Moelis & Company (NYSE:MC) Given New $62.00 Price Target at The Goldman Sachs Group

Moelis & Company (NYSE:MC) had its target price cut by equities researchers at The Goldman Sachs Group from $71.00 to $62.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the asset manager’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 8.54% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Zacks Research raised Moelis & Company from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 14th. Morgan Stanley lifted their price target on shares of Moelis & Company from $83.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, July 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Moelis & Company in a research report on Friday, August 21st. Wall Street Zen raised shares of Moelis & Company from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Keefe, Bruyette & Woods cut their target price on shares of Moelis & Company from $69.00 to $66.00 and set a “market perform” rating on the stock in a research report on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $73.62.

Moelis & Company Stock Down 0.7%

Shares of MC traded down $0.40 during midday trading on Thursday, hitting $57.12. The company’s stock had a trading volume of 437,917 shares, compared to its average volume of 1,034,659. Moelis & Company has a one year low of $51.06 and a one year high of $78.22. The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of 19.90, a price-to-earnings-growth ratio of 0.76 and a beta of 1.84. The company’s fifty day simple moving average is $65.27 and its two-hundred day simple moving average is $64.61.

Moelis & Company (NYSE:MC) last announced its quarterly earnings data on Wednesday, July 29th. The asset manager reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.01. The business had revenue of $409.39 million during the quarter, compared to the consensus estimate of $387.27 million. Moelis & Company had a return on equity of 39.59% and a net margin of 14.50%.Moelis & Company’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.53 EPS. On average, research analysts predict that Moelis & Company will post 3.09 earnings per share for the current year.

Insider Buying and Selling

In other Moelis & Company news, Director Kenneth Shropshire sold 1,881 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $69.06, for a total value of $129,901.86. Following the completion of the transaction, the director directly owned 7,633 shares in the company, valued at approximately $527,134.98. This represents a 19.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Osamu Watanabe sold 4,850 shares of Moelis & Company stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $69.30, for a total transaction of $336,105.00. Following the transaction, the general counsel owned 131 shares in the company, valued at approximately $9,078.30. This trade represents a 97.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 6.29% of the company’s stock.

Hedge Funds Weigh In On Moelis & Company

A number of hedge funds have recently made changes to their positions in MC. Wasatch Advisors LP boosted its holdings in Moelis & Company by 9.0% in the first quarter. Wasatch Advisors LP now owns 3,742,624 shares of the asset manager’s stock valued at $213,330,000 after acquiring an additional 310,001 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Moelis & Company by 5.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,876,472 shares of the asset manager’s stock valued at $128,989,000 after purchasing an additional 89,365 shares during the last quarter. Madison Asset Management LLC acquired a new stake in shares of Moelis & Company during the second quarter worth $109,065,000. Dimensional Fund Advisors LP raised its stake in Moelis & Company by 5.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,277,774 shares of the asset manager’s stock worth $72,825,000 after buying an additional 61,130 shares during the last quarter. Finally, Heard Capital LLC raised its stake in Moelis & Company by 29.7% during the fourth quarter. Heard Capital LLC now owns 981,510 shares of the asset manager’s stock worth $67,469,000 after buying an additional 224,970 shares during the last quarter. 91.53% of the stock is currently owned by institutional investors.

About Moelis & Company

Moelis & Company (NYSE:MC) is an independent global investment bank that provides strategic and financial advisory services to corporations, financial sponsors, governments and other institutions. The firm advises clients on mergers and acquisitions, divestitures, recapitalizations, restructurings, liability management, capital raising and other complex financial transactions.

Moelis & Company serves clients across a range of industries, including technology, media and telecommunications; consumer and retail; energy and infrastructure; financial services; healthcare; industrials; and real estate.