth management firms, specializing in an array of active return-oriented investment strategies.
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