Affiliated Managers Group (NYSE:AMG) Downgraded to "Hold" Rating by Wall Street Zen

Key Points

• Affiliated Managers Group (NYSE:AMG) has been downgraded from a "buy" rating to a "hold" rating by Wall Street Zen, despite multiple other firms raising their ratings to "buy" or "strong-buy."
• The stock opened at $235.82 and has a market cap of $6.70 billion, with a recent PE ratio of 17.21 and consensus target price of $242.40.
• Insider selling was noted as COO Thomas M. Wojcik sold 16,000 shares at approximately $231.03, decreasing his ownership stake by 9.16%.

Affiliated Managers Group (NYSE:AMG - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

Several other equities research analysts have also recently issued reports on AMG. Zacks Research raised shares of Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. TD Cowen raised shares of Affiliated Managers Group from a "hold" rating to a "buy" rating and raised their target price for the stock from $214.00 to $255.00 in a research report on Monday, August 4th. Cowen raised shares of Affiliated Managers Group from a "hold" rating to a "buy" rating in a research report on Monday, August 4th. Barrington Research reaffirmed an "outperform" rating and set a $200.00 price target on shares of Affiliated Managers Group in a research report on Tuesday, July 29th. Finally, The Goldman Sachs Group raised shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and lifted their price target for the company from $197.00 to $218.00 in a research report on Friday, June 27th. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. Based on data from MarketBeat.com, Affiliated Managers Group currently has an average rating of "Buy" and an average target price of $242.40.

Affiliated Managers Group Stock Up 2.5%

Shares of AMG traded up $6.00 during mid-day trading on Friday, hitting $244.28. The company had a trading volume of 267,978 shares, compared to its average volume of 184,900. The business's 50-day simple moving average is $219.87 and its 200-day simple moving average is $189.62. Affiliated Managers Group has a 1-year low of $139.22 and a 1-year high of $245.97. The stock has a market cap of $6.94 billion, a PE ratio of 17.83, a P/E/G ratio of 0.63 and a beta of 1.19.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last released its 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 business had revenue of $493.20 million for the quarter, compared to analysts' expectations of $506.46 million. During the same period last year, the company earned $4.67 earnings per share. The company's quarterly revenue was down 1.4% on a year-over-year basis. On average, sell-side analysts expect that Affiliated Managers Group will post 22.86 earnings per share for the current year.

Insiders Place Their Bets

In other Affiliated Managers Group news, COO Thomas M. Wojcik sold 16,000 shares of the business's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $231.03, for a total transaction of $3,696,480.00. Following the completion of the sale, the chief operating officer owned 158,710 shares in the company, valued at $36,666,771.30. The trade was a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Affiliated Managers Group

Institutional investors have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Affiliated Managers Group by 428.0% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 132 shares of the asset manager's stock worth $26,000 after purchasing an additional 107 shares during the period. Millstone Evans Group LLC boosted its position 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 valued at $28,000 after purchasing an additional 102 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Affiliated Managers Group by 70.8% in the 1st quarter. Versant Capital Management Inc now owns 181 shares of the asset manager's stock worth $30,000 after purchasing an additional 75 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Affiliated Managers Group in the 1st quarter worth approximately $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Affiliated Managers Group by 80.3% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 95.30% of the company's stock.

Affiliated Managers Group Company 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.