Zacks Investment Research Upgrades Artisan Partners Asset Management Inc. (APAM) to “Buy”
Artisan Partners Asset Management Inc. (NYSE:APAM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage presently has a $31.00 price target on the stock. Zacks Investment Research’s price target would suggest a potential upside of 12.65% from the company’s previous close.
According to Zacks, “Artisan Partners Asset Management Inc. is an independent investment management firm that provides a broad range of U.S., non-U.S. and global equity investment strategies. The Company’s manages investments primarily through mutual funds and separate accounts. Its clients include pension and profit sharing plans, trusts, endowments, foundations, charitable organizations, government entities, private funds and non-U.S. pooled investment vehicles. Artisan Partners Asset Management Inc. is based in Milwaukee, WI United States. “
APAM has been the subject of several other reports. Jefferies Group reiterated a “hold” rating and issued a $29.00 target price on shares of Artisan Partners Asset Management in a report on Tuesday, September 13th. Citigroup Inc. reiterated a “hold” rating on shares of Artisan Partners Asset Management in a report on Thursday, June 30th. Bank of America Corp. cut Artisan Partners Asset Management from a “neutral” rating to an “underperform” rating in a report on Tuesday, June 28th. Credit Suisse Group AG cut Artisan Partners Asset Management from an “outperform” rating to a “neutral” rating and set a $26.00 target price for the company. in a report on Thursday, July 14th. Finally, Keefe, Bruyette & Woods lowered their target price on Artisan Partners Asset Management from $30.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, July 27th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $29.00.
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Shares of Artisan Partners Asset Management (NYSE:APAM) traded down 1.71% on Thursday, reaching $27.52. The company’s stock had a trading volume of 464,962 shares. The firm has a 50 day moving average price of $27.01 and a 200-day moving average price of $29.35. Artisan Partners Asset Management has a 12-month low of $23.65 and a 12-month high of $40.62. The stock has a market cap of $1.16 billion, a PE ratio of 16.71 and a beta of 1.70.
Artisan Partners Asset Management (NYSE:APAM) last issued its earnings results on Monday, July 25th. The company reported $0.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.04. Artisan Partners Asset Management had a return on equity of 141.04% and a net margin of 9.80%. The firm earned $180.80 million during the quarter, compared to analysts’ expectations of $181.65 million. During the same quarter in the prior year, the company posted $0.74 earnings per share. Artisan Partners Asset Management’s quarterly revenue was down 14.5% compared to the same quarter last year. Equities research analysts expect that Artisan Partners Asset Management will post $2.14 EPS for the current year.
In other Artisan Partners Asset Management news, Director Stephanie Dimarco bought 1,078 shares of Artisan Partners Asset Management stock in a transaction that occurred on Wednesday, November 30th. The shares were bought at an average cost of $38.95 per share, with a total value of $41,988.10. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 40.29% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in APAM. UBS Group AG raised its position in shares of Artisan Partners Asset Management by 73.9% in the first quarter. UBS Group AG now owns 76,669 shares of the company’s stock worth $2,365,000 after buying an additional 32,578 shares in the last quarter. BlackRock Inc. raised its position in shares of Artisan Partners Asset Management by 345.4% in the first quarter. BlackRock Inc. now owns 4,980 shares of the company’s stock worth $154,000 after buying an additional 3,862 shares in the last quarter. Teachers Advisors Inc. raised its position in shares of Artisan Partners Asset Management by 68.1% in the first quarter. Teachers Advisors Inc. now owns 44,276 shares of the company’s stock worth $1,365,000 after buying an additional 17,935 shares in the last quarter. Credit Agricole S A purchased a new position in shares of Artisan Partners Asset Management during the first quarter worth $321,000. Finally, GSA Capital Partners LLP purchased a new position in shares of Artisan Partners Asset Management during the second quarter worth $812,000. 55.86% of the stock is currently owned by institutional investors and hedge funds.
About Artisan Partners Asset Management
Artisan Partners Asset Management Inc is an investment management firm focused on providing investment strategies to clients around the global. The Company’s operations are conducted through Artisan Partners Holdings LP and its subsidiaries. It operates in the investment management industry. The Company provides investment management services to separate accounts and mutual funds, and other pooled investment vehicles.
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