Millennium Management LLC Has $229.47 Million Stake in Affiliated Managers Group, Inc. $AMG

Key Points

• Millennium Management cut its stake in Affiliated Managers Group by 21.7% in the fourth quarter, but still held 796,010 shares valued at about $229.5 million.
• AMG saw mixed insider activity: CEO Jay C. Horgen sold 17,500 shares worth about $5.9 million, while Director G. Staley Cates bought 1,500 shares.
• Analysts remain broadly positive on the stock, with seven Buy ratings and an average Moderate Buy target price of $362.29; AMG also recently beat quarterly EPS expectations and reported 9.7% revenue growth year over year.

Millennium Management LLC trimmed its stake in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 21.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 796,010 shares of the asset manager's stock after selling 221,103 shares during the period. Millennium Management LLC owned about 2.83% of Affiliated Managers Group worth $229,474,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Leonteq Securities AG acquired a new stake in Affiliated Managers Group in the 4th quarter worth $30,000. Arax Advisory Partners grew its position in Affiliated Managers Group by 94.1% in the 4th quarter. Arax Advisory Partners now owns 198 shares of the asset manager's stock worth $57,000 after purchasing an additional 96 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in Affiliated Managers Group by 676.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 233 shares of the asset manager's stock worth $67,000 after purchasing an additional 203 shares during the last quarter. Highlander Partners L.P. acquired a new stake in Affiliated Managers Group in the 4th quarter worth $68,000. Finally, Jones Financial Companies Lllp grew its position in Affiliated Managers Group by 51.9% in the 3rd quarter. Jones Financial Companies Lllp now owns 246 shares of the asset manager's stock worth $59,000 after purchasing an additional 84 shares during the last quarter. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Jay C. Horgen sold 17,500 shares of Affiliated Managers Group stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the completion of the transaction, the chief executive officer directly owned 204,706 shares of the company's stock, valued at $69,245,898.62. This trade represents a 7.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director G. Staley Cates purchased 1,500 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The shares were purchased at an average cost of $305.83 per share, with a total value of $458,745.00. Following the completion of the acquisition, the director directly owned 6,405 shares in the company, valued at $1,958,841.15. The trade was a 30.58% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 21,902 shares of company stock worth $7,257,719 over the last ninety days. Corporate insiders own 2.90% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on AMG shares. TD Cowen restated a "buy" rating and issued a $454.00 price target on shares of Affiliated Managers Group in a research report on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $400.00 target price on shares of Affiliated Managers Group in a research report on Monday, May 4th. Barrington Research reiterated an "outperform" rating and set a $365.00 target price on shares of Affiliated Managers Group in a research report on Monday, April 27th. The Goldman Sachs Group reiterated a "buy" rating and set a $405.00 target price on shares of Affiliated Managers Group in a research report on Monday, May 4th. Finally, Wall Street Zen lowered shares of Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 4th. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $362.29.

Affiliated Managers Group Price Performance

Shares of Affiliated Managers Group stock opened at $356.35 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.79 and a current ratio of 1.79. The firm's 50-day simple moving average is $307.53 and its 200-day simple moving average is $299.04. Affiliated Managers Group, Inc. has a twelve month low of $179.79 and a twelve month high of $363.89. The firm has a market cap of $9.41 billion, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 0.60 and a beta of 1.13.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last issued its earnings results on Friday, May 1st. The asset manager reported $8.23 earnings per share for the quarter, beating the consensus estimate of $8.10 by $0.13. Affiliated Managers Group had a net margin of 35.55% and a return on equity of 20.17%. The business had revenue of $544.90 million for the quarter, compared to analyst estimates of $544.01 million. During the same period in the previous year, the business earned $5.37 EPS. The firm's revenue was up 9.7% on a year-over-year basis. As a group, research analysts expect that Affiliated Managers Group, Inc. will post 34.71 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 11th were given 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 was Monday, May 11th. Affiliated Managers Group's payout ratio is 0.16%.

Affiliated Managers Group Profile

Affiliated Managers Group, Inc NYSE: AMG is a global asset management holding company that partners with boutique investment firms. Founded in 1993 and headquartered in West Palm Beach, Florida, AMG invests in and collaborates with independent investment managers to foster growth while preserving their entrepreneurial culture. Through equity stakes and strategic support, the company aims to enhance its affiliates' distribution capabilities, operational infrastructure and access to capital.

The company's core business activities include providing capital solutions, distribution services and operational support to affiliated investment firms.

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