Wealthsource Partners LLC Trims Position in Oaktree Capital Group LLC (OAK)
Wealthsource Partners LLC decreased its position in shares of Oaktree Capital Group LLC (NYSE:OAK) by 16.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,620 shares of the asset manager’s stock after selling 1,495 shares during the period. Wealthsource Partners LLC’s holdings in Oaktree Capital Group were worth $355,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OAK. Russell Investments Group Ltd. acquired a new stake in Oaktree Capital Group during the first quarter valued at $103,000. Ameriprise Financial Inc. acquired a new stake in shares of Oaktree Capital Group in the first quarter worth about $408,000. Envestnet Asset Management Inc. lifted its position in shares of Oaktree Capital Group by 4.6% in the first quarter. Envestnet Asset Management Inc. now owns 5,344 shares of the asset manager’s stock worth $243,000 after buying an additional 234 shares during the last quarter. Alliancebernstein L.P. acquired a new stake in shares of Oaktree Capital Group in the first quarter worth about $8,282,000. Finally, PNC Financial Services Group Inc. lifted its position in shares of Oaktree Capital Group by 1.8% in the first quarter. PNC Financial Services Group Inc. now owns 10,798 shares of the asset manager’s stock worth $489,000 after buying an additional 196 shares during the last quarter. 21.84% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on OAK. Goldman Sachs Group, Inc. (The) cut Oaktree Capital Group from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $50.00 to $49.00 in a research report on Friday, July 28th. BidaskClub cut Oaktree Capital Group from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Morgan Stanley boosted their price target on Oaktree Capital Group from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 8th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $49.00 price target on shares of Oaktree Capital Group in a research report on Sunday, July 30th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $49.50.
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Shares of Oaktree Capital Group LLC (OAK) traded down 0.64% during mid-day trading on Friday, hitting $46.70. The company’s stock had a trading volume of 121,966 shares. Oaktree Capital Group LLC has a 1-year low of $36.95 and a 1-year high of $48.50. The stock has a market cap of $3.00 billion, a PE ratio of 10.19 and a beta of 0.59. The company has a 50-day moving average price of $46.21 and a 200-day moving average price of $46.48.
Oaktree Capital Group (NYSE:OAK) last announced its quarterly earnings data on Thursday, July 27th. The asset manager reported $1.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.26. The company had revenue of $704.36 million during the quarter, compared to analysts’ expectations of $592.84 million. Oaktree Capital Group had a return on equity of 54.29% and a net margin of 46.60%. During the same quarter last year, the company earned $0.79 EPS. Analysts predict that Oaktree Capital Group LLC will post $3.86 EPS for the current fiscal year.
In related news, Vice Chairman John Frank sold 16,666 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $46.72, for a total value of $778,635.52. Following the completion of the sale, the insider now directly owns 41,667 shares in the company, valued at approximately $1,946,682.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Oaktree Capital Group Holdings sold 10,000,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $5.66, for a total transaction of $56,600,000.00. The disclosure for this sale can be found here.
Oaktree Capital Group Company Profile
Oaktree Capital Group, LLC (Oaktree) is an investment manager specializing in alternative investments. The Company operates through investment management segment, which consists of the investment management services that the Company provides to its clients. The Company manages investments in a range of strategies within approximately six asset classes, which include corporate debt, convertible securities, distressed debt, control investing, real estate and listed equities.
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