Affiliated Managers Group (NYSE:AMG) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Affiliated Managers Group (NYSE:AMG) from a buy rating to a hold rating in a report released on Saturday morning.

A number of other equities analysts have also recently issued reports on the stock. Cowen upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating in a research report on Monday, August 4th. Zacks Research cut shares of Affiliated Managers Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Weiss Ratings restated a “buy (b-)” rating on shares of Affiliated Managers Group in a research report on Wednesday, October 8th. The Goldman Sachs Group lifted their target price on shares of Affiliated Managers Group from $240.00 to $280.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Finally, TD Cowen upgraded shares of Affiliated Managers Group from a “hold” rating to a “buy” rating and lifted their target price for the stock from $214.00 to $255.00 in a research report on Monday, August 4th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $272.60.

Affiliated Managers Group Stock Up 3.3%

Shares of NYSE AMG opened at $243.32 on Friday. Affiliated Managers Group has a 52 week low of $139.22 and a 52 week high of $250.15. The firm has a 50-day moving average price of $232.70 and a 200 day moving average price of $201.33. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of 17.76, a price-to-earnings-growth ratio of 0.60 and a beta of 1.21.

Affiliated Managers Group (NYSE:AMG) last announced its quarterly earnings data on Thursday, July 31st. The asset manager reported $5.39 EPS for the quarter, beating the consensus estimate of $5.26 by $0.13. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. The firm had revenue of $493.20 million during the quarter, compared to analysts’ expectations of $506.46 million. During the same quarter last year, the business earned $4.67 earnings per share. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. Equities research analysts expect that Affiliated Managers Group will post 22.86 EPS for the current fiscal year.

Insider Activity at Affiliated Managers Group

In other news, COO Thomas M. Wojcik sold 16,000 shares of Affiliated Managers Group stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $231.03, for a total transaction of $3,696,480.00. Following the completion of the sale, the chief operating officer directly owned 158,710 shares in the company, valued at $36,666,771.30. The trade was a 9.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Affiliated Managers Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. grew its holdings in shares of Affiliated Managers Group by 18.4% during the first quarter. Envestnet Asset Management Inc. now owns 53,727 shares of the asset manager’s stock worth $9,028,000 after buying an additional 8,361 shares in the last quarter. Private Trust Co. NA grew its holdings in Affiliated Managers Group by 38.1% in the first quarter. Private Trust Co. NA now owns 301 shares of the asset manager’s stock valued at $51,000 after purchasing an additional 83 shares during the period. XTX Topco Ltd grew its holdings in Affiliated Managers Group by 189.9% in the first quarter. XTX Topco Ltd now owns 14,695 shares of the asset manager’s stock valued at $2,469,000 after purchasing an additional 9,626 shares during the period. Voya Investment Management LLC grew its holdings in Affiliated Managers Group by 52.2% in the first quarter. Voya Investment Management LLC now owns 28,703 shares of the asset manager’s stock valued at $4,823,000 after purchasing an additional 9,845 shares during the period. Finally, Goodman Financial Corp grew its holdings in Affiliated Managers Group by 1.6% in the first quarter. Goodman Financial Corp now owns 80,806 shares of the asset manager’s stock valued at $13,578,000 after purchasing an additional 1,301 shares during the period. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc, through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds.