Omnicom Group Inc. (OMC) Shares Gap Up on Strong Earnings
Omnicom Group Inc. (NYSE:OMC)’s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $71.45, but opened at $73.93. Omnicom Group shares last traded at $75.59, with a volume of 5,737,431 shares changing hands.
The business services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.03. Omnicom Group had a net margin of 7.61% and a return on equity of 42.54%. The firm had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.69 billion. During the same quarter last year, the company earned $1.06 earnings per share. The company’s revenue was down 1.9% on a year-over-year basis.
A number of research firms have recently commented on OMC. Citigroup Inc. upgraded shares of Omnicom Group from a “sell” rating to a “neutral” rating in a research report on Wednesday, September 6th. Zacks Investment Research lowered shares of Omnicom Group from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Jefferies Group LLC restated a “hold” rating and issued a $82.00 price objective on shares of Omnicom Group in a research report on Thursday, September 21st. Royal Bank Of Canada set a $96.00 price objective on shares of Omnicom Group and gave the company a “buy” rating in a research report on Tuesday, June 20th. Finally, BidaskClub lowered shares of Omnicom Group from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $84.14.
In other Omnicom Group news, Treasurer Dennis E. Hewitt sold 900 shares of Omnicom Group stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $79.11, for a total transaction of $71,199.00. Following the completion of the sale, the treasurer now directly owns 44,161 shares in the company, valued at $3,493,576.71. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Linda Johnson Rice sold 483 shares of Omnicom Group stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $82.19, for a total transaction of $39,697.77. Following the sale, the director now owns 7,724 shares of the company’s stock, valued at $634,835.56. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.
A number of institutional investors have recently made changes to their positions in OMC. Parallel Advisors LLC lifted its position in Omnicom Group by 8.7% during the second quarter. Parallel Advisors LLC now owns 1,300 shares of the business services provider’s stock valued at $102,000 after purchasing an additional 104 shares during the last quarter. Dupont Capital Management Corp bought a new stake in Omnicom Group during the second quarter valued at approximately $104,000. Acrospire Investment Management LLC bought a new stake in Omnicom Group during the second quarter valued at approximately $149,000. Invictus RG lifted its position in Omnicom Group by 1,098.2% during the first quarter. Invictus RG now owns 1,977 shares of the business services provider’s stock valued at $170,000 after purchasing an additional 1,812 shares during the last quarter. Finally, FNY Partners Fund LP lifted its position in Omnicom Group by 46.7% during the first quarter. FNY Partners Fund LP now owns 2,200 shares of the business services provider’s stock valued at $189,000 after purchasing an additional 700 shares during the last quarter. Institutional investors and hedge funds own 98.57% of the company’s stock.
The company has a market capitalization of $17.44 billion, a price-to-earnings ratio of 15.26 and a beta of 1.28. The stock’s 50 day moving average is $73.93 and its 200 day moving average is $79.93.
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Omnicom Group Company Profile
Omnicom Group Inc is a holding company. The Company provides advertising, marketing and corporate communications services. The Company’s branded networks and agencies operate in all markets around the world and provide a range of services, which it groups into four disciplines: advertising, customer relationship management (CRM), public relations and specialty communications.
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