Fortress Investment Group LLC (FIG) Upgraded by Zacks Investment Research to Hold
Zacks Investment Research upgraded shares of Fortress Investment Group LLC (NYSE:FIG) from a sell rating to a hold rating in a research report released on Tuesday morning.
According to Zacks, “FORTRESS INVESTMENT Group is a leading global alternative asset manager with approximately $34.2 billion in assets under management as of March 31, 2008. Fortress is headquartered in New York and has affiliates with offices in Chicago, Dallas, Frankfurt, Geneva, Hong Kong, London, Los Angeles, Munich, New Canaan, Rome, San Francisco, San Diego, Sydney, Tokyo and Toronto.Fortress raises, invests and manages private equity funds and hedge funds. Fortress intends to grow its existing businesses, while continuing to create innovative products to meet the increasing demand by sophisticated investors for superior risk-adjusted investment returns. “
Separately, BidaskClub cut shares of Fortress Investment Group from a buy rating to a hold rating in a research report on Sunday, July 16th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $5.83.
Shares of Fortress Investment Group (NYSE FIG) traded up 0.063% on Tuesday, reaching $8.005. The company’s stock had a trading volume of 101,110 shares. Fortress Investment Group has a 52-week low of $4.50 and a 52-week high of $8.05. The company has a 50 day moving average price of $7.97 and a 200 day moving average price of $7.99. The company has a market cap of $1.76 billion, a P/E ratio of 20.266 and a beta of 1.92.
Fortress Investment Group (NYSE:FIG) last announced its quarterly earnings results on Thursday, August 3rd. The asset manager reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.02. The firm had revenue of $246.99 million for the quarter. Fortress Investment Group had a net margin of 10.61% and a return on equity of 38.79%. On average, analysts anticipate that Fortress Investment Group will post $0.74 earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its stake in Fortress Investment Group by 872.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 9,802,781 shares of the asset manager’s stock valued at $77,932,000 after acquiring an additional 8,795,161 shares in the last quarter. Credit Suisse AG boosted its position in Fortress Investment Group by 1,146.9% during the 1st quarter. Credit Suisse AG now owns 8,794,158 shares of the asset manager’s stock worth $69,914,000 after acquiring an additional 8,088,872 shares during the last quarter. York Capital Management Global Advisors LLC acquired a new position in Fortress Investment Group during the 1st quarter worth approximately $53,719,000. Bank of America Corp DE boosted its position in Fortress Investment Group by 1,599.3% during the 1st quarter. Bank of America Corp DE now owns 6,504,646 shares of the asset manager’s stock worth $51,712,000 after acquiring an additional 6,121,865 shares during the last quarter. Finally, UBS Group AG boosted its position in Fortress Investment Group by 49.7% during the 1st quarter. UBS Group AG now owns 7,156,360 shares of the asset manager’s stock worth $56,893,000 after acquiring an additional 2,376,085 shares during the last quarter. 40.19% of the stock is currently owned by institutional investors and hedge funds.
About Fortress Investment Group
Fortress Investment Group LLC (Fortress) is an investment management firm. The Company operates through segments, including private equity funds, permanent capital vehicles, credit hedge funds, credit PE funds, liquid hedge funds and Logan Circle. Its business is to sponsor the formation of, and provide investment management services for, various investment funds, permanent capital vehicles and related managed accounts (the Fortress Funds).
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