Affiliated Managers Group Inc. (AMG) Stock Rating Lowered by Zacks Investment Research
Affiliated Managers Group Inc. (NYSE:AMG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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.”
A number of other research analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods cut their target price on shares of Affiliated Managers Group from $215.00 to $196.00 and set an “outperform” rating for the company in a research note on Tuesday, August 2nd. TheStreet cut shares of Affiliated Managers Group from a “buy” rating to a “hold” rating in a research report on Friday, June 24th. Jefferies Group restated a “buy” rating on shares of Affiliated Managers Group in a research report on Thursday, August 11th. Credit Suisse Group AG restated an “outperform” rating and issued a $212.00 price objective on shares of Affiliated Managers Group in a research report on Thursday, September 8th. Finally, Deutsche Bank AG boosted their price objective on shares of Affiliated Managers Group from $184.00 to $191.00 and gave the stock a “buy” rating in a research report on Friday, September 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $180.55.
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Affiliated Managers Group (NYSE:AMG) traded down 0.76% during midday trading on Tuesday, hitting $144.09. The stock had a trading volume of 187,814 shares. The stock’s 50-day moving average is $143.37 and its 200-day moving average is $154.36. The company has a market cap of $7.76 billion, a P/E ratio of 16.76 and a beta of 1.55. Affiliated Managers Group has a one year low of $115.97 and a one year high of $190.74.
Affiliated Managers Group (NYSE:AMG) last posted its earnings results on Monday, August 1st. The company reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.01 by $0.05. Affiliated Managers Group had a net margin of 20.47% and a return on equity of 18.39%. The company earned $646.60 million during the quarter, compared to analysts’ expectations of $565.16 million. During the same quarter in the previous year, the company posted $3.08 earnings per share. Affiliated Managers Group’s quarterly revenue was down 14.3% compared to the same quarter last year. Equities analysts predict that Affiliated Managers Group will post $12.85 EPS for the current fiscal year.
Several hedge funds have recently modified their holdings of the stock. Atlanta Capital Management Co. L L C boosted its stake in shares of 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 during the last quarter. Norges Bank acquired a new stake in shares of Affiliated Managers Group during the fourth quarter valued at approximately $75,826,000. Marshall Wace LLP boosted its stake in shares of 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 during the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of Affiliated Managers Group during the second quarter valued at approximately $40,476,000. Finally, Fiera Capital Corp acquired a new stake in shares of Affiliated Managers Group during the second quarter valued at approximately $26,068,000. Institutional investors own 96.69% of the company’s stock.
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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