Affiliated Managers Group, Inc. (NYSE:AMG) was the target of a large drop in short interest in June. As of June 30th, there was short interest totalling 1,655,800 shares, a drop of 24.6% from the May 30th total of 2,196,600 shares. Currently, 3.2% of the company’s stock are sold short. Based on an average daily volume of 552,000 shares, the days-to-cover ratio is currently 3.0 days.
AMG traded down $1.26 during trading on Friday, hitting $89.76. The stock had a trading volume of 669,527 shares, compared to its average volume of 545,480. The stock has a market capitalization of $4.64 billion, a price-to-earnings ratio of 6.19, a PEG ratio of 0.65 and a beta of 1.63. Affiliated Managers Group has a 12 month low of $83.10 and a 12 month high of $163.55. The company has a 50 day simple moving average of $88.85.
Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Monday, May 6th. The asset manager reported $3.26 EPS for the quarter, missing the consensus estimate of $3.27 by ($0.01). The firm had revenue of $543.10 million during the quarter, compared to the consensus estimate of $541.42 million. Affiliated Managers Group had a positive return on equity of 17.72% and a negative net margin of 4.77%. The business’s revenue was down 11.3% compared to the same quarter last year. During the same quarter last year, the business earned $3.92 EPS. On average, analysts forecast that Affiliated Managers Group will post 13.64 earnings per share for the current fiscal year.
AMG has been the topic of a number of recent research reports. Zacks Investment Research downgraded shares of Haynes International from a “hold” rating to a “sell” rating in a report on Wednesday, May 8th. Deutsche Bank set a €230.00 ($267.44) target price on shares of adidas and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Bank of America set a $20.00 target price on shares of Fiat Chrysler Automobiles and gave the stock a “hold” rating in a report on Thursday, June 6th. Citigroup downgraded shares of Apergy from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $41.00 to $34.00 in a report on Tuesday. Finally, Barrington Research reiterated a “buy” rating and issued a $135.00 target price on shares of Affiliated Managers Group in a report on Tuesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $123.11.
In other news, Director Jide James Zeitlin sold 54,350 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $92.22, for a total transaction of $5,012,157.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jay C. Horgen purchased 11,000 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were acquired at an average price of $93.19 per share, for a total transaction of $1,025,090.00. Following the acquisition, the insider now directly owns 115,527 shares in the company, valued at approximately $10,765,961.13. The disclosure for this purchase can be found here. 1.43% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of AMG. Welch & Forbes LLC boosted its position in shares of Affiliated Managers Group by 16.0% during the 2nd quarter. Welch & Forbes LLC now owns 4,361 shares of the asset manager’s stock valued at $401,000 after acquiring an additional 600 shares in the last quarter. Country Club Trust Company n.a. boosted its position in shares of Affiliated Managers Group by 2.3% during the 2nd quarter. Country Club Trust Company n.a. now owns 7,191 shares of the asset manager’s stock valued at $662,000 after acquiring an additional 160 shares in the last quarter. First National Bank of Omaha boosted its position in shares of Affiliated Managers Group by 0.9% during the 2nd quarter. First National Bank of Omaha now owns 40,985 shares of the asset manager’s stock valued at $3,776,000 after acquiring an additional 375 shares in the last quarter. LGT Capital Partners LTD. boosted its position in shares of Affiliated Managers Group by 4.1% during the 2nd quarter. LGT Capital Partners LTD. now owns 367,096 shares of the asset manager’s stock valued at $33,824,000 after acquiring an additional 14,532 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its position in shares of Affiliated Managers Group by 15.0% during the 2nd quarter. Retirement Systems of Alabama now owns 72,389 shares of the asset manager’s stock valued at $6,670,000 after acquiring an additional 9,444 shares in the last quarter. Institutional investors own 94.65% of the company’s stock.
About Affiliated Managers Group
Affiliated Managers Group, Inc, through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.
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