Koch Industries Inc. Invests $510,000 in Lazard Ltd. (LAZ) Stock
Koch Industries Inc. purchased a new stake in Lazard Ltd. (NYSE:LAZ) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 520,582 shares of the asset manager’s stock, valued at approximately $510,000. Koch Industries Inc. owned approximately 0.40% of Lazard at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in LAZ. UBS Asset Management Americas Inc. boosted its stake in Lazard by 65.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 18,525 shares of the asset manager’s stock valued at $852,000 after buying an additional 7,300 shares in the last quarter. Karp Capital Management Corp acquired a new stake in Lazard in the 1st quarter valued at $375,000. Parametric Portfolio Associates LLC boosted its stake in Lazard by 52.4% in the 1st quarter. Parametric Portfolio Associates LLC now owns 39,832 shares of the asset manager’s stock valued at $1,832,000 after buying an additional 13,691 shares in the last quarter. Neuberger Berman Group LLC acquired a new stake in Lazard in the 1st quarter valued at $335,000. Finally, Teachers Advisors LLC boosted its stake in Lazard by 4.5% in the 1st quarter. Teachers Advisors LLC now owns 847,527 shares of the asset manager’s stock valued at $38,978,000 after buying an additional 36,628 shares in the last quarter. 72.20% of the stock is currently owned by institutional investors and hedge funds.
Shares of Lazard Ltd. (LAZ) traded up 0.89% during trading on Friday, reaching $45.36. The company’s stock had a trading volume of 406,619 shares. The company has a market cap of $5.52 billion, a PE ratio of 12.85 and a beta of 1.85. Lazard Ltd. has a 52-week low of $34.14 and a 52-week high of $48.86. The firm’s 50-day moving average is $43.37 and its 200 day moving average is $44.67.
Lazard (NYSE:LAZ) last issued its earnings results on Thursday, July 27th. The asset manager reported $0.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.18. The firm had revenue of $720.16 million for the quarter, compared to the consensus estimate of $627.12 million. Lazard had a return on equity of 39.33% and a net margin of 17.39%. The company’s revenue was up 32.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.61 EPS. On average, equities research analysts predict that Lazard Ltd. will post $3.50 EPS for the current fiscal year.
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LAZ has been the topic of several recent analyst reports. BidaskClub raised Lazard from a “hold” rating to a “buy” rating in a research note on Wednesday, June 21st. ValuEngine raised Lazard from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 28th. Finally, Zacks Investment Research lowered Lazard from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $46.43.
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates through two segments: Financial Advisory and Asset Management. It serves a range of clients around the world, including corporations, governments, institutions, partnerships and individuals. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters to corporate, partnership, institutional, government, sovereign and individual clients.
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