Envestnet Asset Management Inc. Grows Stock Position in Moelis & Company (NYSE:MC)

Envestnet Asset Management Inc. lifted its stake in Moelis & Company (NYSE:MC) by 27.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 293,529 shares of the asset manager’s stock after buying an additional 62,444 shares during the period. Envestnet Asset Management Inc.’s holdings in Moelis & Company were worth $16,690,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Wasatch Advisors LP increased its holdings in shares of Moelis & Company by 4.9% in the first quarter. Wasatch Advisors LP now owns 3,417,643 shares of the asset manager’s stock worth $194,020,000 after buying an additional 159,797 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Moelis & Company by 11.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,374,385 shares of the asset manager’s stock worth $189,404,000 after buying an additional 334,620 shares during the period. Madison Asset Management LLC increased its holdings in Moelis & Company by 4.5% during the 4th quarter. Madison Asset Management LLC now owns 1,399,649 shares of the asset manager’s stock valued at $78,562,000 after purchasing an additional 60,455 shares during the period. Lord Abbett & CO. LLC increased its holdings in Moelis & Company by 5.2% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,118,245 shares of the asset manager’s stock valued at $63,483,000 after purchasing an additional 55,402 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Moelis & Company by 4.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 755,541 shares of the asset manager’s stock valued at $42,960,000 after purchasing an additional 29,532 shares during the period. Hedge funds and other institutional investors own 91.53% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MC. UBS Group boosted their price target on Moelis & Company from $47.00 to $50.00 and gave the company a “sell” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price target on Moelis & Company from $50.00 to $51.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Wells Fargo & Company began coverage on Moelis & Company in a report on Thursday, September 12th. They set an “equal weight” rating and a $70.00 price target on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and set a $60.00 price target (up previously from $54.00) on shares of Moelis & Company in a report on Thursday, July 25th. Finally, Morgan Stanley boosted their price target on Moelis & Company from $61.00 to $67.00 and gave the company an “underweight” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $59.33.

Insider Transactions at Moelis & Company

In other news, CFO Joseph Simon sold 6,723 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $64.00, for a total value of $430,272.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Joseph Simon sold 6,723 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $64.00, for a total value of $430,272.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kenneth Moelis sold 5,308 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $68.87, for a total value of $365,561.96. Following the completion of the transaction, the chief executive officer now directly owns 86 shares in the company, valued at $5,922.82. The disclosure for this sale can be found here. Insiders have sold a total of 12,526 shares of company stock valued at $830,133 in the last ninety days. 6.40% of the stock is currently owned by corporate insiders.

Moelis & Company Stock Performance

Moelis & Company stock opened at $70.09 on Tuesday. The stock’s 50 day simple moving average is $65.25 and its two-hundred day simple moving average is $58.48. The stock has a market cap of $5.24 billion, a price-to-earnings ratio of -368.89 and a beta of 1.33. Moelis & Company has a fifty-two week low of $38.58 and a fifty-two week high of $71.34.

Moelis & Company (NYSE:MC) last posted its quarterly earnings data on Wednesday, July 24th. The asset manager reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.07. The business had revenue of $264.59 million for the quarter, compared to analysts’ expectations of $227.90 million. Moelis & Company had a return on equity of 4.38% and a net margin of 1.38%. The business’s revenue was up 47.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.04) EPS. On average, analysts predict that Moelis & Company will post 1.09 earnings per share for the current year.

Moelis & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Monday, August 5th will be given a $0.60 dividend. The ex-dividend date is Monday, August 5th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.42%. Moelis & Company’s dividend payout ratio is currently -1,263.16%.

Moelis & Company Company Profile

Moelis & Company operates as an investment banking advisory firm. It offers advisory services in the areas of mergers and acquisitions, recapitalizations and restructurings, capital markets transactions, and other corporate finance matters, as well as strategic, capital structure, and private funds advisory.