Renaissance Technologies LLC Lowers Stake in StepStone Group LP (NASDAQ:STEP)

Renaissance Technologies LLC decreased its position in StepStone Group LP (NASDAQ:STEP) by 21.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 230,802 shares of the company’s stock after selling 61,398 shares during the quarter. Renaissance Technologies LLC owned 0.20% of StepStone Group worth $13,359,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Legal & General Group Plc raised its holdings in shares of StepStone Group by 3.0% in the 4th quarter. Legal & General Group Plc now owns 172,621 shares of the company’s stock valued at $9,991,000 after buying an additional 4,959 shares during the period. Invesco Ltd. grew its position in StepStone Group by 11.5% in the 4th quarter. Invesco Ltd. now owns 3,542,270 shares of the company’s stock valued at $205,027,000 after acquiring an additional 366,154 shares in the last quarter. Bank of Montreal Can increased its stake in StepStone Group by 18.4% during the fourth quarter. Bank of Montreal Can now owns 7,226 shares of the company’s stock worth $418,000 after purchasing an additional 1,125 shares during the period. Grantham Mayo Van Otterloo & Co. LLC lifted its position in shares of StepStone Group by 4.2% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 702,767 shares of the company’s stock worth $40,676,000 after purchasing an additional 28,594 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of StepStone Group in the fourth quarter valued at approximately $312,000. 55.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

STEP has been the topic of several recent research reports. Barclays cut their target price on shares of StepStone Group from $69.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Monday, April 7th. Morgan Stanley reduced their price objective on StepStone Group from $66.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday. Oppenheimer lifted their target price on StepStone Group from $81.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, Evercore ISI upped their price target on StepStone Group from $63.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, February 10th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $64.21.

StepStone Group Price Performance

StepStone Group stock opened at $47.18 on Tuesday. The stock has a market cap of $5.47 billion, a PE ratio of -27.92 and a beta of 1.36. The stock’s fifty day moving average is $54.73 and its two-hundred day moving average is $59.36. StepStone Group LP has a 1-year low of $34.64 and a 1-year high of $70.38.

StepStone Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Friday, February 28th. StepStone Group’s payout ratio is -56.80%.

Insider Buying and Selling

In related news, CEO Scott W. Hart sold 10,000 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $61.43, for a total value of $614,300.00. Following the completion of the sale, the chief executive officer now directly owns 110,000 shares of the company’s stock, valued at $6,757,300. The trade was a 8.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Anthony Keathley sold 538 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $63.00, for a total transaction of $33,894.00. Following the completion of the transaction, the chief accounting officer now owns 1,386 shares of the company’s stock, valued at $87,318. This represents a 27.96 % decrease in their position. The disclosure for this sale can be found here. 18.44% of the stock is owned by company insiders.

StepStone Group Company Profile

StepStone Group Inc is a private equity and venture capital firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments. For direct investment, it seeks to invest in private debt, venture debt, incubation, mezzanine, distressed/vulture, seed/startup, early venture, mid venture, late venture, emerging growth, later stage, turnaround, growth capital, industry consolidation, recapitalization, buyout investments in mature and middle market companies.