Millennium Management LLC Lowers Holdings in Affiliated Managers Group, Inc. $AMG

Millennium Management LLC decreased its holdings in shares of Affiliated Managers Group, Inc. (NYSE:AMG) by 35.2% in the 3rd quarter, Holdings Channel.com reports. The fund owned 1,017,113 shares of the asset manager’s stock after selling 552,213 shares during the quarter. Millennium Management LLC’s holdings in Affiliated Managers Group were worth $242,510,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. US Bancorp DE grew its holdings in shares of Affiliated Managers Group by 1.4% during the 3rd quarter. US Bancorp DE now owns 3,561 shares of the asset manager’s stock worth $849,000 after purchasing an additional 49 shares during the period. Procyon Advisors LLC lifted its position in Affiliated Managers Group by 3.1% in the third quarter. Procyon Advisors LLC now owns 1,648 shares of the asset manager’s stock valued at $393,000 after buying an additional 50 shares during the last quarter. Millstone Evans Group LLC boosted its stake in Affiliated Managers Group by 41.9% during the third quarter. Millstone Evans Group LLC now owns 176 shares of the asset manager’s stock worth $42,000 after buying an additional 52 shares during the period. Quadrant Capital Group LLC boosted its stake in Affiliated Managers Group by 2.1% during the third quarter. Quadrant Capital Group LLC now owns 3,174 shares of the asset manager’s stock worth $757,000 after buying an additional 64 shares during the period. Finally, Glenmede Investment Management LP increased its position in shares of Affiliated Managers Group by 3.9% during the third quarter. Glenmede Investment Management LP now owns 1,792 shares of the asset manager’s stock valued at $427,000 after acquiring an additional 67 shares during the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on AMG shares. The Goldman Sachs Group upped their price objective on shares of Affiliated Managers Group from $300.00 to $341.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. TD Cowen reiterated a “buy” rating on shares of Affiliated Managers Group in a report on Wednesday, January 14th. Wall Street Zen upgraded Affiliated Managers Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Affiliated Managers Group in a research report on Wednesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft set a $408.00 price objective on Affiliated Managers Group and gave the company a “buy” rating in a research note on Friday, February 13th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Affiliated Managers Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $350.14.

Insider Buying and Selling at Affiliated Managers Group

In other Affiliated Managers Group news, COO Thomas M. Wojcik sold 8,000 shares of the company’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $286.30, for a total transaction of $2,290,400.00. Following the sale, the chief operating officer owned 159,465 shares in the company, valued at $45,654,829.50. This represents a 4.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Kavita Padiyar sold 2,200 shares of the stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $278.24, for a total value of $612,128.00. Following the completion of the sale, the general counsel directly owned 42,672 shares in the company, valued at $11,873,057.28. This represents a 4.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 4.20% of the company’s stock.

Affiliated Managers Group Trading Up 0.3%

Shares of AMG stock opened at $272.78 on Tuesday. Affiliated Managers Group, Inc. has a fifty-two week low of $139.22 and a fifty-two week high of $334.78. The company has a 50 day moving average price of $308.02 and a 200 day moving average price of $273.16. The stock has a market capitalization of $7.28 billion, a P/E ratio of 11.82, a price-to-earnings-growth ratio of 0.46 and a beta of 1.18. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.34.

Affiliated Managers Group (NYSE:AMG) last issued its quarterly earnings results on Thursday, February 12th. The asset manager reported $9.48 EPS for the quarter, beating the consensus estimate of $8.75 by $0.73. The company had revenue of $556.60 million during the quarter, compared to analysts’ expectations of $578.54 million. Affiliated Managers Group had a net margin of 34.55% and a return on equity of 18.45%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company posted $6.53 EPS. Equities research analysts predict that Affiliated Managers Group, Inc. will post 22.86 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.0%. The ex-dividend date of this dividend was Monday, February 23rd. Affiliated Managers Group’s payout ratio is presently 0.17%.

Affiliated Managers Group Profile

Affiliated Managers Group, Inc (NYSE: AMG) is a global asset management holding company that partners with boutique investment firms. Founded in 1993 and headquartered in West Palm Beach, Florida, AMG invests in and collaborates with independent investment managers to foster growth while preserving their entrepreneurial culture. Through equity stakes and strategic support, the company aims to enhance its affiliates’ distribution capabilities, operational infrastructure and access to capital.

The company’s core business activities include providing capital solutions, distribution services and operational support to affiliated investment firms.