Affiliated Managers Group (AMG) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Affiliated Managers Group (NYSE:AMG) from a buy rating to a hold rating in a research report released on Thursday.

According to Zacks, “Affiliated Managers’ shares have outperformed the industry, over the past six months. This was supported by the company’s impressive earnings surprise history, as it surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The company remains well positioned for growth based on successful partnerships, a diverse product mix and initiatives undertaken to strengthen its retail market operations. Further, inflows are expected to get impetus with broad distribution across channels and product categories. However, pressure on revenues remains a major concern for the company. Also, its use of high levels of debt could restrict it from procuring additional finance for working capital and other purposes.”

Other research analysts also recently issued research reports about the stock. Jefferies Group reaffirmed a buy rating and issued a $226.00 target price on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $229.00 target price on shares of Affiliated Managers Group in a research report on Thursday, October 12th. Credit Suisse Group downgraded shares of Affiliated Managers Group from an outperform rating to a neutral rating and set a $220.00 target price for the company. in a research report on Wednesday, January 3rd. Finally, Barrington Research reaffirmed an outperform rating and issued a $215.00 target price on shares of Affiliated Managers Group in a research report on Wednesday, October 4th. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $211.71.

Shares of Affiliated Managers Group (NYSE:AMG) traded up $0.93 during mid-day trading on Thursday, hitting $199.47. 247,700 shares of the stock traded hands, compared to its average volume of 290,675. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.61 and a quick ratio of 0.61. Affiliated Managers Group has a 52 week low of $139.52 and a 52 week high of $207.67. The company has a market capitalization of $11,086.93, a P/E ratio of 21.59, a price-to-earnings-growth ratio of 0.82 and a beta of 1.71.

Affiliated Managers Group (NYSE:AMG) last released its earnings results on Monday, October 30th. The asset manager reported $3.41 earnings per share for the quarter, beating analysts’ consensus estimates of $3.36 by $0.05. The business had revenue of $585.70 million during the quarter, compared to the consensus estimate of $586.55 million. Affiliated Managers Group had a net margin of 23.29% and a return on equity of 17.63%. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter last year, the firm earned $3.02 earnings per share. sell-side analysts predict that Affiliated Managers Group will post 14.47 earnings per share for the current fiscal year.

In other Affiliated Managers Group news, Director Patrick T. Ryan sold 7,705 shares of the stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $185.27, for a total value of $1,427,505.35. Following the completion of the sale, the director now owns 6,797 shares in the company, valued at $1,259,280.19. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Peter W. Macewen sold 10,000 shares of the stock in a transaction on Tuesday, December 5th. The shares were sold at an average price of $197.67, for a total transaction of $1,976,700.00. Following the completion of the sale, the insider now owns 37,682 shares of the company’s stock, valued at approximately $7,448,600.94. The disclosure for this sale can be found here. In the last ninety days, insiders sold 89,585 shares of company stock valued at $16,734,012. 1.40% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the business. Tributary Capital Management LLC acquired a new stake in Affiliated Managers Group in the third quarter valued at $100,000. Advisor Group Inc. lifted its stake in Affiliated Managers Group by 46.2% in the second quarter. Advisor Group Inc. now owns 722 shares of the asset manager’s stock valued at $120,000 after acquiring an additional 228 shares during the last quarter. Bronfman E.L. Rothschild L.P. lifted its stake in Affiliated Managers Group by 2.2% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 755 shares of the asset manager’s stock valued at $125,000 after acquiring an additional 16 shares during the last quarter. Douglas Lane & Associates LLC acquired a new stake in Affiliated Managers Group in the third quarter valued at $200,000. Finally, Conning Inc. acquired a new stake in Affiliated Managers Group in the third quarter valued at $203,000. Hedge funds and other institutional investors own 95.65% of the company’s stock.

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Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc is an asset management company with equity investments in boutique investment management firms. The Company operates in three segments, which represent its principal distribution channels: Institutional, Mutual Fund and High Net Worth. The equity method investments in the Institutional distribution channel are made in relationships with public and private client entities, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities.

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