Fortress Investment Group LLC (FIG) Given Average Rating of “Hold” by Brokerages
Shares of Fortress Investment Group LLC (NYSE:FIG) have earned an average rating of “Hold” from the six brokerages that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $6.00.
FIG has been the topic of several research reports. BidaskClub cut Fortress Investment Group from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Zacks Investment Research cut Fortress Investment Group from a “hold” rating to a “sell” rating in a research note on Tuesday.
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Large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in Fortress Investment Group by 1,616,757.3% in the first quarter. JPMorgan Chase & Co. now owns 12,304,284 shares of the asset manager’s stock valued at $97,819,000 after buying an additional 12,303,523 shares during the last quarter. Bank of Montreal Can purchased a new stake in Fortress Investment Group during the first quarter valued at approximately $5,168,000. Lapides Asset Management LLC boosted its stake in Fortress Investment Group by 45.9% in the first quarter. Lapides Asset Management LLC now owns 27,000 shares of the asset manager’s stock valued at $215,000 after buying an additional 8,500 shares during the last quarter. Two Sigma Securities LLC purchased a new stake in Fortress Investment Group during the first quarter valued at approximately $205,000. Finally, NINE MASTS CAPITAL Ltd purchased a new stake in Fortress Investment Group during the first quarter valued at approximately $7,988,000. Hedge funds and other institutional investors own 43.45% of the company’s stock.
Shares of Fortress Investment Group (NYSE:FIG) traded down 0.50% during trading on Friday, reaching $7.96. 3,449,676 shares of the company traded hands. The stock has a market cap of $1.75 billion, a P/E ratio of 20.15 and a beta of 1.95. The stock’s 50 day moving average price is $8.01 and its 200-day moving average price is $7.72. Fortress Investment Group has a 12 month low of $4.50 and a 12 month high of $8.05.
Fortress Investment Group (NYSE:FIG) last released its earnings results on Thursday, August 3rd. The asset manager reported $0.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.02. The firm had revenue of $246.99 million for the quarter. Fortress Investment Group had a return on equity of 38.79% and a net margin of 10.61%. On average, equities research analysts expect that Fortress Investment Group will post $0.74 EPS for the current fiscal year.
About Fortress Investment Group
Fortress Investment Group LLC (Fortress) is an investment management firm. The Company operates through segments, including private equity funds, permanent capital vehicles, credit hedge funds, credit PE funds, liquid hedge funds and Logan Circle. Its business is to sponsor the formation of, and provide investment management services for, various investment funds, permanent capital vehicles and related managed accounts (the Fortress Funds).
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