Zacks Investment Research Lowers Fortress Investment Group LLC (FIG) to Sell
According to Zacks, “FORTRESS INVESTMENT Group is a leading global alternative asset manager with approximately $34.2 billion in assets under management as of March 31, 2008. Fortress is headquartered in New York and has affiliates with offices in Chicago, Dallas, Frankfurt, Geneva, Hong Kong, London, Los Angeles, Munich, New Canaan, Rome, San Francisco, San Diego, Sydney, Tokyo and Toronto.Fortress raises, invests and manages private equity funds and hedge funds. Fortress intends to grow its existing businesses, while continuing to create innovative products to meet the increasing demand by sophisticated investors for superior risk-adjusted investment returns. “
Separately, Keefe, Bruyette & Woods cut Fortress Investment Group from an outperform rating to a market perform rating and dropped their target price for the company from $6.50 to $5.50 in a report on Monday, July 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. The company has an average rating of Hold and an average price target of $6.71.
Fortress Investment Group (NYSE:FIG) opened at 5.05 on Thursday. The firm has a 50-day moving average price of $5.03 and a 200 day moving average price of $4.90. Fortress Investment Group has a 1-year low of $3.87 and a 1-year high of $6.29. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 71.13 and a beta of 1.89.
Fortress Investment Group (NYSE:FIG) last issued its earnings results on Thursday, July 28th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.08. The company earned $232 million during the quarter, compared to analysts’ expectations of $235.83 million. The firm’s quarterly revenue was down 24.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.30 earnings per share. On average, equities research analysts anticipate that Fortress Investment Group will post $0.71 EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its position in Fortress Investment Group by 37.2% in the second quarter. Tower Research Capital LLC TRC now owns 24,029 shares of the company’s stock valued at $106,000 after buying an additional 6,514 shares during the last quarter. National Asset Management Inc. raised its position in Fortress Investment Group by 25.8% in the second quarter. National Asset Management Inc. now owns 24,900 shares of the company’s stock valued at $111,000 after buying an additional 5,100 shares during the last quarter. Stifel Financial Corp purchased a new position in Fortress Investment Group during the second quarter valued at about $149,000. Acrospire Investment Management LLC raised its position in Fortress Investment Group by 781.9% in the second quarter. Acrospire Investment Management LLC now owns 34,401 shares of the company’s stock valued at $152,000 after buying an additional 30,500 shares during the last quarter. Finally, Williams Jones & Associates LLC purchased a new position in Fortress Investment Group during the second quarter valued at about $159,000.
About Fortress Investment Group
Fortress Investment Group LLC (Fortress) is an investment management firm with approximately $70.5 billion in assets under management (AUM). The Company operates through segments, including private equity funds, permanent capital vehicles, credit hedge funds, credit PE funds, liquid hedge funds and Logan Circle.
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