LGT Capital Partners LTD. raised its stake in Affiliated Managers Group, Inc. (NYSE:AMG) by 28.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 344,674 shares of the asset manager’s stock after purchasing an additional 75,823 shares during the period. Affiliated Managers Group comprises 2.8% of LGT Capital Partners LTD.’s investment portfolio, making the stock its 11th biggest position. LGT Capital Partners LTD.’s holdings in Affiliated Managers Group were worth $33,585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of AMG. Cornerstone Wealth Management LLC raised its position in Affiliated Managers Group by 24.5% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 28,925 shares of the asset manager’s stock valued at $149,000 after purchasing an additional 5,698 shares in the last quarter. Zions Bancorporation acquired a new stake in Affiliated Managers Group in the 3rd quarter valued at about $170,000. Trust Co. of Toledo NA OH acquired a new stake in Affiliated Managers Group in the 3rd quarter valued at about $202,000. Candriam Luxembourg S.C.A. acquired a new stake in Affiliated Managers Group in the 3rd quarter valued at about $204,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Affiliated Managers Group in the 3rd quarter valued at about $223,000. 92.13% of the stock is currently owned by institutional investors.
A number of equities research analysts have issued reports on AMG shares. Credit Suisse Group reaffirmed a “neutral” rating and issued a $123.00 price target (down previously from $162.00) on shares of Affiliated Managers Group in a research report on Monday. Bank of America reaffirmed a “buy” rating and issued a $130.00 price target (down previously from $155.00) on shares of Affiliated Managers Group in a research report on Thursday, December 6th. Barrington Research reissued a “buy” rating and set a $135.00 target price on shares of Affiliated Managers Group in a research report on Tuesday, January 8th. They noted that the move was a valuation call. Citigroup cut their target price on Affiliated Managers Group from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, December 19th. Finally, Zacks Investment Research lowered Affiliated Managers Group from a “hold” rating to a “sell” rating in a research report on Tuesday, January 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $148.71.
Affiliated Managers Group (NYSE:AMG) last issued its earnings results on Monday, October 29th. The asset manager reported $3.45 earnings per share for the quarter, topping the consensus estimate of $3.42 by $0.03. Affiliated Managers Group had a return on equity of 19.37% and a net margin of 29.38%. The business had revenue of $601.30 million for the quarter, compared to analyst estimates of $604.82 million. During the same quarter last year, the company earned $3.41 EPS. The business’s quarterly revenue was up 2.7% on a year-over-year basis. On average, sell-side analysts forecast that Affiliated Managers Group, Inc. will post 14.72 earnings per share for the current fiscal year.
In related news, Director Dwight D. Churchill sold 2,034 shares of the firm’s stock in a transaction that occurred on Wednesday, November 21st. The stock was sold at an average price of $110.53, for a total transaction of $224,818.02. Following the transaction, the director now owns 6,522 shares in the company, valued at approximately $720,876.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Hugh Cutler purchased 1,564 shares of the company’s stock in a transaction that occurred on Wednesday, October 31st. The shares were purchased at an average price of $115.48 per share, for a total transaction of $180,610.72. Following the purchase, the executive vice president now directly owns 7,087 shares in the company, valued at $818,406.76. The disclosure for this purchase can be found here. 0.91% of the stock is currently owned by company insiders.
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Affiliated Managers Group Profile
Affiliated Managers Group, Inc, through its affiliates, operates as an asset management company providing investment management services to mutual funds, institutional clients, and high net worth individuals in the United States. It provides advisory or subadvisory services to mutual funds. These funds are distributed to retail and institutional clients directly and through intermediaries, including independent investment advisors, retirement plan sponsors, broker-dealers, major fund marketplaces, and bank trust departments.
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