Affiliated Managers Group (NYSE:AMG) had its target price lifted by research analysts at Barrington Research to $240.00 in a research report issued on Tuesday, The Fly reports. The firm currently has an “outperform” rating on the asset manager’s stock. Barrington Research’s target price indicates a potential upside of 15.94% from the stock’s previous close. The analysts noted that the move was a valuation call.
Several other equities research analysts have also commented on the stock. Citigroup boosted their target price on shares of Affiliated Managers Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday. Credit Suisse Group restated a “hold” rating and set a $215.00 target price on shares of Affiliated Managers Group in a research report on Friday, January 12th. Zacks Investment Research upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating and set a $225.00 target price on the stock in a research report on Tuesday, January 9th. Goldman Sachs Group lowered shares of Affiliated Managers Group from a “buy” rating to a “neutral” rating and set a $216.00 target price on the stock. in a research report on Tuesday, January 9th. Finally, Jefferies Group restated a “buy” rating and set a $226.00 target price on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Affiliated Managers Group presently has a consensus rating of “Buy” and a consensus target price of $224.13.
Shares of Affiliated Managers Group (AMG) traded down $2.20 during midday trading on Tuesday, hitting $207.01. 269,492 shares of the company’s stock traded hands, compared to its average volume of 315,217. The stock has a market cap of $11,630.00, a price-to-earnings ratio of 17.14, a P/E/G ratio of 0.76 and a beta of 1.71. Affiliated Managers Group has a 52 week low of $148.81 and a 52 week high of $216.99. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.24.
Affiliated Managers Group announced that its board has approved a stock repurchase program on Monday, January 29th that allows the company to repurchase 3,400,000 outstanding shares. This repurchase authorization allows the asset manager to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In related news, CEO Sean M. Healey sold 69,800 shares of the business’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $185.48, for a total value of $12,946,504.00. Following the sale, the chief executive officer now directly owns 194,943 shares in the company, valued at approximately $36,158,027.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dwight D. Churchill sold 2,080 shares of the business’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $184.28, for a total transaction of $383,302.40. Following the completion of the sale, the director now owns 6,104 shares in the company, valued at $1,124,845.12. The disclosure for this sale can be found here. Insiders sold a total of 89,585 shares of company stock worth $16,734,012 over the last quarter. Insiders own 1.40% of the company’s stock.
A number of hedge funds have recently made changes to their positions in AMG. The Manufacturers Life Insurance Company raised its stake in Affiliated Managers Group by 60.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,591,358 shares of the asset manager’s stock valued at $595,663,000 after purchasing an additional 1,359,805 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its stake in Affiliated Managers Group by 156.0% in the 3rd quarter. Amundi Pioneer Asset Management Inc. now owns 714,516 shares of the asset manager’s stock valued at $135,637,000 after purchasing an additional 435,440 shares during the last quarter. Janus Henderson Group PLC raised its stake in Affiliated Managers Group by 333.2% in the 2nd quarter. Janus Henderson Group PLC now owns 518,866 shares of the asset manager’s stock valued at $86,059,000 after purchasing an additional 399,083 shares during the last quarter. Jane Street Group LLC raised its stake in Affiliated Managers Group by 101.1% in the 3rd quarter. Jane Street Group LLC now owns 3,939 shares of the asset manager’s stock valued at $748,000 after purchasing an additional 366,268 shares during the last quarter. Finally, FMR LLC raised its stake in Affiliated Managers Group by 33.8% in the 2nd quarter. FMR LLC now owns 1,146,357 shares of the asset manager’s stock valued at $190,134,000 after purchasing an additional 289,885 shares during the last quarter. 95.73% of the stock is owned by hedge funds and other institutional investors.
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About Affiliated Managers Group
Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities.
