The Goldman Sachs Group Issues Positive Forecast for Affiliated Managers Group (NYSE:AMG) Stock Price

Key Points

• The Goldman Sachs Group has raised its target price for Affiliated Managers Group (NYSE:AMG) from $240.00 to $280.00, indicating a potential upside of 14.52% based on the company's previous close.
• Affiliated Managers Group's stock has a consensus rating of "Buy" from analysts, with one rating as "Strong Buy" and multiple target price increases from firms like TD Cowen and Bank of America.
• The company's recent quarterly earnings showed $5.39 earnings per share, exceeding estimates, though revenue was down 1.4% year-over-year at $493.20 million.

Affiliated Managers Group (NYSE:AMG - Get Free Report) had its target price raised by research analysts at The Goldman Sachs Group from $240.00 to $280.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the asset manager's stock. The Goldman Sachs Group's price target would suggest a potential upside of 14.52% from the company's previous close.

Other analysts have also issued research reports about the company. TD Cowen raised Affiliated Managers Group from a "hold" rating to a "buy" rating and upped their target price for the company from $214.00 to $255.00 in a report on Monday, August 4th. Barrington Research reissued an "outperform" rating and issued a $240.00 target price on shares of Affiliated Managers Group in a report on Tuesday, September 23rd. Zacks Research raised Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. Wall Street Zen raised Affiliated Managers Group from a "hold" rating to a "buy" rating in a report on Friday, September 26th. Finally, Bank of America upped their target price on Affiliated Managers Group to $335.00 and gave the company a "buy" rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company. Based on data from MarketBeat.com, Affiliated Managers Group has an average rating of "Buy" and a consensus target price of $263.60.

Affiliated Managers Group Stock Up 0.6%

AMG stock traded up $1.46 on Monday, reaching $244.50. 74,661 shares of the company's stock were exchanged, compared to its average volume of 223,177. The stock has a fifty day moving average of $226.70 and a 200-day moving average of $195.84. Affiliated Managers Group has a twelve month low of $139.22 and a twelve month high of $250.15. The firm has a market cap of $6.95 billion, a PE ratio of 17.86, a P/E/G ratio of 0.63 and a beta of 1.21.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The asset manager reported $5.39 earnings per share for the quarter, topping analysts' consensus estimates of $5.26 by $0.13. Affiliated Managers Group had a return on equity of 16.11% and a net margin of 21.79%.The firm had revenue of $493.20 million for the quarter, compared to analyst estimates of $506.46 million. During the same quarter in the prior year, the company posted $4.67 earnings per share. Affiliated Managers Group's quarterly revenue was down 1.4% on a year-over-year basis. On average, equities research analysts predict that Affiliated Managers Group will post 22.86 EPS for the current fiscal year.

Insider Activity

In other news, COO Thomas M. Wojcik sold 16,000 shares of the company's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $231.03, for a total value of $3,696,480.00. Following the sale, the chief operating officer directly owned 158,710 shares in the company, valued at $36,666,771.30. This represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Affiliated Managers Group

Several large investors have recently added to or reduced their stakes in AMG. Millennium Management LLC lifted its position in Affiliated Managers Group by 314.3% during the first quarter. Millennium Management LLC now owns 1,265,655 shares of the asset manager's stock worth $212,668,000 after buying an additional 960,158 shares during the period. Norges Bank purchased a new position in Affiliated Managers Group during the second quarter worth about $71,779,000. Balyasny Asset Management L.P. lifted its position in Affiliated Managers Group by 3,811.8% during the second quarter. Balyasny Asset Management L.P. now owns 311,383 shares of the asset manager's stock worth $61,271,000 after buying an additional 303,423 shares during the period. Holocene Advisors LP purchased a new position in Affiliated Managers Group during the second quarter worth about $19,865,000. Finally, Nuveen LLC purchased a new position in shares of Affiliated Managers Group in the 1st quarter worth about $16,060,000. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Affiliated Managers Group Company Profile

Affiliated Managers Group, Inc, through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds.

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