ManpowerGroup Inc. (MAN) Upgraded to “Buy” at Zacks Investment Research
ManpowerGroup Inc. (NYSE:MAN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $76.00 price objective on the stock. Zacks Investment Research’s price objective points to a potential upside of 11.75% from the company’s previous close.
According to Zacks, “ManpowerGroup’s brand value, wide range of services and strong global network reinforces its dominant position in the market. Management continues to believe that global recovery is on track but at a slow and uneven pace. As a result, management is focusing on internal drivers like disciplined pricing and tough control on productivity to ensure uninterrupted profitability. This led the company to post better-than-expected bottom-line results in past 10 quarters. ManpowerGroup expects third-quarter earnings per share in the range of $1.66–$1.74. However, on the revenue front, the company continues to struggle and missed the estimate in the four straight quarters. The strengthening U.S. dollar will continue to affect ManpowerGroup’s quarterly performance as the international markets contribute nearly 85% of its revenues. More importantly, the U.K.’s exit from EU will have an impact on business.”
A number of other research analysts have also recently commented on MAN. Nomura reissued a “buy” rating and issued a $97.00 target price (down previously from $102.00) on shares of ManpowerGroup in a research note on Friday, July 22nd. Argus reissued a “buy” rating and issued a $78.00 target price on shares of ManpowerGroup in a research note on Monday, July 25th. BMO Capital Markets reissued a “buy” rating on shares of ManpowerGroup in a research note on Monday, June 27th. Deutsche Bank AG assumed coverage on ManpowerGroup in a research note on Wednesday, August 17th. They issued a “hold” rating and a $77.00 target price on the stock. Finally, Piper Jaffray Cos. reissued an “overweight” rating and issued a $85.00 target price on shares of ManpowerGroup in a research note on Friday, August 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. ManpowerGroup presently has an average rating of “Hold” and a consensus price target of $83.83.
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Shares of ManpowerGroup (NYSE:MAN) traded up 0.303% on Tuesday, hitting $68.216. The stock had a trading volume of 151,981 shares. The firm has a 50 day moving average of $69.90 and a 200-day moving average of $74.23. The firm has a market capitalization of $4.67 billion, a price-to-earnings ratio of 11.661 and a beta of 1.87. ManpowerGroup has a 1-year low of $57.26 and a 1-year high of $93.34.
ManpowerGroup (NYSE:MAN) last released its earnings results on Thursday, July 21st. The company reported $1.60 EPS for the quarter, beating the Zacks’ consensus estimate of $1.52 by $0.08. The business had revenue of $5 billion for the quarter, compared to analysts’ expectations of $5.06 billion. ManpowerGroup had a return on equity of 17.19% and a net margin of 2.23%. The firm’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 earnings per share. Equities analysts predict that ManpowerGroup will post $5.90 earnings per share for the current year.
In other ManpowerGroup news, EVP Handel Michael J. Van sold 57,348 shares of the firm’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $70.13, for a total value of $4,021,815.24. Following the completion of the sale, the executive vice president now directly owns 40,931 shares in the company, valued at $2,870,491.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Handel Michael J. Van sold 31,855 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $69.77, for a total transaction of $2,222,523.35. Following the completion of the sale, the executive vice president now owns 31,378 shares of the company’s stock, valued at $2,189,243.06. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the company. Acrospire Investment Management LLC raised its stake in shares of ManpowerGroup by 124.9% in the second quarter. Acrospire Investment Management LLC now owns 1,799 shares of the company’s stock valued at $116,000 after buying an additional 999 shares during the period. PineBridge Investments L.P. bought a new stake in shares of ManpowerGroup during the second quarter valued at approximately $156,000. Bayesian Capital Management LP bought a new stake in shares of ManpowerGroup during the first quarter valued at approximately $212,000. Tower Research Capital LLC TRC bought a new stake in shares of ManpowerGroup during the second quarter valued at approximately $192,000. Finally, Nuveen Fund Advisors LLC bought a new stake in shares of ManpowerGroup during the second quarter valued at approximately $202,000. Institutional investors and hedge funds own 95.12% of the company’s stock.
ManpowerGroup Company Profile
ManpowerGroup Inc is a provider of workforce solutions and services. The Company’s segments include Americas, Southern Europe, Northern Europe, Asia Pacific Middle East (APME), Right Management and Corporate. The Company’s Americas segment includes operations in the United States and Other Americas. Its Southern Europe segment includes operations in France, Italy and Other Southern Europe.
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