Hennessy Advisors Inc. Sells 3,600 Shares of Jones Lang LaSalle Incorporated $JLL

Key Points

• Hennessy Advisors reduced its JLL position by 3.1% in the third quarter, selling 3,600 shares and retaining 112,600 shares worth approximately $34.4 million. Institutional investors collectively own 94.8% of JLL.
• Analyst sentiment remains positive overall, with JLL carrying a consensus “Moderate Buy” rating and an average price target of $427.60, although some firms recently lowered targets or downgraded their ratings.
• JLL reported quarterly earnings of $6.76 per share, exceeding estimates of $6.15, while revenue rose 11.8% year over year to $7.28 billion. The stock opened at $359.53, within a 12-month range of $259.83 to $393.84.

Hennessy Advisors Inc. reduced its position in shares of Jones Lang LaSalle Incorporated (NYSE:JLL - Free Report) by 3.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 112,600 shares of the financial services provider's stock after selling 3,600 shares during the quarter. Jones Lang LaSalle comprises 1.3% of Hennessy Advisors Inc.'s portfolio, making the stock its 17th largest holding. Hennessy Advisors Inc. owned about 0.25% of Jones Lang LaSalle worth $34,402,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Aprio Wealth Management LLC grew its position in Jones Lang LaSalle by 14.5% in the third quarter. Aprio Wealth Management LLC now owns 1,017 shares of the financial services provider's stock worth $311,000 after buying an additional 129 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in shares of Jones Lang LaSalle by 219.9% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 11,870 shares of the financial services provider's stock valued at $3,627,000 after acquiring an additional 8,160 shares during the last quarter. Childress Capital Advisors LLC boosted its stake in shares of Jones Lang LaSalle by 9.3% during the 3rd quarter. Childress Capital Advisors LLC now owns 2,815 shares of the financial services provider's stock worth $860,000 after acquiring an additional 240 shares in the last quarter. Center for Financial Planning Inc. acquired a new position in shares of Jones Lang LaSalle in the 3rd quarter worth $69,000. Finally, Park Avenue Securities LLC raised its position in shares of Jones Lang LaSalle by 5.9% during the third quarter. Park Avenue Securities LLC now owns 4,170 shares of the financial services provider's stock worth $1,274,000 after purchasing an additional 231 shares during the period. 94.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

JLL has been the subject of a number of recent analyst reports. Raymond James Financial reiterated a "strong-buy" rating and issued a $500.00 price target on shares of Jones Lang LaSalle in a research report on Thursday, July 30th. Zacks Research cut shares of Jones Lang LaSalle from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods dropped their target price on shares of Jones Lang LaSalle from $415.00 to $385.00 and set an "outperform" rating on the stock in a research report on Friday, October 9th. Weiss Ratings upgraded shares of Jones Lang LaSalle from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 18th. Finally, Citigroup restated a "market perform" rating on shares of Jones Lang LaSalle in a research report on Thursday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $427.60.

Jones Lang LaSalle Stock Performance

JLL stock opened at $359.53 on Monday. The company has a quick ratio of 2.43, a current ratio of 2.43 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $16.42 billion, a price-to-earnings ratio of 15.56 and a beta of 1.29. Jones Lang LaSalle Incorporated has a 12 month low of $259.83 and a 12 month high of $393.84. The firm has a 50 day moving average of $331.39 and a two-hundred day moving average of $324.51.

Jones Lang LaSalle (NYSE:JLL - Get Free Report) last posted its earnings results on Wednesday, October 28th. The financial services provider reported $6.76 earnings per share for the quarter, beating the consensus estimate of $6.15 by $0.61. Jones Lang LaSalle had a return on equity of 15.05% and a net margin of 3.89%. The company had revenue of $7.28 billion for the quarter, compared to analyst estimates of $7.24 billion. During the same period last year, the company earned $4.50 earnings per share. The business's revenue was up 11.8% compared to the same quarter last year. As a group, equities analysts anticipate that Jones Lang LaSalle Incorporated will post 25.16 EPS for the current fiscal year.

Insider Activity at Jones Lang LaSalle

In other news, CEO Christian Ulbrich sold 2,000 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $385.53, for a total transaction of $771,060.00. Following the transaction, the chief executive officer owned 138,418 shares of the company's stock, valued at approximately $53,364,291.54. This represents a 1.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 6,000 shares of company stock worth $2,271,060. Corporate insiders own 0.91% of the company's stock.

Jones Lang LaSalle Profile

Jones Lang LaSalle Incorporated, doing business as JLL, is a global commercial real estate services and investment management company. It serves property owners, occupiers, investors and developers across a broad range of real estate sectors, including office, industrial, retail, residential, hospitality and specialized properties.

JLL's services include leasing, capital markets and investment sales, property and facilities management, project and development management, valuation and advisory services, workplace strategy, sustainability consulting and real estate technology solutions.

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