Affiliated Managers Group (NYSE:AMG) had its price objective lifted by stock analysts at Citigroup from $250.00 to $260.00 in a report issued on Tuesday. The brokerage currently has a “buy” rating on the asset manager’s stock. Citigroup’s price target suggests a potential upside of 27.94% from the company’s current price.
Several other brokerages also recently issued reports on AMG. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $229.00 price target on shares of Affiliated Managers Group in a report on Thursday, October 12th. Zacks Investment Research upgraded Affiliated Managers Group from a “hold” rating to a “buy” rating and set a $213.00 price target for the company in a report on Monday, October 2nd. Jefferies Group reiterated a “buy” rating and issued a $226.00 price target on shares of Affiliated Managers Group in a report on Thursday, October 12th. Credit Suisse Group downgraded Affiliated Managers Group from an “outperform” rating to a “neutral” rating and set a $220.00 price target for the company. in a report on Wednesday, January 3rd. Finally, Goldman Sachs Group downgraded Affiliated Managers Group from a “buy” rating to a “neutral” rating and set a $216.00 price target for the company. in a report on Tuesday, January 9th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $224.13.
Affiliated Managers Group (AMG) traded down $5.99 during mid-day trading on Tuesday, hitting $203.22. The stock had a trading volume of 761,698 shares, compared to its average volume of 298,271. The firm has a market cap of $11,300.00, a P/E ratio of 16.84, a price-to-earnings-growth ratio of 0.76 and a beta of 1.71. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24. Affiliated Managers Group has a 1-year low of $143.07 and a 1-year high of $216.99.
Affiliated Managers Group announced that its Board of Directors has initiated a stock repurchase plan on Monday, January 29th that authorizes the company to repurchase 3,400,000 shares. This repurchase authorization authorizes the asset manager to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
In other Affiliated Managers Group news, insider Peter W. Macewen sold 10,000 shares of the company’s stock in a transaction dated Tuesday, December 5th. The shares were sold at an average price of $197.67, for a total value of $1,976,700.00. Following the completion of the transaction, the insider now directly owns 37,682 shares of the company’s stock, valued at approximately $7,448,600.94. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Patrick T. Ryan sold 7,705 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $185.27, for a total transaction of $1,427,505.35. Following the completion of the transaction, the director now directly owns 6,797 shares of the company’s stock, valued at $1,259,280.19. The disclosure for this sale can be found here. Over the last three months, insiders sold 89,585 shares of company stock valued at $16,734,012. 1.40% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of AMG. FMR LLC boosted its position 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 buying an additional 289,885 shares during the last quarter. Nordea Investment Management AB boosted its position in Affiliated Managers Group by 68.6% in the 2nd quarter. Nordea Investment Management AB now owns 11,323 shares of the asset manager’s stock valued at $1,878,000 after buying an additional 4,606 shares during the last quarter. Advisor Group Inc. boosted its position in Affiliated Managers Group by 46.2% in the 2nd quarter. Advisor Group Inc. now owns 722 shares of the asset manager’s stock valued at $120,000 after buying an additional 228 shares during the last quarter. Renaissance Technologies LLC purchased a new position in Affiliated Managers Group in the 2nd quarter valued at about $12,766,000. Finally, Dimensional Fund Advisors LP boosted its position in Affiliated Managers Group by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 295,233 shares of the asset manager’s stock valued at $48,967,000 after buying an additional 767 shares during the last quarter. 95.73% of the stock is owned by institutional investors.
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.
