OM Asset Management (NYSE:OMAM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage presently has a $19.00 target price on the asset manager’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.56% from the company’s current price.
According to Zacks, “OM Asset Management plc operates as a multi-boutique asset management company. It provides its services to individuals and institutions. The Company offers products in domestic and international equities, fixed income, and alternative investments, such as timber and real estate. OM Asset Management plc is based Boston, Massachusetts. “
A number of other brokerages also recently issued reports on OMAM. ValuEngine upgraded OM Asset Management from a “hold” rating to a “buy” rating in a research report on Thursday, November 2nd. Royal Bank of Canada set a $20.00 price target on OM Asset Management and gave the company a “buy” rating in a research report on Saturday, December 16th. BidaskClub upgraded OM Asset Management from a “sell” rating to a “hold” rating in a research report on Thursday, October 5th. Citigroup lifted their price target on OM Asset Management from $18.50 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 3rd. Finally, TheStreet upgraded OM Asset Management from a “d” rating to a “c” rating in a research report on Monday, October 9th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. OM Asset Management has an average rating of “Buy” and an average price target of $18.75.
OM Asset Management (NYSE:OMAM) last issued its quarterly earnings results on Thursday, November 2nd. The asset manager reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. The firm had revenue of $228.20 million during the quarter, compared to the consensus estimate of $220.50 million. OM Asset Management had a return on equity of 114.45% and a net margin of 9.49%. The company’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter last year, the company posted $0.32 EPS. sell-side analysts forecast that OM Asset Management will post 1.58 earnings per share for the current year.
In related news, EVP Linda T. Gibson sold 46,357 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $16.46, for a total value of $763,036.22. Following the completion of the sale, the executive vice president now owns 146,193 shares in the company, valued at approximately $2,406,336.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Joseph Ritchie sold 7,900 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $16.12, for a total value of $127,348.00. Following the completion of the sale, the director now owns 18,372 shares of the company’s stock, valued at approximately $296,156.64. The disclosure for this sale can be found here. Insiders sold a total of 56,257 shares of company stock valued at $922,264 in the last 90 days. 1.48% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in OMAM. Citadel Advisors LLC increased its stake in OM Asset Management by 9,568.1% in the 2nd quarter. Citadel Advisors LLC now owns 1,726,920 shares of the asset manager’s stock worth $25,662,000 after purchasing an additional 1,709,058 shares during the period. Voya Investment Management LLC increased its stake in OM Asset Management by 127.4% in the 2nd quarter. Voya Investment Management LLC now owns 2,774,790 shares of the asset manager’s stock worth $41,233,000 after purchasing an additional 1,554,720 shares during the period. Renaissance Technologies LLC purchased a new position in OM Asset Management in the 2nd quarter worth approximately $18,212,000. Thrivent Financial For Lutherans purchased a new position in OM Asset Management in the 2nd quarter worth approximately $14,219,000. Finally, JPMorgan Chase & Co. increased its stake in OM Asset Management by 111.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,061,433 shares of the asset manager’s stock worth $15,773,000 after purchasing an additional 558,711 shares during the period. 64.94% of the stock is currently owned by institutional investors and hedge funds.
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OM Asset Management Company Profile
OM Asset Management plc is a global, diversified, multi-boutique asset management company. As of December 31, 2016, the Company operated its business through its eight Affiliates, each of which operated autonomously and employed its own investment processes. Its Affiliates include Acadian Asset Management LLC; Barrow, Hanley, Mewhinney & Strauss, LLC; Campbell Global, LLC; Copper Rock Capital Partners LLC; Heitman LLC; Investment Counselors of Maryland, LLC; Landmark Partners, LLC, and Thompson, Siegel & Walmsley LLC.
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