BidaskClub Upgrades OM Asset Management PLC (NYSE:OMAM) to Hold
OM Asset Management PLC (NYSE:OMAM) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Wednesday, June 28th.
Several other research firms have also issued reports on OMAM. Zacks Investment Research lowered OM Asset Management PLC from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th. ValuEngine lowered OM Asset Management PLC from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Wells Fargo & Company raised OM Asset Management PLC from a “market perform” rating to an “outperform” rating and set a $17.00 price objective for the company in a research note on Monday, June 5th. Evercore ISI reaffirmed an “outperform” rating on shares of OM Asset Management PLC in a research note on Monday, April 3rd. Finally, Credit Suisse Group reaffirmed a “buy” rating and issued a $19.00 price objective on shares of OM Asset Management PLC in a research note on Friday, April 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $17.08.
OM Asset Management PLC (OMAM) opened at 15.01 on Wednesday. The company’s 50 day moving average price is $14.85 and its 200-day moving average price is $14.81. The stock has a market capitalization of $1.72 billion, a PE ratio of 15.32 and a beta of 1.72. OM Asset Management PLC has a one year low of $12.10 and a one year high of $16.01.
OM Asset Management PLC (NYSE:OMAM) last announced its quarterly earnings results on Thursday, May 4th. The asset manager reported $0.34 EPS for the quarter, meeting analysts’ consensus estimates of $0.34. OM Asset Management PLC had a return on equity of 81.34% and a net margin of 16.48%. The company had revenue of $198.80 million during the quarter, compared to analyst estimates of $196.70 million. During the same period in the prior year, the company earned $0.27 earnings per share. The firm’s revenue was up 30.0% on a year-over-year basis. Analysts expect that OM Asset Management PLC will post $1.53 earnings per share for the current year.
OM Asset Management PLC announced that its Board of Directors has authorized a stock repurchase program on Monday, May 15th that allows the company to repurchase 5,000,000 outstanding shares. This repurchase authorization allows the asset manager to repurchase shares of its stock through a private placement purchase. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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In other news, major shareholder Group (Uk) Ltd Om sold 2,595,000 shares of the stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $14.55, for a total value of $37,757,250.00. Following the sale, the insider now directly owns 22,001,183 shares in the company, valued at $320,117,212.65. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.48% of the company’s stock.
Large investors have recently modified their holdings of the company. Comerica Bank acquired a new stake in shares of OM Asset Management PLC during the fourth quarter valued at $2,850,000. State Street Corp increased its stake in shares of OM Asset Management PLC by 5.0% in the fourth quarter. State Street Corp now owns 831,892 shares of the asset manager’s stock valued at $12,063,000 after buying an additional 39,534 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of OM Asset Management PLC by 35.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 366,499 shares of the asset manager’s stock valued at $5,314,000 after buying an additional 96,258 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of OM Asset Management PLC during the fourth quarter valued at $692,000. Finally, A.R.T. Advisors LLC acquired a new stake in shares of OM Asset Management PLC during the fourth quarter valued at $398,000. Hedge funds and other institutional investors own 46.22% of the company’s stock.
About OM Asset Management PLC
OM Asset Management plc is a global, diversified, multi-boutique asset management company. As of December 31, 2016, the Company operated its business through its eight Affiliates, each of which operated autonomously and employed its own investment processes. Its Affiliates include Acadian Asset Management LLC; Barrow, Hanley, Mewhinney & Strauss, LLC; Campbell Global, LLC; Copper Rock Capital Partners LLC; Heitman LLC; Investment Counselors of Maryland, LLC; Landmark Partners, LLC, and Thompson, Siegel & Walmsley LLC.
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