LGT Capital Partners LTD. Sells 76,900 Shares of Affiliated Managers Group, Inc. (NYSE:AMG)

Key Points

• LGT Capital Partners LTD. reduced its stake in Affiliated Managers Group by 28.1%, now holding 197,118 shares, which represent 1.5% of its total holdings.
• Analysts have mixed views on AMG, with Goldman Sachs upgrading the stock from "neutral" to "buy," while Wall Street Zen lowered its rating from "buy" to "hold."
• Affiliated Managers Group reported earnings of $5.39 per share, exceeding estimates, but revenue declined by 1.4% year-over-year, totaling $493.20 million.

LGT Capital Partners LTD. decreased its holdings in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 28.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 197,118 shares of the asset manager's stock after selling 76,900 shares during the quarter. Affiliated Managers Group comprises approximately 1.5% of LGT Capital Partners LTD.'s holdings, making the stock its 28th biggest holding. LGT Capital Partners LTD. owned approximately 0.68% of Affiliated Managers Group worth $33,122,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in AMG. Millstone Evans Group LLC increased its position in shares of Affiliated Managers Group by 154.5% in the 1st quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager's stock worth $28,000 after purchasing an additional 102 shares during the last quarter. Versant Capital Management Inc boosted its stake in Affiliated Managers Group by 70.8% during the 1st quarter. Versant Capital Management Inc now owns 181 shares of the asset manager's stock valued at $30,000 after purchasing an additional 75 shares during the period. Private Trust Co. NA boosted its stake in Affiliated Managers Group by 38.1% during the 1st quarter. Private Trust Co. NA now owns 301 shares of the asset manager's stock valued at $51,000 after purchasing an additional 83 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in shares of Affiliated Managers Group in the 1st quarter worth approximately $56,000. Finally, Rossby Financial LCC acquired a new stake in shares of Affiliated Managers Group in the 1st quarter worth approximately $56,000. Institutional investors and hedge funds own 95.30% of the company's stock.

Affiliated Managers Group Price Performance

Shares of NYSE AMG traded up $7.01 during trading hours on Monday, hitting $214.07. 235,342 shares of the stock were exchanged, compared to its average volume of 232,195. The company's 50 day moving average is $194.32 and its 200 day moving average is $178.44. The firm has a market capitalization of $6.09 billion, a P/E ratio of 15.63, a P/E/G ratio of 0.62 and a beta of 1.14. Affiliated Managers Group, Inc. has a one year low of $139.22 and a one year high of $220.00.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $493.20 million during the quarter, compared to the consensus estimate of $506.46 million. Affiliated Managers Group had a net margin of 21.79% and a return on equity of 16.03%. Affiliated Managers Group's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.67 EPS. Research analysts anticipate that Affiliated Managers Group, Inc. will post 22.86 earnings per share for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 11th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. The ex-dividend date of this dividend is Monday, August 11th. Affiliated Managers Group's dividend payout ratio is currently 0.29%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on AMG. TD Cowen raised shares of Affiliated Managers Group from a "hold" rating to a "buy" rating and upped their price target for the stock from $214.00 to $255.00 in a research note on Monday. Barrington Research restated an "outperform" rating and set a $200.00 price target on shares of Affiliated Managers Group in a report on Tuesday, July 29th. Wall Street Zen lowered shares of Affiliated Managers Group from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. The Goldman Sachs Group raised shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $197.00 to $218.00 in a research note on Friday, June 27th. Finally, Cowen reissued a "hold" rating on shares of Affiliated Managers Group in a research report on Monday, July 28th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $215.20.

Affiliated Managers Group 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.