Affiliated Managers Group Inc. (AMG) Cut to “Sell” at Zacks Investment Research
According to Zacks, “Affiliated Managers’ mounting expenses are expected to hurt the company’s bottom line as the company continues to invest in affiliates. Further, intangible assets, which form a substantial part of its balance sheet, face the risk of impairment. Moreover, high debt level can restrict the company from procuring additional finance and might drag it into a relatively disadvantageous position. Nonetheless, the company remains well positioned based on successful partnerships and global distribution capability along with a diverse product mix and initiatives undertaken to strengthen the retail market operations.”
Other equities analysts have also issued reports about the company. Deutsche Bank AG reiterated a buy rating on shares of Affiliated Managers Group in a research note on Sunday, June 26th. Keefe, Bruyette & Woods dropped their target price on Affiliated Managers Group from $215.00 to $196.00 and set an outperform rating for the company in a research note on Tuesday, August 2nd. Jefferies Group dropped their target price on Affiliated Managers Group from $197.00 to $195.00 and set a buy rating for the company in a research note on Monday, July 11th. TheStreet lowered Affiliated Managers Group from a buy rating to a hold rating in a research note on Friday, June 24th. Finally, Credit Suisse Group AG restated a buy rating and set a $238.00 price target on shares of Affiliated Managers Group in a research note on Wednesday, June 8th. One analyst has rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Affiliated Managers Group currently has an average rating of Buy and a consensus target price of $180.55.
Shares of Affiliated Managers Group (NYSE:AMG) opened at 147.29 on Tuesday. Affiliated Managers Group has a 12 month low of $115.97 and a 12 month high of $190.74. The firm has a market cap of $7.93 billion, a price-to-earnings ratio of 17.13 and a beta of 1.55. The stock’s 50 day moving average price is $143.53 and its 200 day moving average price is $154.17.
Affiliated Managers Group (NYSE:AMG) last released its earnings results on Monday, August 1st. The company reported $3.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.01 by $0.05. The firm earned $646.60 million during the quarter, compared to analyst estimates of $565.16 million. Affiliated Managers Group had a return on equity of 18.39% and a net margin of 20.47%. The business’s quarterly revenue was down 14.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.08 earnings per share. Equities research analysts predict that Affiliated Managers Group will post $12.86 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMG. Commonwealth Equity Services Inc purchased a new position in Affiliated Managers Group during the first quarter worth approximately $449,000. Chevy Chase Trust Holdings Inc. increased its position in Affiliated Managers Group by 0.9% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 45,968 shares of the company’s stock worth $6,471,000 after buying an additional 411 shares in the last quarter. Atlanta Capital Management Co. L L C increased its position in Affiliated Managers Group by 41.2% in the first quarter. Atlanta Capital Management Co. L L C now owns 1,715,527 shares of the company’s stock worth $278,601,000 after buying an additional 500,978 shares in the last quarter. Ferguson Wellman Capital Management Inc. increased its position in Affiliated Managers Group by 4.8% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 70,250 shares of the company’s stock worth $9,889,000 after buying an additional 3,195 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. increased its position in Affiliated Managers Group by 285.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 31,853 shares of the company’s stock worth $4,484,000 after buying an additional 23,585 shares in the last quarter. 96.68% of the stock is currently 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 (Affiliates). The Company is focused on investing in the boutique investment management firms globally, including traditional, alternative and wealth management firms, specializing in an array of active return-oriented investment strategies.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Affiliated Managers Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Affiliated Managers Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.