Van ECK Associates Corp Invests $6.85 Million in Affiliated Managers Group, Inc. $AMG

Key Points

• Van ECK Associates purchased 20,250 AMG shares worth approximately $6.85 million in the second quarter, joining a wave of institutional buying. Institutional investors now own 95.3% of Affiliated Managers Group.
• AMG reported quarterly EPS of $8.29, beating estimates of $7.90, while revenue of $640.7 million also exceeded expectations. Analysts maintain a consensus “Buy” rating with an average price target of $370.86.
• AMG shares opened at $358.21, down 0.7%, but remain well above their 200-day moving average of $323.40. CEO Jay Horgen sold 17,500 shares, reducing his direct ownership by 7.88%.

Van ECK Associates Corp purchased a new stake in Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 20,250 shares of the asset manager's stock, valued at approximately $6,853,000. Van ECK Associates Corp owned approximately 0.08% of Affiliated Managers Group 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. BlackRock Inc. acquired a new stake in Affiliated Managers Group in the second quarter valued at approximately $938,294,000. Bank of America Corp DE acquired a new position in shares of Affiliated Managers Group during the second quarter worth $146,331,000. Norges Bank acquired a new position in shares of Affiliated Managers Group during the fourth quarter worth $113,743,000. Balyasny Asset Management L.P. lifted its stake in shares of Affiliated Managers Group by 3,811.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager's stock valued at $61,271,000 after acquiring an additional 303,423 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new position in shares of Affiliated Managers Group in the 3rd quarter valued at $70,356,000. 95.30% of the stock is owned by institutional investors.

Affiliated Managers Group Trading Down 0.7%

Shares of AMG stock opened at $358.21 on Thursday. The stock has a market cap of $9.26 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 0.49 and a beta of 1.10. The stock has a 50-day moving average of $361.37 and a 200-day moving average of $323.40. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.76. Affiliated Managers Group, Inc. has a 1-year low of $227.22 and a 1-year high of $392.92.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The asset manager reported $8.29 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $640.70 million for the quarter, compared to analyst estimates of $590.94 million. During the same period in the previous year, the firm earned $5.39 earnings per share. The firm's quarterly revenue was up .0% on a year-over-year basis. On average, equities research analysts forecast that Affiliated Managers Group, Inc. will post 36.69 earnings per share for the current year.

Affiliated Managers Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 10th were given a $0.01 dividend. The ex-dividend date was Monday, August 10th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.0%. Affiliated Managers Group's payout ratio is 0.14%.

Wall Street Analyst Weigh In

AMG has been the topic of a number of research reports. Zacks Research upgraded Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. Weiss Ratings reiterated a "buy (b)" rating on shares of Affiliated Managers Group in a research report on Friday, June 26th. Barrington Research set a $425.00 price objective on Affiliated Managers Group in a research note on Friday, July 31st. TD Cowen reiterated a "buy" rating and issued a $454.00 price objective on shares of Affiliated Managers Group in a report on Wednesday, May 13th. Finally, Wall Street Zen downgraded shares of Affiliated Managers Group from a "strong-buy" rating to a "buy" rating in a research report on Sunday. One equities research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company. According to MarketBeat.com, Affiliated Managers Group has a consensus rating of "Buy" and an average price target of $370.86.

Insider Activity at Affiliated Managers Group

In other news, CEO Jay C. Horgen sold 17,500 shares of the company's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $338.27, for a total value of $5,919,725.00. Following the sale, the chief executive officer directly owned 204,706 shares of the company's stock, valued at approximately $69,245,898.62. This represents a 7.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.90% of the company's stock.

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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