Millennium Management LLC Reduces Stake in Arthur J Gallagher & Co (NYSE:AJG)

Millennium Management LLC reduced its position in Arthur J Gallagher & Co (NYSE:AJG) by 45.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 254,410 shares of the financial services provider’s stock after selling 215,945 shares during the period. Millennium Management LLC owned about 0.14% of Arthur J Gallagher & Co worth $22,787,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of AJG. HM Payson & Co. purchased a new position in shares of Arthur J Gallagher & Co in the second quarter valued at $36,000. Commonwealth Bank of Australia grew its stake in Arthur J Gallagher & Co by 35.6% in the 2nd quarter. Commonwealth Bank of Australia now owns 480 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 126 shares during the last quarter. CSat Investment Advisory L.P. grew its stake in Arthur J Gallagher & Co by 106.5% in the 2nd quarter. CSat Investment Advisory L.P. now owns 537 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 277 shares during the last quarter. Bridger Capital Management LLC acquired a new stake in Arthur J Gallagher & Co in the 3rd quarter valued at about $52,000. Finally, Quest Capital Management Inc. ADV purchased a new position in Arthur J Gallagher & Co during the 3rd quarter valued at about $57,000. 82.73% of the stock is owned by hedge funds and other institutional investors.

In other news, Director Frank E. Jr. English sold 1,450 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $91.46, for a total value of $132,617.00. Following the completion of the transaction, the director now owns 7,150 shares of the company’s stock, valued at $653,939. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Susan E. Pietrucha sold 18,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $90.33, for a total transaction of $1,625,940.00. Following the transaction, the insider now directly owns 4,967 shares in the company, valued at approximately $448,669.11. The disclosure for this sale can be found here. Insiders have sold a total of 23,049 shares of company stock worth $2,089,665 over the last ninety days. 1.30% of the stock is owned by corporate insiders.

A number of equities analysts have issued reports on AJG shares. Royal Bank of Canada set a $91.00 target price on shares of Arthur J Gallagher & Co and gave the stock a “hold” rating in a research report on Friday, October 25th. SunTrust Banks increased their price target on shares of Arthur J Gallagher & Co from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Credit Suisse Group reiterated an “outperform” rating and issued a $93.00 price target (up from $88.00) on shares of Arthur J Gallagher & Co in a research report on Wednesday, August 7th. Barclays set a $107.00 price objective on shares of Arthur J Gallagher & Co and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, ValuEngine downgraded Arthur J Gallagher & Co from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $93.71.

Shares of NYSE:AJG opened at $92.23 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $17.40 billion, a P/E ratio of 25.84, a P/E/G ratio of 2.62 and a beta of 0.80. Arthur J Gallagher & Co has a 52-week low of $68.19 and a 52-week high of $93.59. The stock’s fifty day simple moving average is $91.01 and its 200-day simple moving average is $89.13.

Arthur J Gallagher & Co (NYSE:AJG) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.01. Arthur J Gallagher & Co had a return on equity of 14.38% and a net margin of 9.69%. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.81 billion. During the same quarter last year, the business posted $0.77 EPS. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Arthur J Gallagher & Co will post 3.63 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a $0.43 dividend. The ex-dividend date is Thursday, December 5th. This represents a $1.72 dividend on an annualized basis and a yield of 1.86%. Arthur J Gallagher & Co’s dividend payout ratio (DPR) is 49.86%.

Arthur J Gallagher & Co Company Profile

Arthur J. Gallagher & Co, together with its subsidiaries, provides insurance brokerage, consulting, and third party claims settlement and administration services to entities in the United States and internationally. Its Brokerage segment consists of retail and wholesale insurance brokerage operations.

Read More: Capital Gains Distribution

Institutional Ownership by Quarter for Arthur J Gallagher & Co (NYSE:AJG)

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