Oliver Luxxe Assets LLC Sells 2,757 Shares of Affiliated Managers Group, Inc. $AMG

Key Points

• Oliver Luxxe Assets LLC cut its Affiliated Managers Group stake by 21% in the second quarter, selling 2,757 shares and retaining 10,344 shares worth about $3.5 million. Institutional investors and hedge funds collectively own 95.3% of AMG.
• Analysts remain bullish, with AMG holding an average “Buy” rating and an average price target of $370.86; individual targets range from $400 to $454.
• AMG beat quarterly earnings expectations, reporting $8.29 in EPS versus the $7.90 consensus and $640.7 million in revenue versus $590.94 million expected. Shares opened at $369.34, while the company announced a quarterly dividend of $0.01 per share.

Oliver Luxxe Assets LLC reduced its position in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 21.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,344 shares of the asset manager's stock after selling 2,757 shares during the quarter. Oliver Luxxe Assets LLC's holdings in Affiliated Managers Group were worth $3,500,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in AMG. Leonteq Securities AG acquired a new stake in shares of Affiliated Managers Group during the 4th quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd acquired a new position in Affiliated Managers Group during the fourth quarter valued at approximately $42,000. EverSource Wealth Advisors LLC raised its position in Affiliated Managers Group by 45.5% during the first quarter. EverSource Wealth Advisors LLC now owns 179 shares of the asset manager's stock valued at $50,000 after purchasing an additional 56 shares in the last quarter. Arax Advisory Partners lifted its stake in Affiliated Managers Group by 94.1% during the fourth quarter. Arax Advisory Partners now owns 198 shares of the asset manager's stock worth $57,000 after purchasing an additional 96 shares during the last quarter. Finally, WealthCollab LLC lifted its stake in Affiliated Managers Group by 40.5% during the first quarter. WealthCollab LLC now owns 229 shares of the asset manager's stock worth $63,000 after purchasing an additional 66 shares during the last quarter. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AMG has been the topic of a number of research analyst reports. Barrington Research set a $425.00 target price on Affiliated Managers Group in a report on Friday, July 31st. Wall Street Zen upgraded Affiliated Managers Group from a "hold" rating to a "buy" rating in a research report on Sunday, June 28th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $400.00 price objective on shares of Affiliated Managers Group in a research note on Monday, May 4th. TD Cowen reiterated a "buy" rating and issued a $454.00 target price on shares of Affiliated Managers Group in a research report on Wednesday, May 13th. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $405.00 target price on shares of Affiliated Managers Group in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. According to MarketBeat.com, Affiliated Managers Group currently has an average rating of "Buy" and an average price target of $370.86.

Insider Buying and Selling

In related news, CEO Jay C. Horgen sold 17,500 shares of Affiliated Managers Group stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $338.27, for a total transaction of $5,919,725.00. Following the sale, the chief executive officer directly owned 204,706 shares in the company, valued at $69,245,898.62. This trade represents a 7.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Annette Franqui bought 750 shares of Affiliated Managers Group stock in a transaction on Monday, June 1st. The shares were acquired at an average cost of $304.88 per share, for a total transaction of $228,660.00. Following the completion of the acquisition, the director directly owned 1,962 shares in the company, valued at approximately $598,174.56. The trade was a 61.88% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.90% of the stock is owned by company insiders.

Affiliated Managers Group Trading Down 0.8%

Shares of AMG stock opened at $369.34 on Friday. Affiliated Managers Group, Inc. has a twelve month low of $210.87 and a twelve month high of $392.92. The stock's fifty day simple moving average is $353.04 and its 200 day simple moving average is $317.06. The company has a quick ratio of 1.79, a current ratio of 1.24 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $9.75 billion, a P/E ratio of 12.79, a P/E/G ratio of 0.53 and a beta of 1.11.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its earnings results on Thursday, July 30th. The asset manager reported $8.29 EPS for the quarter, beating the consensus estimate of $7.90 by $0.39. Affiliated Managers Group had a return on equity of 21.94% and a net margin of 37.72%.The firm had revenue of $640.70 million during the quarter, compared to the consensus estimate of $590.94 million. During the same period last year, the company earned $5.39 earnings per share. The business's quarterly revenue was up .0% on a year-over-year basis. As a group, sell-side analysts predict that Affiliated Managers Group, Inc. will post 36.25 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. The ex-dividend date is Monday, August 10th. Affiliated Managers Group's dividend payout ratio (DPR) is 0.14%.

Affiliated Managers Group Profile

Affiliated Managers Group, Inc NYSE: AMG is a global asset management holding company that partners with boutique investment firms. Founded in 1993 and headquartered in West Palm Beach, Florida, AMG invests in and collaborates with independent investment managers to foster growth while preserving their entrepreneurial culture. Through equity stakes and strategic support, the company aims to enhance its affiliates' distribution capabilities, operational infrastructure and access to capital.

The company's core business activities include providing capital solutions, distribution services and operational support to affiliated investment firms.

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