Moelis & Company (NYSE:MC) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Moelis & Company beat quarterly expectations: The firm reported earnings of $0.63 per share versus the $0.62 consensus estimate, while revenue of $409.39 million exceeded expectations of $387.27 million.
• Shares declined after the results, falling $3.25 to $65.34 in midday trading. The stock has traded between $51.06 and $78.22 over the past year, with a market capitalization of approximately $5.13 billion.
• Analyst sentiment remains cautious: The consensus rating is “Hold” with a $73.38 price target, while institutional investors own 91.53% of the company’s stock.

Moelis & Company (NYSE:MC - Get Free Report) posted its quarterly earnings data on Wednesday. The asset manager reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.01, FiscalAI reports. Moelis & Company had a net margin of 14.46% and a return on equity of 38.94%. The firm had revenue of $409.39 million for the quarter, compared to analysts' expectations of $387.27 million.

Moelis & Company Stock Performance

Shares of NYSE MC traded down $3.25 during mid-day trading on Wednesday, hitting $65.34. The stock had a trading volume of 1,245,348 shares, compared to its average volume of 1,097,144. Moelis & Company has a 1 year low of $51.06 and a 1 year high of $78.22. The business has a 50 day moving average price of $67.15 and a two-hundred day moving average price of $65.40. The firm has a market cap of $5.13 billion, a P/E ratio of 23.51, a price-to-earnings-growth ratio of 0.86 and a beta of 1.85.

Hedge Funds Weigh In On Moelis & Company

Hedge funds have recently modified their holdings of the company. Allworth Financial LP increased its holdings in Moelis & Company by 153.9% during the 3rd quarter. Allworth Financial LP now owns 419 shares of the asset manager's stock valued at $30,000 after purchasing an additional 254 shares during the period. Quarry LP increased its stake in shares of Moelis & Company by 1,811.1% during the third quarter. Quarry LP now owns 516 shares of the asset manager's stock valued at $37,000 after buying an additional 489 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Moelis & Company by 89.5% during the second quarter. EverSource Wealth Advisors LLC now owns 597 shares of the asset manager's stock valued at $37,000 after acquiring an additional 282 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Moelis & Company by 489.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 548 shares of the asset manager's stock valued at $39,000 after acquiring an additional 455 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Moelis & Company by 355.6% in the third quarter. NewEdge Advisors LLC now owns 902 shares of the asset manager's stock worth $64,000 after acquiring an additional 704 shares during the period. Hedge funds and other institutional investors own 91.53% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Keefe, Bruyette & Woods reduced their target price on Moelis & Company from $69.00 to $66.00 and set a "market perform" rating on the stock in a research note on Friday, July 10th. Morgan Stanley dropped their price target on Moelis & Company from $90.00 to $83.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. Wall Street Zen cut Moelis & Company from a "hold" rating to a "sell" rating in a report on Saturday, May 2nd. Zacks Research upgraded Moelis & Company from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 14th. Finally, UBS Group reiterated a "sell" rating and set a $60.00 price objective (up from $58.00) on shares of Moelis & Company in a research report on Wednesday, July 8th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Moelis & Company has an average rating of "Hold" and a consensus price target of $73.38.

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. The company was founded by Kenneth David Moelis, Navid Mahmoodzadegan, Jeffrey Raich and Elizabeth Ann Crain in July 2007 and is headquartered in New York, NY.

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