ManpowerGroup Inc. (MAN) Rating Increased to Buy at Zacks Investment Research
ManpowerGroup Inc. (NYSE:MAN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $76.00 price target on the stock. Zacks Investment Research’s target price points to a potential upside of 9.81% from the company’s previous close.
According to Zacks, “ManpowerGroup’s brand value, wide range of services and strong global network reinforces its dominant position in the market. Management continues to believe that global recovery is on track but at a slow and uneven pace. As a result, management is focusing on internal drivers like disciplined pricing and tough control on productivity to ensure uninterrupted profitability. This led the company to post better-than-expected bottom-line results in past 10 quarters. ManpowerGroup expects third-quarter earnings per share in the range of $1.66–$1.74. However, on the revenue front, the company continues to struggle and missed the estimate in the four straight quarters. The strengthening U.S. dollar will continue to affect ManpowerGroup’s quarterly performance as the international markets contribute nearly 85% of its revenues. More importantly, the U.K.’s exit from EU will have an impact on business.”
Other equities analysts have also issued reports about the stock. Argus restated a “buy” rating and issued a $78.00 price objective on shares of ManpowerGroup in a research report on Monday, July 25th. Barclays PLC lowered shares of ManpowerGroup from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $85.00 to $65.00 in a research report on Friday, July 1st. BMO Capital Markets restated a “buy” rating on shares of ManpowerGroup in a research report on Monday, June 27th. Deutsche Bank AG began coverage on shares of ManpowerGroup in a research report on Wednesday, August 17th. They issued a “hold” rating and a $77.00 price objective for the company. Finally, Bank of America Corp. restated a “buy” rating on shares of ManpowerGroup in a research report on Friday, June 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $83.83.
ManpowerGroup (NYSE:MAN) opened at 69.21 on Tuesday. The firm has a 50-day moving average of $69.96 and a 200 day moving average of $74.10. The firm has a market capitalization of $4.74 billion, a PE ratio of 11.83 and a beta of 1.87. ManpowerGroup has a 12 month low of $57.26 and a 12 month high of $93.34.
ManpowerGroup (NYSE:MAN) last posted its earnings results on Thursday, July 21st. The company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.08. The firm earned $5 billion during the quarter, compared to the consensus estimate of $5.06 billion. ManpowerGroup had a net margin of 2.23% and a return on equity of 17.19%. The company’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the company earned $1.33 earnings per share. Equities research analysts forecast that ManpowerGroup will post $5.90 earnings per share for the current year.
In related news, EVP Handel Michael J. Van sold 31,855 shares of ManpowerGroup stock in a transaction on Friday, July 29th. The shares were sold at an average price of $69.77, for a total value of $2,222,523.35. Following the transaction, the executive vice president now directly owns 31,378 shares of the company’s stock, valued at $2,189,243.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Handel Michael J. Van sold 57,348 shares of ManpowerGroup stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $70.13, for a total transaction of $4,021,815.24. Following the completion of the transaction, the executive vice president now directly owns 40,931 shares in the company, valued at $2,870,491.03. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of MAN. Vanguard Group Inc. increased its position in shares of ManpowerGroup by 2.7% in the second quarter. Vanguard Group Inc. now owns 5,425,307 shares of the company’s stock valued at $349,065,000 after buying an additional 140,616 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of ManpowerGroup by 7.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,886,655 shares of the company’s stock valued at $185,727,000 after buying an additional 199,359 shares during the last quarter. State Street Corp increased its position in shares of ManpowerGroup by 10.1% in the second quarter. State Street Corp now owns 2,687,676 shares of the company’s stock valued at $172,925,000 after buying an additional 246,017 shares during the last quarter. BlackRock Fund Advisors increased its position in shares of ManpowerGroup by 2.9% in the second quarter. BlackRock Fund Advisors now owns 2,466,971 shares of the company’s stock valued at $158,725,000 after buying an additional 70,360 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of ManpowerGroup by 14.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,320,664 shares of the company’s stock valued at $84,959,000 after buying an additional 169,657 shares during the last quarter. 95.10% of the stock is currently owned by institutional investors.
ManpowerGroup Inc is a provider of workforce solutions and services. The Company’s segments include Americas, Southern Europe, Northern Europe, Asia Pacific Middle East (APME), Right Management and Corporate. The Company’s Americas segment includes operations in the United States and Other Americas. Its Southern Europe segment includes operations in France, Italy and Other Southern Europe.
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