Fortress Investment Group LLC (FIG) Cut to “Sell” at Zacks Investment Research
Fortress Investment Group LLC (NYSE:FIG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday.
According to Zacks, “FORTRESS INVESTMENT Group is a leading global alternative asset manager with approximately $34.2 billion in assets under management as of March 31, 2008. Fortress is headquartered in New York and has affiliates with offices in Chicago, Dallas, Frankfurt, Geneva, Hong Kong, London, Los Angeles, Munich, New Canaan, Rome, San Francisco, San Diego, Sydney, Tokyo and Toronto.Fortress raises, invests and manages private equity funds and hedge funds. Fortress intends to grow its existing businesses, while continuing to create innovative products to meet the increasing demand by sophisticated investors for superior risk-adjusted investment returns. “
Separately, Keefe, Bruyette & Woods downgraded shares of Fortress Investment Group from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $6.50 to $5.50 in a research report on Monday, July 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $6.64.
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Fortress Investment Group (NYSE:FIG) traded up 3.49% during mid-day trading on Thursday, hitting $5.04. 795,314 shares of the stock were exchanged. Fortress Investment Group has a one year low of $3.87 and a one year high of $6.29. The company has a market cap of $1.09 billion, a P/E ratio of 70.99 and a beta of 1.89. The company has a 50-day moving average price of $5.02 and a 200-day moving average price of $4.89.
Fortress Investment Group (NYSE:FIG) last posted its earnings results on Thursday, July 28th. The company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.08. The company earned $232 million during the quarter, compared to analysts’ expectations of $235.83 million. The company’s quarterly revenue was down 24.6% on a year-over-year basis. During the same period last year, the business earned $0.30 earnings per share. Analysts forecast that Fortress Investment Group will post $0.71 earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in FIG. Wellington Management Group LLP boosted its stake in Fortress Investment Group by 110.8% in the first quarter. Wellington Management Group LLP now owns 26,763,365 shares of the company’s stock valued at $127,929,000 after buying an additional 14,064,389 shares during the period. Coronation Fund Managers Ltd. purchased a new stake in Fortress Investment Group during the second quarter valued at approximately $32,561,000. Artemis Investment Management LLP boosted its stake in Fortress Investment Group by 367.4% in the second quarter. Artemis Investment Management LLP now owns 2,400,000 shares of the company’s stock valued at $10,620,000 after buying an additional 1,886,500 shares during the period. UBS Group AG boosted its stake in Fortress Investment Group by 32.5% in the first quarter. UBS Group AG now owns 6,319,252 shares of the company’s stock valued at $30,206,000 after buying an additional 1,548,635 shares during the period. Finally, Bank of Montreal Can purchased a new stake in Fortress Investment Group during the second quarter valued at approximately $2,740,000.
About Fortress Investment Group
Fortress Investment Group LLC (Fortress) is an investment management firm with approximately $70.5 billion in assets under management (AUM). The Company operates through segments, including private equity funds, permanent capital vehicles, credit hedge funds, credit PE funds, liquid hedge funds and Logan Circle.
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