Affiliated Managers Group (NYSE:AMG) Hits New 1-Year High – Still a Buy?

Affiliated Managers Group, Inc. (NYSE:AMG)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $197.60 and last traded at $197.60, with a volume of 189 shares trading hands. The stock had previously closed at $195.55.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. TD Cowen raised their target price on Affiliated Managers Group from $201.00 to $226.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Bank of America boosted their price target on Affiliated Managers Group from $200.00 to $201.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. StockNews.com downgraded Affiliated Managers Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on Affiliated Managers Group from $202.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, Barrington Research restated an “outperform” rating and set a $210.00 price objective on shares of Affiliated Managers Group in a research report on Wednesday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $210.50.

Affiliated Managers Group Trading Up 0.3 %

The stock has a 50-day simple moving average of $178.97 and a 200-day simple moving average of $167.81. The company has a market cap of $6.25 billion, a price-to-earnings ratio of 10.97, a price-to-earnings-growth ratio of 0.58 and a beta of 1.20.

Affiliated Managers Group (NYSE:AMG) last announced its quarterly earnings data on Monday, July 29th. The asset manager reported $4.67 earnings per share for the quarter, beating the consensus estimate of $4.60 by $0.07. The business had revenue of $500.30 million during the quarter, compared to analyst estimates of $518.03 million. Affiliated Managers Group had a return on equity of 16.50% and a net margin of 31.51%. The company’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.45 earnings per share. As a group, research analysts expect that Affiliated Managers Group, Inc. will post 21.98 EPS for the current fiscal year.

Insider Activity

In other news, COO Thomas M. Wojcik sold 4,786 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $172.71, for a total value of $826,590.06. Following the completion of the sale, the chief operating officer now owns 84,392 shares in the company, valued at $14,575,342.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Rizwan M. Jamal sold 8,622 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $172.89, for a total transaction of $1,490,657.58. Following the sale, the insider now directly owns 128,457 shares of the company’s stock, valued at $22,208,930.73. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Thomas M. Wojcik sold 4,786 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $172.71, for a total value of $826,590.06. Following the sale, the chief operating officer now directly owns 84,392 shares in the company, valued at $14,575,342.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,408 shares of company stock worth $3,865,068 over the last 90 days. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Affiliated Managers Group

A number of institutional investors and hedge funds have recently modified their holdings of AMG. Ariel Investments LLC raised its position in shares of Affiliated Managers Group by 8.7% during the second quarter. Ariel Investments LLC now owns 1,442,817 shares of the asset manager’s stock worth $225,411,000 after purchasing an additional 115,808 shares during the period. Victory Capital Management Inc. raised its position in Affiliated Managers Group by 150.1% during the second quarter. Victory Capital Management Inc. now owns 99,407 shares of the asset manager’s stock valued at $15,530,000 after buying an additional 59,659 shares during the period. Jacobs Levy Equity Management Inc. raised its position in Affiliated Managers Group by 36.3% during the first quarter. Jacobs Levy Equity Management Inc. now owns 177,530 shares of the asset manager’s stock valued at $29,731,000 after buying an additional 47,239 shares during the period. Algert Global LLC raised its position in Affiliated Managers Group by 74.8% during the second quarter. Algert Global LLC now owns 89,254 shares of the asset manager’s stock valued at $13,944,000 after buying an additional 38,206 shares during the period. Finally, Renaissance Technologies LLC raised its position in Affiliated Managers Group by 59.1% during the second quarter. Renaissance Technologies LLC now owns 90,200 shares of the asset manager’s stock valued at $14,092,000 after buying an additional 33,500 shares during the period. 95.30% of the stock is owned by institutional investors and hedge funds.

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.