Eastern Bank Buys Shares of 3,260 Omnicom Group Inc. (NYSE:OMC)

Eastern Bank acquired a new position in Omnicom Group Inc. (NYSE:OMC) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 3,260 shares of the business services provider’s stock, valued at approximately $337,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Boston Trust Walden Corp lifted its stake in Omnicom Group by 8.2% during the second quarter. Boston Trust Walden Corp now owns 186,431 shares of the business services provider’s stock worth $16,723,000 after purchasing an additional 14,153 shares in the last quarter. Norden Group LLC acquired a new position in Omnicom Group in the 1st quarter valued at about $1,860,000. Central Pacific Bank Trust Division increased its stake in Omnicom Group by 16.3% during the third quarter. Central Pacific Bank Trust Division now owns 2,856 shares of the business services provider’s stock worth $295,000 after purchasing an additional 401 shares during the period. Mediolanum International Funds Ltd purchased a new position in shares of Omnicom Group in the first quarter valued at approximately $1,534,000. Finally, SG Americas Securities LLC boosted its stake in shares of Omnicom Group by 37.0% in the second quarter. SG Americas Securities LLC now owns 64,481 shares of the business services provider’s stock valued at $5,784,000 after purchasing an additional 17,414 shares during the period. Hedge funds and other institutional investors own 91.97% of the company’s stock.

Insider Activity at Omnicom Group

In other Omnicom Group news, VP Rochelle M. Tarlowe sold 3,000 shares of Omnicom Group stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $99.17, for a total transaction of $297,510.00. Following the transaction, the vice president now owns 15,375 shares of the company’s stock, valued at $1,524,738.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO Andrew Castellaneta sold 4,000 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $105.29, for a total transaction of $421,160.00. Following the completion of the sale, the chief accounting officer now owns 23,545 shares in the company, valued at approximately $2,479,053.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Rochelle M. Tarlowe sold 3,000 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $99.17, for a total value of $297,510.00. Following the completion of the transaction, the vice president now owns 15,375 shares in the company, valued at $1,524,738.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Omnicom Group from $118.00 to $119.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Macquarie boosted their target price on Omnicom Group from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. UBS Group increased their price target on Omnicom Group from $120.00 to $124.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Barclays boosted their price objective on Omnicom Group from $110.00 to $121.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Bank of America raised their target price on shares of Omnicom Group from $87.00 to $89.00 and gave the company an “underperform” rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Omnicom Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.11.

Omnicom Group Stock Down 0.3 %

Shares of NYSE:OMC opened at $100.72 on Thursday. The firm has a 50 day simple moving average of $100.75 and a 200-day simple moving average of $95.44. Omnicom Group Inc. has a twelve month low of $73.58 and a twelve month high of $106.51. The company has a current ratio of 0.93, a quick ratio of 0.81 and a debt-to-equity ratio of 1.31. The company has a market capitalization of $19.72 billion, a PE ratio of 13.61, a P/E/G ratio of 2.39 and a beta of 0.94.

Omnicom Group (NYSE:OMC) last announced its quarterly earnings results on Tuesday, October 15th. The business services provider reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.01. The firm had revenue of $3.88 billion during the quarter, compared to analysts’ expectations of $3.79 billion. Omnicom Group had a net margin of 9.55% and a return on equity of 37.51%. During the same period in the previous year, the company earned $1.86 earnings per share. On average, equities analysts predict that Omnicom Group Inc. will post 7.88 EPS for the current fiscal year.

About Omnicom Group

Omnicom Group Inc, together with its subsidiaries, offers advertising, marketing, and corporate communications services. It provides a range of services in the areas of advertising and media, precision marketing, commerce and branding, experiential, execution and support, public relations, and healthcare.