Affiliated Managers Group (NYSE:AMG) Downgraded by Zacks Research to Hold

Affiliated Managers Group (NYSE:AMG) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks reports.

Other analysts have also recently issued research reports about the stock. Barrington Research set a $425.00 price objective on shares of Affiliated Managers Group in a research report on Friday, July 31st. Weiss Ratings restated a “buy (b)” rating on shares of Affiliated Managers Group in a report on Tuesday, September 22nd. TD Cowen reissued a “buy” rating and set a $512.00 price objective on shares of Affiliated Managers Group in a research report on Tuesday. Finally, Wall Street Zen lowered Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 30th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $379.14.

Affiliated Managers Group Stock Down 1.4%

AMG stock opened at $365.42 on Tuesday. The stock has a 50-day simple moving average of $363.80 and a two-hundred day simple moving average of $331.51. The firm has a market capitalization of $9.45 billion, a PE ratio of 12.66, a PEG ratio of 0.50 and a beta of 1.10. Affiliated Managers Group has a twelve month low of $230.10 and a twelve month high of $392.92. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.76.

Affiliated Managers Group (NYSE:AMG) last posted its earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share for the quarter, topping analysts’ consensus estimates of $7.90 by $0.39. The business had revenue of $640.70 million for the quarter, compared to analyst estimates of $590.94 million. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. Affiliated Managers Group’s revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.39 EPS. On average, equities analysts predict that Affiliated Managers Group will post 36.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Affiliated Managers Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Affiliated Managers Group in the second quarter worth about $938,294,000. Bank of America Corp DE purchased a new position in shares of Affiliated Managers Group in the second quarter worth $146,331,000. Norges Bank bought a new position in shares of Affiliated Managers Group during the 4th quarter valued at about $113,743,000. Bank of New York Mellon Corp bought a new position in Affiliated Managers Group during the second quarter valued at approximately $95,418,000. Finally, Bruni J V & Co. Co. purchased a new position in shares of Affiliated Managers Group in the second quarter valued at $71,095,810. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc (NYSE: AMG) is a global asset management company that invests in and partners with a diverse group of boutique investment management firms. AMG provides strategic support, distribution resources, technology, and other business services while allowing its affiliated managers to retain substantial autonomy over their investment processes, brands, and day-to-day operations.

Through its affiliated firms, AMG offers a broad range of investment strategies across public and private markets.