Affiliated Managers Group, Inc. $AMG Shares Purchased by Millennium Management LLC

Key Points

• Millennium Management LLC increased its holdings in Affiliated Managers Group by 314.3%, purchasing an additional 960,158 shares to own a total of 1,265,655 shares, valued at approximately $212.7 million.
• Research reports have shown mixed ratings for Affiliated Managers Group, with firms like TD Cowen upgrading the stock from "hold" to "buy" and raising the target price from $214 to $255.
• Affiliated Managers Group recently reported $5.39 EPS for the last quarter, surpassing estimates by $0.13, although revenue showed a 1.4% decline compared to the previous year.

Millennium Management LLC grew its position in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 314.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,265,655 shares of the asset manager's stock after acquiring an additional 960,158 shares during the quarter. Millennium Management LLC owned about 4.45% of Affiliated Managers Group worth $212,668,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Millstone Evans Group LLC boosted its position in shares of Affiliated Managers Group by 154.5% during the 1st quarter. Millstone Evans Group LLC now owns 168 shares of the asset manager's stock valued at $28,000 after acquiring an additional 102 shares during the last quarter. Versant Capital Management Inc lifted its position in Affiliated Managers Group by 70.8% in the first quarter. Versant Capital Management Inc now owns 181 shares of the asset manager's stock worth $30,000 after buying an additional 75 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Affiliated Managers Group in the first quarter worth $36,000. Private Trust Co. NA lifted its position in Affiliated Managers Group by 38.1% in the first quarter. Private Trust Co. NA now owns 301 shares of the asset manager's stock worth $51,000 after buying an additional 83 shares during the last quarter. Finally, Cullen Frost Bankers Inc. bought a new stake in Affiliated Managers Group in the first quarter worth $56,000. 95.30% of the stock is currently owned by institutional investors.

Affiliated Managers Group Trading Down 0.2%

Shares of Affiliated Managers Group stock traded down $0.52 during trading on Wednesday, hitting $231.45. 45,413 shares of the stock traded hands, compared to its average volume of 221,534. The firm has a market cap of $6.58 billion, a P/E ratio of 16.89, a price-to-earnings-growth ratio of 0.61 and a beta of 1.19. Affiliated Managers Group, Inc. has a 52-week low of $139.22 and a 52-week high of $235.00. The stock's fifty day simple moving average is $215.08 and its 200 day simple moving average is $186.41.

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

Affiliated Managers Group Dividend Announcement

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

Insider Transactions at Affiliated Managers Group

In other Affiliated Managers Group news, COO Thomas M. Wojcik sold 16,000 shares of Affiliated Managers Group stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $231.03, for a total value of $3,696,480.00. Following the transaction, the chief operating officer owned 158,710 shares in the company, valued at $36,666,771.30. The trade was a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. The Goldman Sachs Group upgraded Affiliated Managers Group from a "neutral" rating to a "buy" rating and raised their price target for the stock from $197.00 to $218.00 in a research report on Friday, June 27th. Zacks Research upgraded Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. Wall Street Zen downgraded Affiliated Managers Group from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Bank of America upgraded Affiliated Managers Group from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $236.00 to $331.00 in a research report on Tuesday, September 2nd. Finally, TD Cowen upgraded Affiliated Managers Group from a "hold" rating to a "buy" rating and lifted their target price for the stock from $214.00 to $255.00 in a research report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $242.40.

About Affiliated Managers Group

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.