Manchester United Ltd. $MANU Stock: Pinnacle Associates Ltd. Boosts Position

Key Points

• Pinnacle Associates increased its Manchester United stake by 32.6% in the third quarter, adding 473,102 shares to own 1.93 million shares, or 1.12% of the company. Institutional investors collectively held 23.34% of MANU.
• Analyst sentiment remained negative: Weiss Ratings reaffirmed a “sell (D-)” rating, and MarketBeat reported a consensus rating of “Sell.”
• MANU shares opened at $21.06, with a market capitalization of approximately $3.63 billion. The company beat quarterly estimates, reporting an adjusted loss of $0.22 per share versus the expected $0.40 loss and revenue of $208.66 million versus $192.23 million expected.

Pinnacle Associates Ltd. increased its stake in Manchester United Ltd. (NYSE:MANU - Free Report) by 32.6% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,925,251 shares of the company's stock after buying an additional 473,102 shares during the period. Pinnacle Associates Ltd. owned 1.12% of Manchester United worth $40,334,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Gabelli Funds LLC raised its stake in Manchester United by 26.2% during the first quarter. Gabelli Funds LLC now owns 619,318 shares of the company's stock valued at $10,417,000 after buying an additional 128,655 shares during the last quarter. Gamco Investors INC. ET AL grew its stake in shares of Manchester United by 110.9% in the first quarter. Gamco Investors INC. ET AL now owns 1,104,738 shares of the company's stock worth $18,582,000 after acquiring an additional 580,887 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Manchester United by 23.7% in the first quarter. Renaissance Technologies LLC now owns 268,400 shares of the company's stock worth $4,514,000 after acquiring an additional 51,500 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Manchester United by 13.7% in the first quarter. Janus Henderson Group PLC now owns 645,790 shares of the company's stock worth $10,862,000 after acquiring an additional 77,804 shares during the last quarter. Finally, Krilogy Financial LLC grew its stake in shares of Manchester United by 78.0% in the first quarter. Krilogy Financial LLC now owns 87,966 shares of the company's stock worth $1,517,000 after acquiring an additional 38,550 shares during the last quarter. Institutional investors own 23.34% of the company's stock.

Analyst Ratings Changes

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Manchester United in a report on Friday, September 11th. One research analyst has rated the stock with a Sell rating. According to MarketBeat, the stock has a consensus rating of "Sell".

Manchester United Trading Up 3.1%

NYSE:MANU opened at $21.06 on Wednesday. The company's 50 day moving average price is $21.29 and its 200-day moving average price is $20.93. Manchester United Ltd. has a 52 week low of $14.85 and a 52 week high of $24.45. The company has a quick ratio of 0.31, a current ratio of 0.33 and a debt-to-equity ratio of 3.84. The stock has a market cap of $3.63 billion, a price-to-earnings ratio of -63.81 and a beta of 0.65.

Manchester United (NYSE:MANU - Get Free Report) last announced its quarterly earnings results on Wednesday, September 23rd. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.18. Manchester United had a negative net margin of 6.36% and a negative return on equity of 12.22%. The company had revenue of $208.66 million during the quarter, compared to the consensus estimate of $192.23 million.

About Manchester United

Manchester United plc NYSE: MANU owns and operates Manchester United Football Club, one of the world's best-known professional soccer teams. The club competes in England's Premier League and fields men's, women's and academy teams. Its activities include sporting operations, ticket sales, matchday hospitality and events, sponsorships, broadcasting and licensing.

The club traces its origins to 1878, when it was founded as Newton Heath Lancashire and Yorkshire Railway Football Club. It adopted the name Manchester United in 1902 and plays its home matches at Old Trafford in Manchester, England.

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