Cinctive Capital Management LP Sells 38,240 Shares of Moelis & Company $MC

Key Points

• Cinctive Capital Management LP has significantly reduced its stake in Moelis & Company by 63.3%, now holding 22,217 shares valued at approximately $1.3 million.
• Moelis & Company recently reported a 38.1% increase in revenue year-over-year, generating $365.38 million in the latest quarter, with an earnings per share (EPS) of $0.53, exceeding estimates.
• The company declared a quarterly dividend of $0.65 per share, which will be paid to stockholders on September 18th, reflecting a yearly dividend yield of 3.6%.

Cinctive Capital Management LP trimmed its holdings in Moelis & Company (NYSE:MC - Free Report) by 63.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,217 shares of the asset manager's stock after selling 38,240 shares during the period. Cinctive Capital Management LP's holdings in Moelis & Company were worth $1,297,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its holdings in Moelis & Company by 214.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,942,299 shares of the asset manager's stock worth $171,713,000 after purchasing an additional 2,006,747 shares during the last quarter. Jennison Associates LLC lifted its holdings in Moelis & Company by 457.0% during the 1st quarter. Jennison Associates LLC now owns 485,238 shares of the asset manager's stock worth $28,318,000 after purchasing an additional 398,129 shares during the last quarter. Nuveen LLC acquired a new stake in Moelis & Company during the 1st quarter worth approximately $19,561,000. Fred Alger Management LLC acquired a new stake in Moelis & Company during the 4th quarter worth approximately $16,396,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Moelis & Company during the 1st quarter worth approximately $10,670,000. 91.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on MC shares. Keefe, Bruyette & Woods lifted their price target on Moelis & Company from $69.00 to $89.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Morgan Stanley lifted their price target on Moelis & Company from $74.00 to $90.00 and gave the stock an "overweight" rating in a report on Monday. Wells Fargo & Company lifted their price target on Moelis & Company from $50.00 to $64.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. Zacks Research raised Moelis & Company from a "hold" rating to a "strong-buy" rating in a report on Monday, August 18th. Finally, The Goldman Sachs Group lifted their price objective on Moelis & Company from $56.00 to $63.00 and gave the company a "neutral" rating in a report on Thursday, May 15th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $69.67.

Insider Buying and Selling at Moelis & Company

In related news, Director Kenneth Shropshire sold 2,615 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $72.52, for a total transaction 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 legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Osamu R. Watanabe sold 6,340 shares of the business's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $72.64, for a total value of $460,537.60. Following the sale, the general counsel owned 131 shares in the company, valued at $9,515.84. This represents a 97.98% decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.40% of the company's stock.

Moelis & Company Stock Up 0.1%

Shares of MC traded up $0.07 during midday trading on Wednesday, hitting $72.26. The company's stock had a trading volume of 66,154 shares, compared to its average volume of 899,711. Moelis & Company has a one year low of $47.00 and a one year high of $82.89. The company's fifty day simple moving average is $70.57 and its two-hundred day simple moving average is $62.31. The stock has a market capitalization of $5.67 billion, a price-to-earnings ratio of 28.44 and a beta of 1.72.

Moelis & Company (NYSE:MC - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The asset manager reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.21. Moelis & Company had a return on equity of 42.72% and a net margin of 14.31%.The company had revenue of $365.38 million for the quarter, compared to analyst estimates of $269.57 million. During the same quarter last year, the company posted $0.18 EPS. The company's revenue for the quarter was up 38.1% compared to the same quarter last year. On average, research analysts predict that Moelis & Company will post 2.97 earnings per share for the current year.

Moelis & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Monday, August 4th will be paid a $0.65 dividend. The ex-dividend date is Monday, August 4th. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. Moelis & Company's dividend payout ratio (DPR) is presently 102.36%.

About Moelis & Company

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.