Mirae Asset Global Investments Co. Ltd. Boosts Holdings in Moelis & Company $MC

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its holdings in Moelis & Company by 17.3%, acquiring an additional 9,980 shares during the 2nd quarter, bringing its total to 67,503 shares valued at approximately $4.2 million.
• Multiple institutional investors, including Truist Financial Corp and Janney Montgomery Scott LLC, also boosted their stakes in Moelis & Company during the 2nd quarter, indicating strong interest in the asset manager.
• Moelis & Company's recent earnings report revealed a 38.1% year-over-year revenue increase, reporting $365.38 million in revenue, and a substantial earnings per share of $0.53, surpassing analysts' expectations.

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Moelis & Company (NYSE:MC - Free Report) by 17.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 67,503 shares of the asset manager's stock after buying an additional 9,980 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 0.09% of Moelis & Company worth $4,207,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Truist Financial Corp boosted its holdings in shares of Moelis & Company by 52.0% in the 2nd quarter. Truist Financial Corp now owns 10,018 shares of the asset manager's stock worth $624,000 after purchasing an additional 3,429 shares in the last quarter. Campbell Newman Asset Management Inc. lifted its position in Moelis & Company by 7.2% in the 2nd quarter. Campbell Newman Asset Management Inc. now owns 17,087 shares of the asset manager's stock worth $1,065,000 after buying an additional 1,144 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Moelis & Company by 22.2% in the second quarter. Janney Montgomery Scott LLC now owns 26,619 shares of the asset manager's stock worth $1,659,000 after buying an additional 4,828 shares in the last quarter. State of Alaska Department of Revenue grew its position in Moelis & Company by 13.0% during the second quarter. State of Alaska Department of Revenue now owns 44,201 shares of the asset manager's stock valued at $2,754,000 after acquiring an additional 5,089 shares during the last quarter. Finally, Fulton Bank N.A. grew its position in Moelis & Company by 2.9% during the second quarter. Fulton Bank N.A. now owns 6,581 shares of the asset manager's stock valued at $410,000 after acquiring an additional 188 shares during the last quarter. Hedge funds and other institutional investors own 91.53% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on MC shares. BMO Capital Markets began coverage on shares of Moelis & Company in a report on Friday. They set a "market perform" rating and a $74.00 target price on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Moelis & Company in a research report on Saturday, September 27th. Zacks Research upgraded Moelis & Company from a "hold" rating to a "strong-buy" rating in a report on Monday, August 18th. Morgan Stanley increased their target price on Moelis & Company from $74.00 to $90.00 and gave the company an "overweight" rating in a report on Monday, September 8th. Finally, Keefe, Bruyette & Woods raised their price target on Moelis & Company from $69.00 to $89.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $70.29.

Insider Transactions at Moelis & Company

In other Moelis & Company news, Director Kenneth Shropshire sold 2,615 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $72.52, for a total value of $189,639.80. Following the sale, the director owned 7,109 shares in the company, valued at $515,544.68. The trade was a 26.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Osamu R. Watanabe sold 6,340 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $72.64, for a total value of $460,537.60. Following the transaction, the general counsel directly owned 131 shares of the company's stock, valued at approximately $9,515.84. The trade was a 97.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.40% of the stock is owned by company insiders.

Moelis & Company Price Performance

MC opened at $67.58 on Tuesday. The firm has a market cap of $5.31 billion, a PE ratio of 26.61 and a beta of 1.77. The stock has a 50-day moving average price of $72.04 and a 200-day moving average price of $63.57. Moelis & Company has a 1 year low of $47.00 and a 1 year high of $82.89.

Moelis & Company (NYSE:MC - Get Free Report) last issued its earnings results on Thursday, July 24th. The asset manager reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.21. The business had revenue of $365.38 million during the quarter, compared to analyst estimates of $269.57 million. Moelis & Company had a return on equity of 42.72% and a net margin of 14.31%.Moelis & Company's revenue was up 38.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 EPS. As a group, sell-side analysts anticipate that Moelis & Company will post 2.97 EPS for the current year.

Moelis & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Monday, August 4th were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Monday, August 4th. Moelis & Company's dividend payout ratio is presently 102.36%.

Moelis & Company Company Profile

Moelis & Co operates as a holding company. It engages in the provision of financial advisory, capital raising and asset management services to a client base including corporations, governments, sovereign wealth funds and financial sponsors. The firm focuses on clients including large public multinational corporations, middle market private companies, financial sponsors, entrepreneurs and governments.

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