Affiliated Managers Group (NYSE:AMG) Rating Lowered to Buy at Wall Street Zen

Affiliated Managers Group (NYSE:AMG) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Sunday, Wall Street Zen reports.

AMG has been the topic of several other research reports. Zacks Research raised shares of Affiliated Managers Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. Barrington Research set a $425.00 target price on Affiliated Managers Group in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $400.00 price target on shares of Affiliated Managers Group in a report on Monday, May 4th. TD Cowen reissued a “buy” rating and set a $454.00 price objective on shares of Affiliated Managers Group in a report on Wednesday, May 13th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $405.00 price objective on shares of Affiliated Managers Group in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $370.86.

Affiliated Managers Group Trading Down 0.6%

Shares of AMG stock opened at $368.63 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. The firm has a market cap of $9.53 billion, a P/E ratio of 12.77, a PEG ratio of 0.50 and a beta of 1.11. The company has a 50 day moving average of $360.80 and a 200-day moving average of $322.83. Affiliated Managers Group has a 12-month low of $223.44 and a 12-month high of $392.92.

Affiliated Managers Group (NYSE:AMG) last released its quarterly earnings data on Thursday, July 30th. The asset manager reported $8.29 EPS for the quarter, beating the consensus estimate of $7.90 by $0.39. Affiliated Managers Group had a net margin of 37.72% and a return on equity of 21.94%. The business had revenue of $640.70 million for the quarter, compared to the consensus estimate of $590.94 million. During the same period in the prior year, the firm earned $5.39 earnings per share. The company’s revenue was up .0% compared to the same quarter last year. Sell-side analysts anticipate that Affiliated Managers Group will post 36.69 earnings per share for the current year.

Insider Buying and Selling

In other Affiliated Managers Group news, CEO Jay C. Horgen sold 17,500 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the completion of the sale, the chief executive officer owned 204,706 shares of the company’s stock, valued at $69,245,898.62. This represents a 7.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Affiliated Managers Group

Hedge funds have recently modified their holdings of the company. Amundi raised its stake in shares of Affiliated Managers Group by 6.3% during the second quarter. Amundi now owns 3,187 shares of the asset manager’s stock valued at $1,078,000 after acquiring an additional 190 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Affiliated Managers Group in the second quarter worth about $1,272,000. California State Teachers Retirement System grew its stake in shares of Affiliated Managers Group by 30,051.3% in the second quarter. California State Teachers Retirement System now owns 9,905,306 shares of the asset manager’s stock worth $3,351,956,000 after purchasing an additional 9,872,454 shares during the last quarter. Wedmont Private Capital increased its holdings in Affiliated Managers Group by 5.3% during the 2nd quarter. Wedmont Private Capital now owns 771 shares of the asset manager’s stock valued at $283,000 after purchasing an additional 39 shares during the period. Finally, AlphaGrep UK Ltd purchased a new position in Affiliated Managers Group during the 2nd quarter valued at about $357,000. Hedge funds and other institutional investors own 95.30% of the company’s stock.

About Affiliated Managers Group

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.