Affiliated Managers Group (NYSE:AMG) Hits New 52-Week High – Here’s Why

Shares of Affiliated Managers Group, Inc. (NYSE:AMG) reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $400.13 and last traded at $397.2840, with a volume of 13,070 shares. The stock had previously closed at $393.24.

Analyst Ratings Changes

Several analysts have issued reports on AMG shares. Zacks Research downgraded Affiliated Managers Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 29th. Barrington Research set a $425.00 price objective on Affiliated Managers Group in a research report on Friday, July 31st. TD Cowen upped their price objective on Affiliated Managers Group from $512.00 to $523.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. Wall Street Zen downgraded Affiliated Managers Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 30th. Finally, Weiss Ratings raised Affiliated Managers Group from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Affiliated Managers Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $388.33.

Affiliated Managers Group Price Performance

The company’s fifty day moving average is $371.85 and its 200 day moving average is $332.76. The firm has a market cap of $9.86 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 0.51 and a beta of 1.07. 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 issued its quarterly earnings results on Thursday, July 30th. The asset manager reported $8.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.90 by $0.39. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. The firm had revenue of $640.70 million for the quarter, compared to analyst estimates of $590.94 million. During the same period in the previous year, the business earned $5.39 EPS. The company’s revenue was up .0% compared to the same quarter last year. On average, equities research analysts predict that Affiliated Managers Group, Inc. will post 36.87 EPS for the current year.

Hedge Funds Weigh In On Affiliated Managers Group

Several hedge funds have recently modified their holdings of the stock. Danske Bank A S acquired a new stake in Affiliated Managers Group during the 2nd quarter valued at $622,000. Bank of America Corp DE acquired a new position in shares of Affiliated Managers Group in the second quarter valued at $146,331,000. Van ECK Associates Corp acquired a new position in shares of Affiliated Managers Group in the second quarter valued at $6,853,000. Engineers Gate Manager LP raised its position in shares of Affiliated Managers Group by 161.4% in the second quarter. Engineers Gate Manager LP now owns 51,861 shares of the asset manager’s stock valued at $17,550,000 after purchasing an additional 32,023 shares during the period. Finally, Secure Asset Management LLC bought a new position in shares of Affiliated Managers Group in the second quarter valued at about $208,000. Institutional investors own 95.30% of the company’s stock.

About Affiliated Managers Group

Affiliated Managers Group, Inc (NYSE: AMG) is a global asset management company that partners with a diverse group of independent investment management firms. Rather than managing a single centralized investment platform, AMG provides strategic, operational and distribution support to its affiliates while allowing them to retain their distinct investment philosophies, brands and day-to-day management.

Through its affiliated firms, AMG offers a broad range of investment strategies, including equities, fixed income, alternatives, multi-asset portfolios and wealth management solutions.