Fortress Investment Group LLC (NYSE: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 research report issued to clients and investors on Tuesday.
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, BidaskClub raised Fortress Investment Group from a “hold” rating to a “buy” rating in a research report on Friday, June 23rd. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $5.83.
Fortress Investment Group (NYSE FIG) traded up 0.13% during mid-day trading on Tuesday, reaching $7.99. The company had a trading volume of 3,643,098 shares. The stock’s 50-day moving average is $8.01 and its 200 day moving average is $7.62. The firm has a market capitalization of $1.74 billion, a P/E ratio of 20.65 and a beta of 1.95. Fortress Investment Group has a 12 month low of $4.50 and a 12 month high of $8.05.
Fortress Investment Group (NYSE:FIG) last issued its earnings results on Thursday, August 3rd. The asset manager reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.02. Fortress Investment Group had a return on equity of 38.79% and a net margin of 10.61%. The company had revenue of $246.99 million for the quarter. On average, analysts predict that Fortress Investment Group will post $0.74 earnings per share for the current fiscal year.
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Several hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in Fortress Investment Group by 1,616,757.3% in the first quarter. JPMorgan Chase & Co. now owns 12,304,284 shares of the asset manager’s stock valued at $97,819,000 after buying an additional 12,303,523 shares during the period. Goldman Sachs Group Inc. increased its stake in Fortress Investment Group by 872.9% in the first quarter. Goldman Sachs Group Inc. now owns 9,802,781 shares of the asset manager’s stock valued at $77,932,000 after buying an additional 8,795,161 shares during the period. Credit Suisse AG increased its stake in Fortress Investment Group by 1,146.9% in the first quarter. Credit Suisse AG now owns 8,794,158 shares of the asset manager’s stock valued at $69,914,000 after buying an additional 8,088,872 shares during the period. York Capital Management Global Advisors LLC bought a new stake in Fortress Investment Group during the first quarter valued at about $53,719,000. Finally, Bank of America Corp DE increased its stake in Fortress Investment Group by 1,599.3% in the first quarter. Bank of America Corp DE now owns 6,504,646 shares of the asset manager’s stock valued at $51,712,000 after buying an additional 6,121,865 shares during the period. Institutional investors own 43.45% of the company’s stock.
About Fortress Investment Group
Fortress Investment Group LLC (Fortress) is an investment management firm. The Company operates through segments, including private equity funds, permanent capital vehicles, credit hedge funds, credit PE funds, liquid hedge funds and Logan Circle. Its business is to sponsor the formation of, and provide investment management services for, various investment funds, permanent capital vehicles and related managed accounts (the Fortress Funds).
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