Channing Capital Management LLC Sells 70,388 Shares of Affiliated Managers Group, Inc. $AMG

Key Points

• Channing Capital Management LLC reduced its stake in Affiliated Managers Group by 13.7%, now holding 444,192 shares valued at approximately $74.64 million, making it the 11th largest position in their portfolio.
• Recent analyst upgrades for AMG include a boost from Cowen from "hold" to "buy" and a target price increase from Goldman Sachs from $197.00 to $218.00.
• Affiliated Managers Group reported a quarterly earnings per share (EPS) of $5.39, surpassing analysts' estimates, although revenue decreased by 1.4% year-over-year.

Channing Capital Management LLC lowered its position in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 13.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 444,192 shares of the asset manager's stock after selling 70,388 shares during the period. Affiliated Managers Group accounts for approximately 2.3% of Channing Capital Management LLC's portfolio, making the stock its 11th largest position. Channing Capital Management LLC owned 1.54% of Affiliated Managers Group worth $74,638,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AMG. Millstone Evans Group LLC lifted 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 period. Versant Capital Management Inc lifted its position 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 period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Affiliated Managers Group in the 1st quarter worth approximately $36,000. Private Trust Co. NA lifted its position in shares of Affiliated Managers Group by 38.1% in the 1st quarter. Private Trust Co. NA now owns 301 shares of the asset manager's stock worth $51,000 after purchasing an additional 83 shares during the period. Finally, Rossby Financial LCC acquired a new position 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 Stock Up 0.8%

AMG stock traded up $1.81 during midday trading on Tuesday, reaching $226.19. 54,548 shares of the company's stock traded hands, compared to its average volume of 224,251. The company has a market cap of $6.43 billion, a price-to-earnings ratio of 16.49, a P/E/G ratio of 0.62 and a beta of 1.14. The firm's fifty day moving average price is $206.34 and its 200-day moving average price is $181.99. Affiliated Managers Group, Inc. has a 52 week low of $139.22 and a 52 week high of $226.43.

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

Affiliated Managers Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were paid a $0.01 dividend. The ex-dividend date was Monday, August 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Affiliated Managers Group's dividend payout ratio is presently 0.29%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on AMG shares. Wall Street Zen downgraded shares of Affiliated Managers Group from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Cowen upgraded shares of Affiliated Managers Group from a "hold" rating to a "buy" rating in a research report on Monday, August 4th. Zacks Research upgraded shares of Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research report on Friday. Barrington Research reiterated an "outperform" rating and set a $200.00 target price on shares of Affiliated Managers Group in a research report on Tuesday, July 29th. Finally, The Goldman Sachs Group upgraded shares of Affiliated Managers Group from a "neutral" rating to a "buy" rating and boosted their target price 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, five have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Affiliated Managers Group presently has an average rating of "Buy" and a consensus target price of $215.20.

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.