Affiliated Managers Group Inc. (AMG) Downgraded by Zacks Investment Research
Affiliated Managers Group Inc. (NYSE:AMG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Affiliated Managers has a positive record of earnings surprises in the recent quarters. Also, the estimates have been rising ahead of the company’s third-quarter 2016 earnings release. 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. Further, given its strong balance sheet and liquidity position, the company has considerable capabilities to invest in other firms. However, the company’s one of the major concerns is the continuous increase in expenses due to investment in affiliates. Further, intangible assets form a substantial part of the balance sheet and hence the company faces the risk of impairment.”
Other equities research analysts have also recently issued reports about the stock. Deutsche Bank AG restated a “buy” rating on shares of Affiliated Managers Group in a report on Sunday, July 10th. Keefe, Bruyette & Woods reduced 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 note on Friday, June 24th. Jefferies Group reduced their target price on shares of Affiliated Managers Group from $195.00 to $193.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Credit Suisse Group AG set a $212.00 target price on shares of Affiliated Managers Group and gave the company a “buy” rating in a research note on Wednesday, September 28th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $179.75.
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Affiliated Managers Group (NYSE:AMG) traded down 0.26% during trading on Wednesday, hitting $146.26. The stock had a trading volume of 269,351 shares. The stock has a 50-day moving average price of $144.93 and a 200-day moving average price of $153.47. The company has a market cap of $7.88 billion, a PE ratio of 17.01 and a beta of 1.56. Affiliated Managers Group has a 52 week low of $115.97 and a 52 week high of $190.74.
Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings results on Monday, August 1st. The company reported $3.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 period in the prior year, the company earned $3.08 earnings per share. The business’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 year.
Several hedge funds have recently bought and sold shares of AMG. Community Trust & Investment Co. purchased a new stake in Affiliated Managers Group during the third quarter valued at $514,000. Oliver Luxxe Assets LLC raised its stake in Affiliated Managers Group by 16.6% in the third quarter. Oliver Luxxe Assets LLC now owns 4,354 shares of the company’s stock valued at $630,000 after buying an additional 620 shares during the last quarter. North Star Asset Management Inc. raised its stake in Affiliated Managers Group by 4.4% in the third quarter. North Star Asset Management Inc. now owns 82,692 shares of the company’s stock valued at $11,965,000 after buying an additional 3,481 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Affiliated Managers Group during the second quarter valued at $306,000. Finally, Kentucky Retirement Systems purchased a new stake in Affiliated Managers Group during the second quarter valued at $644,000.
Affiliated Managers Group Company Profile
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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