Zacks Research Downgrades Universal Music Group (OTCMKTS:UMGNF) to Strong Sell

Universal Music Group (OTCMKTS:UMGNF) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages also recently commented on UMGNF. Morgan Stanley restated an “overweight” rating on shares of Universal Music Group in a research note on Tuesday. The Goldman Sachs Group started coverage on shares of Universal Music Group in a research report on Monday, July 20th. They set a “hold” rating for the company. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Universal Music Group has an average rating of “Hold”.

Universal Music Group Price Performance

Shares of OTCMKTS UMGNF opened at $17.32 on Wednesday. The firm has a 50-day simple moving average of $20.74 and a two-hundred day simple moving average of $21.84. Universal Music Group has a 1 year low of $16.27 and a 1 year high of $30.04.

Universal Music Group Company Profile

Universal Music Group (OTCMKTS:UMGNF) is one of the world’s leading music entertainment companies, engaged in recorded music, music publishing, merchandising and brand partnerships. The company’s recorded music division encompasses a roster of major labels—such as Interscope Geffen A&M, Capitol Music Group, Republic Records, Island Records and Decca—and works with a diverse array of artists across genres ranging from pop and hip-hop to classical and jazz. Its music publishing arm, Universal Music Publishing Group, administers and exploits compositions by both established songwriters and emerging talent, providing licensing services for film, television, advertising and digital platforms.

Headquartered in Santa Monica, California, Universal Music Group operates on a truly global scale with regional offices in North America, Europe, Latin America, Asia-Pacific and Africa.