Mirae Asset Global Investments Co. Ltd. Raises Stock Position in SEI Investments (NASDAQ:SEIC)

Mirae Asset Global Investments Co. Ltd. lifted its position in SEI Investments (NASDAQ:SEIC – Get Rating) by 3.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 46,969 shares of the asset manager’s stock after buying an additional 1,359 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in SEI Investments were worth $2,738,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CIBC Asset Management Inc boosted its stake in SEI Investments by 38.0% in the 3rd quarter. CIBC Asset Management Inc now owns 8,596 shares of the asset manager’s stock worth $422,000 after purchasing an additional 2,368 shares in the last quarter. CWM LLC boosted its stake in SEI Investments by 0.9% in the 4th quarter. CWM LLC now owns 79,040 shares of the asset manager’s stock worth $4,608,000 after purchasing an additional 667 shares in the last quarter. Ergoteles LLC acquired a new stake in SEI Investments in the 3rd quarter worth approximately $379,000. Nordea Investment Management AB boosted its stake in SEI Investments by 6.6% in the 4th quarter. Nordea Investment Management AB now owns 10,619 shares of the asset manager’s stock worth $618,000 after purchasing an additional 655 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in SEI Investments by 2.5% in the 4th quarter. Bank of Montreal Can now owns 104,220 shares of the asset manager’s stock worth $6,424,000 after purchasing an additional 2,576 shares in the last quarter. Hedge funds and other institutional investors own 69.45% of the company’s stock.

SEI Investments Price Performance

SEIC opened at $57.13 on Friday. The firm has a fifty day moving average price of $57.55 and a 200 day moving average price of $59.48. SEI Investments has a 1 year low of $46.30 and a 1 year high of $64.69. The stock has a market cap of $7.62 billion, a P/E ratio of 19.84, a P/E/G ratio of 1.42 and a beta of 1.01.

SEI Investments (NASDAQ:SEIC – Get Rating) last issued its quarterly earnings results on Thursday, April 20th. The asset manager reported $0.79 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.03). The company had revenue of $469.12 million during the quarter, compared to analysts’ expectations of $468.79 million. SEI Investments had a return on equity of 22.29% and a net margin of 20.88%. SEI Investments’s revenue was down 19.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.36 EPS. Equities analysts expect that SEI Investments will post 3.38 EPS for the current year.

SEI Investments declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 18th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the asset manager to buy up to 3.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. StockNews.com assumed coverage on shares of SEI Investments in a research note on Thursday, May 18th. They set a “hold” rating for the company. Oppenheimer restated an “outperform” rating and set a $68.00 price objective on shares of SEI Investments in a research note on Tuesday, April 4th. Piper Sandler assumed coverage on shares of SEI Investments in a research note on Wednesday, March 29th. They set a “neutral” rating and a $60.00 price objective for the company. Finally, Morgan Stanley lifted their price objective on shares of SEI Investments from $54.00 to $58.00 and gave the company an “underweight” rating in a research note on Monday, April 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, SEI Investments presently has a consensus rating of “Hold” and a consensus price target of $60.80.

Insider Buying and Selling

In other news, Chairman Alfred P. West, Jr. sold 65,900 shares of the company’s stock in a transaction on Monday, March 27th. The shares were sold at an average price of $55.45, for a total transaction of $3,654,155.00. Following the completion of the sale, the chairman now owns 8,583,787 shares of the company’s stock, valued at $475,970,989.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Chairman Alfred P. West, Jr. sold 65,900 shares of the company’s stock in a transaction on Monday, March 27th. The shares were sold at an average price of $55.45, for a total transaction of $3,654,155.00. Following the completion of the sale, the chairman now owns 8,583,787 shares of the company’s stock, valued at $475,970,989.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Alfred P. West, Jr. sold 36,462 shares of the company’s stock in a transaction on Thursday, March 23rd. The stock was sold at an average price of $55.40, for a total transaction of $2,019,994.80. Following the sale, the chairman now directly owns 8,749,687 shares of the company’s stock, valued at approximately $484,732,659.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,021 shares of company stock valued at $6,551,993. 25.40% of the stock is owned by corporate insiders.

SEI Investments Company Profile

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SEI Investments Co engages in the provision of investment processing, investment management and investment operations platforms. It operates through the following business segments: Private Banks, Investment Advisors, Institutional Investors, Investment Managers, and Investments in New Businesses. The Private Banks segment provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers and financial advisors worldwide.