Lathrop Investment Management Corp grew its stake in shares of Lazard Ltd (NYSE:LAZ) by 2.6% in the third quarter, Holdings Channel reports. The fund owned 263,076 shares of the asset manager’s stock after acquiring an additional 6,652 shares during the quarter. Lazard accounts for about 2.5% of Lathrop Investment Management Corp’s portfolio, making the stock its 21st largest position. Lathrop Investment Management Corp’s holdings in Lazard were worth $9,208,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently added to or reduced their stakes in the company. Machina Capital S.A.S. bought a new position in shares of Lazard during the 2nd quarter valued at approximately $53,000. HM Payson & Co. purchased a new position in Lazard in the second quarter worth about $103,000. ETF Managers Group LLC purchased a new position in Lazard in the second quarter worth about $173,000. Atria Investments LLC purchased a new position in Lazard in the second quarter worth about $199,000. Finally, Parametric Portfolio Associates LLC purchased a new position in Lazard in the second quarter worth about $209,000. 78.10% of the stock is owned by hedge funds and other institutional investors.
In other Lazard news, CAO Scott D. Hoffman sold 30,000 shares of Lazard stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $34.04, for a total value of $1,021,200.00. Following the completion of the transaction, the chief accounting officer now directly owns 24,388 shares of the company’s stock, valued at $830,167.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.94% of the stock is currently owned by insiders.
Several research analysts have issued reports on LAZ shares. ValuEngine raised shares of Lazard from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Buckingham Research decreased their target price on shares of Lazard from $41.00 to $40.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Finally, Zacks Investment Research raised shares of Lazard from a “sell” rating to a “hold” rating and set a $40.00 target price for the company in a report on Wednesday, September 11th. Two analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $40.00.
Lazard stock traded up $0.16 during trading hours on Tuesday, hitting $37.33. The stock had a trading volume of 4,884 shares, compared to its average volume of 744,441. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 3.11. The stock has a market capitalization of $3.97 billion, a P/E ratio of 8.91 and a beta of 1.71. Lazard Ltd has a 12-month low of $31.07 and a 12-month high of $42.75. The stock’s 50-day moving average price is $35.86 and its 200-day moving average price is $35.63.
Lazard (NYSE:LAZ) last issued its earnings results on Thursday, July 25th. The asset manager reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.10. The business had revenue of $630.00 million during the quarter, compared to analysts’ expectations of $604.18 million. Lazard had a net margin of 14.42% and a return on equity of 47.09%. The business’s revenue for the quarter was down 15.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.10 earnings per share. On average, research analysts expect that Lazard Ltd will post 3.35 EPS for the current fiscal year.
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.
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