Zacks Investment Research Upgrades GCM Grosvenor (NASDAQ:GCMG) to “Buy”

GCM Grosvenor (NASDAQ:GCMG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday, Zacks.com reports. The firm currently has a $13.00 price target on the stock. Zacks Investment Research‘s target price indicates a potential upside of 12.26% from the company’s current price.

According to Zacks, “GCM Grosvenor is an alternative asset management solutions provider with assets under management across private equity, infrastructure, real estate, credit and absolute return investment strategies. It operates principally in New York, Los Angeles, London, Tokyo, Hong Kong, and Seoul. GCM Grosvenor, formerly known as CF Finance Acquisition Corp., is headquartered in Chicago. “

Separately, Oppenheimer initiated coverage on shares of GCM Grosvenor in a report on Tuesday, August 31st. They issued an “outperform” rating and a $14.00 price target on the stock.

GCM Grosvenor stock opened at $11.58 on Monday. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 23.63 and a beta of 0.06. The firm’s fifty day moving average is $10.74 and its 200 day moving average is $11.55. GCM Grosvenor has a 52-week low of $9.00 and a 52-week high of $15.36.

GCM Grosvenor (NASDAQ:GCMG) last announced its earnings results on Tuesday, August 10th. The company reported $0.10 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.10. The firm had revenue of $119.70 million during the quarter, compared to analysts’ expectations of $102.96 million. As a group, sell-side analysts anticipate that GCM Grosvenor will post 0.57 EPS for the current year.

Several large investors have recently added to or reduced their stakes in GCMG. BlackRock Inc. boosted its holdings in shares of GCM Grosvenor by 973.2% in the 2nd quarter. BlackRock Inc. now owns 2,104,183 shares of the company’s stock valued at $21,925,000 after buying an additional 1,908,108 shares in the last quarter. Schonfeld Strategic Advisors LLC boosted its holdings in shares of GCM Grosvenor by 796.8% in the 2nd quarter. Schonfeld Strategic Advisors LLC now owns 1,540,670 shares of the company’s stock valued at $16,054,000 after buying an additional 1,368,876 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of GCM Grosvenor by 238.0% in the 1st quarter. Millennium Management LLC now owns 1,889,996 shares of the company’s stock valued at $22,491,000 after buying an additional 1,330,857 shares in the last quarter. LMR Partners LLP bought a new stake in shares of GCM Grosvenor in the 2nd quarter valued at about $1,951,000. Finally, Marshall Wace LLP purchased a new position in shares of GCM Grosvenor in the 2nd quarter valued at approximately $12,712,000. Institutional investors and hedge funds own 21.50% of the company’s stock.

About GCM Grosvenor

GCM Grosvenor, Inc provides global alternative asset management solutions. The firm invests on behalf of clients who seek allocations to alternative investments, such as private equity, infrastructure, real estate, credit, and absolute return strategies. It specializes in developing customized portfolios for clients who want an active role in the development of their alternatives programs and also offers multi-client portfolios for investors who desire a turn-key solution for accessing alternative investments.

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