Fortress Investment Group LLC (FIG) Downgraded 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 report released 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 lowered shares of Fortress Investment Group from an “outperform” rating to a “market perform” rating and cut their price objective 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 given a hold rating and three have assigned a buy rating to the company. Fortress Investment Group currently has an average rating of “Hold” and an average price target of $6.64.
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Fortress Investment Group (NYSE:FIG) traded up 3.49% during midday trading on Thursday, hitting $5.04. 795,314 shares of the stock traded hands. The company’s 50-day moving average is $5.02 and its 200-day moving average is $4.89. 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 PE ratio of 70.99 and a beta of 1.89.
Fortress Investment Group (NYSE:FIG) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.08. The firm earned $232 million during the quarter, compared to analyst estimates of $235.83 million. The business’s quarterly revenue was down 24.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.30 EPS. Equities research analysts expect that Fortress Investment Group will post $0.71 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the company. Royce & Associates LP raised its stake in Fortress Investment Group by 50.6% in the first quarter. Royce & Associates LP now owns 595,180 shares of the company’s stock valued at $2,845,000 after buying an additional 200,000 shares during the last quarter. UBS Group AG raised 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 last quarter. Wellington Management Group LLP raised 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 last quarter. Steinberg Global Asset Management raised its stake in Fortress Investment Group by 51.4% in the first quarter. Steinberg Global Asset Management now owns 91,969 shares of the company’s stock valued at $440,000 after buying an additional 31,230 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in Fortress Investment Group by 1.6% in the second quarter. BNP Paribas Arbitrage SA now owns 1,390,200 shares of the company’s stock valued at $6,145,000 after buying an additional 22,540 shares during the last quarter.
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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