Pinnacle Associates Ltd. Trims Stock Position in Manchester United Ltd. (NYSE:MANU)

Pinnacle Associates Ltd. lessened its stake in Manchester United Ltd. (NYSE:MANU - Free Report) by 2.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,220,239 shares of the company's stock after selling 27,152 shares during the period. Pinnacle Associates Ltd. owned about 0.72% of Manchester United worth $15,973,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC grew its stake in shares of Manchester United by 55.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,131 shares of the company's stock worth $37,000 after purchasing an additional 758 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Manchester United during the fourth quarter worth $156,000. National Bank of Canada FI grew its stake in shares of Manchester United by 213.1% during the fourth quarter. National Bank of Canada FI now owns 9,686 shares of the company's stock worth $168,000 after purchasing an additional 6,592 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Manchester United during the fourth quarter worth $177,000. Finally, Simon Quick Advisors LLC acquired a new position in shares of Manchester United during the first quarter worth $137,000. Institutional investors and hedge funds own 23.34% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Manchester United from a "sell" rating to a "hold" rating in a research note on Saturday, May 31st.

Manchester United Stock Down 2.8%

Shares of MANU stock traded down $0.50 on Friday, reaching $17.46. 170,081 shares of the stock were exchanged, compared to its average volume of 250,400. The company has a current ratio of 0.39, a quick ratio of 0.37 and a debt-to-equity ratio of 2.54. The business's 50 day moving average price is $16.62 and its 200 day moving average price is $15.26. The company has a market capitalization of $2.96 billion, a price-to-earnings ratio of -35.64 and a beta of 0.66. Manchester United Ltd. has a twelve month low of $12.05 and a twelve month high of $19.65.

Manchester United (NYSE:MANU - Get Free Report) last announced its quarterly earnings results on Friday, June 6th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.33) by $0.29. Manchester United had a negative net margin of 10.09% and a negative return on equity of 22.40%. The firm had revenue of $203.10 million during the quarter, compared to analysts' expectations of $159.13 million. During the same period in the previous year, the company earned ($0.24) earnings per share. As a group, sell-side analysts expect that Manchester United Ltd. will post -0.74 earnings per share for the current fiscal year.

Manchester United Profile

Manchester United plc, together with its subsidiaries, owns and operates a professional sports team in the United Kingdom. It operates Manchester United Football Club, a professional football club. The company develops marketing and sponsorship relationships with international and regional companies to leverage its brand.