Oppenheimer Asset Management Inc. Trims Stock Position in Affiliated Managers Group, Inc. $AMG

Oppenheimer Asset Management Inc. trimmed its holdings in Affiliated Managers Group, Inc. (NYSE:AMG) by 2.5% during the second quarter, Holdings Channel reports. The institutional investor owned 17,619 shares of the asset manager’s stock after selling 459 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Affiliated Managers Group were worth $3,467,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Millstone Evans Group LLC lifted its holdings in shares of Affiliated Managers Group by 154.5% during the 1st quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager’s stock worth $28,000 after acquiring an additional 102 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Affiliated Managers Group during the first quarter worth approximately $36,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in Affiliated Managers Group by 80.3% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 229 shares of the asset manager’s stock worth $45,000 after purchasing an additional 102 shares during the period. Private Trust Co. NA raised its stake in Affiliated Managers Group by 38.1% during the first quarter. Private Trust Co. NA now owns 301 shares of the asset manager’s stock worth $51,000 after purchasing an additional 83 shares during the period. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of Affiliated Managers Group in the 1st quarter valued at $56,000. Institutional investors and hedge funds own 95.30% of the company’s stock.

Affiliated Managers Group Trading Down 0.7%

NYSE AMG opened at $240.22 on Wednesday. The stock has a market cap of $6.82 billion, a P/E ratio of 17.53, a PEG ratio of 0.62 and a beta of 1.21. The company’s fifty day simple moving average is $235.01 and its 200-day simple moving average is $205.04. Affiliated Managers Group, Inc. has a 52 week low of $139.22 and a 52 week high of $250.15.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings results on Thursday, July 31st. The asset manager reported $5.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.26 by $0.13. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.11%. The firm had revenue of $493.20 million for the quarter, compared to the consensus estimate of $506.46 million. During the same quarter in the previous year, the firm posted $4.67 EPS. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. On average, research analysts expect that Affiliated Managers Group, Inc. will post 22.86 EPS for the current fiscal year.

Insider Buying and Selling at Affiliated Managers Group

In other news, COO Thomas M. Wojcik sold 16,000 shares of Affiliated Managers Group stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $231.03, for a total transaction of $3,696,480.00. Following the sale, the chief operating officer directly owned 158,710 shares of the company’s stock, valued at approximately $36,666,771.30. The trade was a 9.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AMG. Zacks Research downgraded Affiliated Managers Group from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Barrington Research upped their price target on Affiliated Managers Group from $240.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. TD Cowen raised Affiliated Managers Group from a “hold” rating to a “buy” rating and lifted their price objective for the company from $214.00 to $255.00 in a research note on Monday, August 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Affiliated Managers Group in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group raised their price target on shares of Affiliated Managers Group from $240.00 to $280.00 and gave the company a “buy” rating in a report on Monday, October 6th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $272.60.

Affiliated Managers Group Profile

Affiliated Managers Group, Inc, through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds.