Affiliated Managers Group Inc. (AMG) Rating Lowered to Hold at Zacks Investment Research
Affiliated Managers Group Inc. (NYSE:AMG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Affiliated Managers has a positive record of earnings surprises in the recent quarters. Also, the estimates have been rising ahead of the company’s third-quarter 2016 earnings release. 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. Further, given its strong balance sheet and liquidity position, the company has considerable capabilities to invest in other firms. However, the company’s one of the major concerns is the continuous increase in expenses due to investment in affiliates. Further, intangible assets form a substantial part of the balance sheet and hence the company faces the risk of impairment.”
AMG has been the subject of a number of other reports. Deutsche Bank AG increased their price target on Affiliated Managers Group from $186.00 to $188.00 and gave the stock a “buy” rating in a report on Wednesday, October 5th. Credit Suisse Group AG reiterated an “outperform” rating and set a $212.00 price target on shares of Affiliated Managers Group in a report on Thursday, September 8th. Capital One Financial Corp. reiterated a “buy” rating and set a $188.00 price target on shares of Affiliated Managers Group in a report on Wednesday, October 5th. Jefferies Group lowered their price target on Affiliated Managers Group from $197.00 to $195.00 and set a “buy” rating for the company in a report on Monday, July 11th. Finally, TheStreet cut Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Friday, June 24th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $179.75.
Affiliated Managers Group (NYSE:AMG) opened at 142.63 on Wednesday. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of 16.59 and a beta of 1.56. Affiliated Managers Group has a 1-year low of $115.97 and a 1-year high of $190.74. The firm has a 50-day moving average price of $145.04 and a 200 day moving average price of $153.34.
Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings results on Monday, August 1st. The company reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $3.01 by $0.05. The business earned $646.60 million during the quarter, compared to analysts’ expectations of $565.16 million. Affiliated Managers Group had a return on equity of 18.39% and a net margin of 20.47%. The company’s revenue was down 14.3% compared to the same quarter last year. During the same period in the prior year, the business posted $3.08 EPS. On average, equities research analysts anticipate that Affiliated Managers Group will post $12.85 EPS for the current fiscal year.
Several large investors have recently modified their holdings of the company. Atlanta Capital Management Co. L L C raised its stake in shares of 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 valued at $278,601,000 after buying an additional 500,978 shares during the period. Marshall Wace LLP raised its stake in shares of Affiliated Managers Group by 107.3% in the second quarter. Marshall Wace LLP now owns 602,691 shares of the company’s stock valued at $84,841,000 after buying an additional 311,991 shares during the period. Emerald Acquisition Ltd. acquired a new stake in shares of Affiliated Managers Group during the second quarter valued at $40,476,000. Fiera Capital Corp acquired a new stake in shares of Affiliated Managers Group during the second quarter valued at $26,068,000. Finally, Junto Capital Management LP acquired a new stake in shares of Affiliated Managers Group during the first quarter valued at $23,903,000.
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.
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