Russell Investments Group Ltd. trimmed its stake in shares of Moelis & Co (NYSE:MC) by 47.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 212,353 shares of the asset manager’s stock after selling 195,108 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.40% of Moelis & Co worth $9,142,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Moelis & Co by 6.4% during the 2nd quarter. BlackRock Inc. now owns 2,379,872 shares of the asset manager’s stock worth $92,458,000 after purchasing an additional 142,321 shares in the last quarter. Vanguard Group Inc. increased its position in Moelis & Co by 6.2% during the 2nd quarter. Vanguard Group Inc. now owns 2,039,429 shares of the asset manager’s stock worth $79,233,000 after purchasing an additional 119,368 shares in the last quarter. American Century Companies Inc. increased its position in Moelis & Co by 636.3% during the 3rd quarter. American Century Companies Inc. now owns 564,299 shares of the asset manager’s stock worth $24,293,000 after purchasing an additional 487,660 shares in the last quarter. AGF Investments Inc. acquired a new position in Moelis & Co during the 2nd quarter worth approximately $21,907,000. Finally, State Street Corp increased its position in Moelis & Co by 10.9% during the 2nd quarter. State Street Corp now owns 543,767 shares of the asset manager’s stock worth $21,127,000 after purchasing an additional 53,620 shares in the last quarter. Institutional investors and hedge funds own 56.70% of the company’s stock.
In other news, Chairman Kenneth Moelis sold 40,800 shares of the stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $42.66, for a total transaction of $1,740,528.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have sold 80,956 shares of company stock valued at $3,451,515. 52.64% of the stock is currently owned by corporate insiders.
Moelis & Co (NYSE:MC) last posted its quarterly earnings data on Wednesday, October 25th. The asset manager reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.15. Moelis & Co had a net margin of 9.62% and a return on equity of 52.76%. The company had revenue of $170.00 million during the quarter, compared to analysts’ expectations of $168.51 million. During the same period in the prior year, the company posted $0.44 earnings per share. Moelis & Co’s revenue for the quarter was up 12.8% compared to the same quarter last year. equities research analysts expect that Moelis & Co will post 2.42 earnings per share for the current fiscal year.
A number of equities analysts recently issued reports on MC shares. Zacks Investment Research upgraded shares of Moelis & Co from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Tuesday, October 31st. JMP Securities upped their price target on shares of Moelis & Co from $44.00 to $47.00 and gave the company a “market outperform” rating in a research report on Thursday, October 26th. UBS Group upped their price target on shares of Moelis & Co from $42.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, October 26th. Finally, Morgan Stanley upped their price target on shares of Moelis & Co from $45.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, October 26th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $46.67.
Moelis & Co Profile
Moelis & Company is an investment banking advisory company. The Company provides strategic and financial advice to a client base, including corporations, governments and financial sponsors. The Company offers financial advisory services across various industry sectors. It advices its clients on decisions, including mergers and acquisitions (M&A), recapitalizations and restructurings, and other corporate finance matters.
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