Mirae Asset Global Investments Co. Ltd. Lowers Position in SEI Investments Company $SEIC

Key Points

• Mirae Asset Global Investments Co. Ltd. reduced its stake in SEI Investments by 15.6%, owning 59,413 shares valued at $5.34 million after selling 10,983 shares in Q2.
• Several other institutional investors have increased their positions in SEI Investments, including Lecap Asset Management Ltd. which raised its stake by 208%.
• SEI Investments reported $1.78 earnings per share for the latest quarter, significantly exceeding the consensus estimate of $1.18, with revenue rising by 7.8% year-over-year.

Mirae Asset Global Investments Co. Ltd. decreased its position in shares of SEI Investments Company (NASDAQ:SEIC - Free Report) by 15.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 59,413 shares of the asset manager's stock after selling 10,983 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in SEI Investments were worth $5,339,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in SEIC. Lecap Asset Management Ltd. raised its holdings in SEI Investments by 208.0% in the second quarter. Lecap Asset Management Ltd. now owns 19,523 shares of the asset manager's stock worth $1,754,000 after purchasing an additional 13,185 shares in the last quarter. Institute for Wealth Management LLC. purchased a new stake in shares of SEI Investments in the 2nd quarter worth about $268,000. Janney Montgomery Scott LLC increased its stake in shares of SEI Investments by 5,005.9% in the 2nd quarter. Janney Montgomery Scott LLC now owns 135,511 shares of the asset manager's stock worth $12,177,000 after acquiring an additional 132,857 shares in the last quarter. Genesis Private Wealth LLC purchased a new position in SEI Investments during the 2nd quarter valued at about $201,000. Finally, Avior Wealth Management LLC boosted its stake in SEI Investments by 32.9% during the second quarter. Avior Wealth Management LLC now owns 7,384 shares of the asset manager's stock worth $664,000 after acquiring an additional 1,828 shares in the last quarter. Hedge funds and other institutional investors own 70.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SEIC. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $98.00 target price (down previously from $100.00) on shares of SEI Investments in a research note on Thursday, July 24th. Zacks Research lowered SEI Investments from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 1st. Raymond James Financial lifted their price objective on SEI Investments from $115.00 to $118.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Oppenheimer increased their target price on SEI Investments from $96.00 to $101.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, Piper Sandler lowered their price target on SEI Investments from $96.00 to $93.00 and set a "neutral" rating for the company in a research report on Thursday, July 24th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $105.00.

SEI Investments Price Performance

SEI Investments stock opened at $85.35 on Tuesday. SEI Investments Company has a one year low of $64.66 and a one year high of $93.96. The business's fifty day moving average is $87.44 and its 200 day moving average is $84.26. The stock has a market capitalization of $10.55 billion, a PE ratio of 16.01, a price-to-earnings-growth ratio of 1.30 and a beta of 0.96.

SEI Investments (NASDAQ:SEIC - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The asset manager reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.60. SEI Investments had a return on equity of 29.96% and a net margin of 31.25%.The firm had revenue of $559.60 million for the quarter, compared to analysts' expectations of $550.72 million. During the same period in the prior year, the firm earned $1.05 EPS. The company's revenue was up 7.8% compared to the same quarter last year. As a group, sell-side analysts expect that SEI Investments Company will post 4.86 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Ryan Hicke sold 35,000 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $88.30, for a total value of $3,090,500.00. Following the sale, the chief executive officer directly owned 171,260 shares in the company, valued at $15,122,258. The trade was a 16.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Carl Guarino sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $86.41, for a total value of $864,100.00. Following the sale, the director owned 16,042 shares in the company, valued at approximately $1,386,189.22. This trade represents a 38.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 60,000 shares of company stock worth $5,254,950. Corporate insiders own 14.30% of the company's stock.

SEI Investments Profile

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.

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