Affiliated Managers Group (NYSE:AMG) Stock Rating Upgraded by Wall Street Zen

Key Points

• Affiliated Managers Group (NYSE:AMG) has been upgraded by Wall Street Zen from a "hold" to a "buy" rating, with other firms also issuing favorable ratings and price targets, including a boost from Goldman Sachs to $218.00.
• The company's stock has experienced significant activity, with shares trading at $238.83, and a market cap of $6.79 billion, amidst a backdrop of a 52-week low of $139.22 and a high of $250.15.
• Insider transactions show COO Thomas Wojcik sold 16,000 shares for approximately $3.7 million, indicating a 9.16% decrease in his ownership stake.

Affiliated Managers Group (NYSE:AMG - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Friday.

AMG has been the topic of a number of other reports. Barrington Research reissued an "outperform" rating and issued a $240.00 price objective on shares of Affiliated Managers Group in a research note on Tuesday. Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating in a research note on Monday, August 4th. The Goldman Sachs Group raised Affiliated Managers Group from a "neutral" rating to a "buy" rating and upped their price target for the stock from $197.00 to $218.00 in a research note on Friday, June 27th. Bank of America raised Affiliated Managers Group from a "neutral" rating to a "buy" rating and upped their price target for the stock from $236.00 to $331.00 in a research note on Tuesday, September 2nd. Finally, Zacks Research raised Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to data from MarketBeat.com, Affiliated Managers Group has an average rating of "Buy" and a consensus price target of $250.40.

Affiliated Managers Group Stock Performance

Shares of NYSE:AMG traded up $1.17 during midday trading on Friday, reaching $238.83. The company's stock had a trading volume of 179,800 shares, compared to its average volume of 209,281. The firm has a market capitalization of $6.79 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 0.63 and a beta of 1.19. The firm has a 50 day moving average price of $224.00 and a two-hundred day moving average price of $192.93. Affiliated Managers Group has a fifty-two week low of $139.22 and a fifty-two week high of $250.15.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The asset manager reported $5.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.26 by $0.13. The company had revenue of $493.20 million for the quarter, compared to the consensus estimate of $506.46 million. Affiliated Managers Group had a return on equity of 16.11% and a net margin of 21.79%.The firm's revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the business earned $4.67 EPS. As a group, research analysts anticipate that Affiliated Managers Group will post 22.86 earnings per share for the current year.

Insider Activity

In other news, COO Thomas M. Wojcik sold 16,000 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $231.03, for a total value of $3,696,480.00. Following the completion of the transaction, the chief operating officer directly owned 158,710 shares of the company's stock, valued at $36,666,771.30. This represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Affiliated Managers Group

Several institutional investors and hedge funds have recently bought and sold shares of AMG. ProShare Advisors LLC grew its holdings in Affiliated Managers Group by 8.8% during the fourth quarter. ProShare Advisors LLC now owns 1,415 shares of the asset manager's stock valued at $262,000 after purchasing an additional 115 shares during the period. Two Sigma Advisers LP grew its holdings in Affiliated Managers Group by 107.0% during the fourth quarter. Two Sigma Advisers LP now owns 8,900 shares of the asset manager's stock valued at $1,646,000 after purchasing an additional 4,600 shares during the period. Mackenzie Financial Corp grew its holdings in Affiliated Managers Group by 50.9% during the fourth quarter. Mackenzie Financial Corp now owns 7,834 shares of the asset manager's stock valued at $1,449,000 after purchasing an additional 2,642 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Affiliated Managers Group in the fourth quarter worth $8,118,000. Finally, First Hawaiian Bank boosted its holdings in shares of Affiliated Managers Group by 2.1% in the first quarter. First Hawaiian Bank now owns 9,269 shares of the asset manager's stock worth $1,557,000 after acquiring an additional 190 shares during the period. 95.30% of the stock is owned by institutional investors.

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.

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