Citigroup Cuts Affiliated Managers Group (NYSE:AMG) Price Target to $101.00

Affiliated Managers Group (NYSE:AMG) had its price objective lowered by Citigroup from $105.00 to $101.00 in a research report report published on Tuesday morning, BenzingaRatingsTable reports. The brokerage currently has a neutral rating on the asset manager’s stock.

Several other brokerages also recently weighed in on AMG. Deutsche Bank set a €230.00 ($267.44) target price on shares of adidas and gave the company a neutral rating in a research note on Tuesday, May 7th. Bank of America set a $20.00 target price on shares of Fiat Chrysler Automobiles and gave the company a hold rating in a research note on Thursday, June 6th. Barrington Research reissued a buy rating and issued a $135.00 target price on shares of Affiliated Managers Group in a research note on Tuesday, April 30th. Zacks Investment Research downgraded shares of Haynes International from a hold rating to a sell rating in a research note on Wednesday, May 8th. Finally, ValuEngine raised shares of Zynerba Pharmaceuticals from a sell rating to a hold rating in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $123.11.

Shares of AMG opened at $89.76 on Tuesday. Affiliated Managers Group has a twelve month low of $83.10 and a twelve month high of $163.55. The stock has a market capitalization of $4.66 billion, a P/E ratio of 6.19, a P/E/G ratio of 0.65 and a beta of 1.63. The company has a fifty day moving average price of $88.85.



Affiliated Managers Group (NYSE:AMG) last announced its earnings results on Monday, May 6th. The asset manager reported $3.26 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.27 by ($0.01). Affiliated Managers Group had a negative net margin of 4.77% and a positive return on equity of 17.72%. The firm had revenue of $543.10 million during the quarter, compared to analysts’ expectations of $541.42 million. During the same period in the prior year, the company posted $3.92 EPS. The company’s revenue was down 11.3% compared to the same quarter last year. On average, analysts expect that Affiliated Managers Group will post 13.64 earnings per share for the current fiscal year.

In related news, insider Jay C. Horgen purchased 11,000 shares of Affiliated Managers Group stock in a transaction that occurred on Friday, May 10th. The shares were bought at an average price of $93.19 per share, with a total value of $1,025,090.00. Following the purchase, the insider now directly owns 115,527 shares of the company’s stock, valued at approximately $10,765,961.13. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jide James Zeitlin sold 54,350 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $92.22, for a total transaction of $5,012,157.00. The disclosure for this sale can be found here. Company insiders own 1.43% of the company’s stock.

A number of hedge funds have recently bought and sold shares of AMG. Norges Bank purchased a new position in Affiliated Managers Group in the 4th quarter worth about $45,931,000. FMR LLC increased its position in Affiliated Managers Group by 110.6% during the 1st quarter. FMR LLC now owns 694,862 shares of the asset manager’s stock valued at $74,427,000 after purchasing an additional 364,904 shares during the period. Two Sigma Investments LP increased its position in Affiliated Managers Group by 189.3% during the 4th quarter. Two Sigma Investments LP now owns 531,567 shares of the asset manager’s stock valued at $51,796,000 after purchasing an additional 347,822 shares during the period. Clarkston Capital Partners LLC increased its position in Affiliated Managers Group by 34.2% during the 1st quarter. Clarkston Capital Partners LLC now owns 749,125 shares of the asset manager’s stock valued at $80,239,000 after purchasing an additional 191,000 shares during the period. Finally, Two Sigma Advisers LP increased its position in Affiliated Managers Group by 497.4% during the 4th quarter. Two Sigma Advisers LP now owns 211,264 shares of the asset manager’s stock valued at $20,586,000 after purchasing an additional 175,900 shares during the period. 94.65% of the stock is currently owned by institutional investors.

About Affiliated Managers Group

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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Analyst Recommendations for Affiliated Managers Group (NYSE:AMG)

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