Millennium Management LLC Sells 231,560 Shares of SEI Investments (NASDAQ:SEIC)

Millennium Management LLC cut its position in shares of SEI Investments (NASDAQ:SEIC - Free Report) by 56.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 178,367 shares of the asset manager's stock after selling 231,560 shares during the period. Millennium Management LLC owned approximately 0.14% of SEI Investments worth $14,712,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. King Luther Capital Management Corp bought a new position in shares of SEI Investments during the 4th quarter valued at approximately $2,645,000. Boston Trust Walden Corp grew its position in SEI Investments by 1.6% in the 4th quarter. Boston Trust Walden Corp now owns 1,306,329 shares of the asset manager's stock valued at $107,746,000 after acquiring an additional 20,020 shares during the last quarter. Longboard Asset Management LP bought a new position in SEI Investments in the 4th quarter valued at $267,000. New York Life Investment Management LLC bought a new position in SEI Investments in the 4th quarter valued at $863,000. Finally, Lecap Asset Management Ltd. bought a new position in SEI Investments in the 4th quarter valued at $480,000. Institutional investors own 70.59% of the company's stock.

Insiders Place Their Bets

In other SEI Investments news, EVP Michael Peterson sold 50,000 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $84.27, for a total transaction of $4,213,500.00. Following the completion of the transaction, the executive vice president now owns 13,500 shares in the company, valued at $1,137,645. This trade represents a 78.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Alfred P. West, Jr. sold 1,372 shares of SEI Investments stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $76.28, for a total transaction of $104,656.16. Following the completion of the transaction, the chairman now owns 7,078,708 shares of the company's stock, valued at $539,963,846.24. This trade represents a 0.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 170,214 shares of company stock valued at $13,925,963 over the last three months. 14.60% of the stock is currently owned by insiders.

SEI Investments Stock Performance

Shares of SEIC stock traded down $0.14 during mid-day trading on Wednesday, hitting $85.83. 118,225 shares of the stock traded hands, compared to its average volume of 674,720. SEI Investments has a twelve month low of $62.38 and a twelve month high of $87.25. The firm has a market cap of $10.69 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 1.41 and a beta of 0.90. The company's 50-day simple moving average is $77.47 and its 200-day simple moving average is $80.17.

SEI Investments (NASDAQ:SEIC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The asset manager reported $1.17 earnings per share for the quarter, beating analysts' consensus estimates of $1.12 by $0.05. SEI Investments had a return on equity of 25.51% and a net margin of 27.35%. The business had revenue of $551.34 million for the quarter, compared to the consensus estimate of $556.76 million. During the same quarter in the previous year, the company posted $0.99 earnings per share. SEI Investments's revenue for the quarter was up 7.8% compared to the same quarter last year. Analysts forecast that SEI Investments will post 4.86 earnings per share for the current year.

SEI Investments announced that its board has initiated a share buyback plan on Tuesday, March 18th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the asset manager to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Wall Street Zen raised SEI Investments from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. Raymond James raised SEI Investments from a "market perform" rating to an "outperform" rating and set a $99.00 price target on the stock in a research note on Thursday, January 30th. Keefe, Bruyette & Woods upped their price target on SEI Investments from $80.00 to $84.00 and gave the company a "market perform" rating in a research note on Friday, April 25th. William Blair reaffirmed a "market perform" rating on shares of SEI Investments in a research report on Thursday, April 24th. Finally, Morgan Stanley restated an "overweight" rating and set a $82.00 price target (up previously from $77.00) on shares of SEI Investments in a research note on Thursday, April 24th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $87.60.

About SEI Investments

SEI Investments Company is a publicly owned asset management holding company. Through its subsidiaries, the firm provides wealth management, retirement and investment solutions, asset management, asset administration, investment processing outsourcing solutions, financial services, and investment advisory services to its clients.