Fred Alger Management LLC Grows Stake in The Carlyle Group Inc. (NASDAQ:CG)

Fred Alger Management LLC grew its holdings in The Carlyle Group Inc. (NASDAQ:CG) by 7.4% during the second quarter, HoldingsChannel reports. The fund owned 44,603 shares of the financial services provider’s stock after purchasing an additional 3,059 shares during the period. Fred Alger Management LLC’s holdings in The Carlyle Group were worth $1,791,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in The Carlyle Group by 74.2% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 44,984 shares of the financial services provider’s stock worth $1,806,000 after buying an additional 19,160 shares during the last quarter. Point72 DIFC Ltd purchased a new position in The Carlyle Group during the 2nd quarter worth approximately $2,071,000. Marshall Wace LLP purchased a new position in The Carlyle Group during the 2nd quarter worth approximately $37,009,000. Bank of Montreal Can grew its stake in The Carlyle Group by 0.7% during the 2nd quarter. Bank of Montreal Can now owns 245,091 shares of the financial services provider’s stock worth $10,010,000 after buying an additional 1,750 shares during the last quarter. Finally, Magnetar Financial LLC purchased a new position in The Carlyle Group during the 2nd quarter worth approximately $206,000. Hedge funds and other institutional investors own 55.88% of the company’s stock.

Insider Activity

In related news, major shareholder Carlyle Group Inc. sold 24,390 shares of The Carlyle Group stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $30.09, for a total value of $733,895.10. Following the transaction, the insider now owns 11,141,580 shares in the company, valued at $335,250,142.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 1,697,334 shares of company stock valued at $62,666,450 over the last quarter. Company insiders own 27.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Oppenheimer dropped their price target on The Carlyle Group from $69.00 to $64.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. JPMorgan Chase & Co. cut The Carlyle Group from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $46.00 to $44.00 in a research report on Tuesday, August 6th. Wells Fargo & Company initiated coverage on The Carlyle Group in a research report on Thursday, September 12th. They set an “equal weight” rating and a $42.00 price objective for the company. Redburn Atlantic initiated coverage on The Carlyle Group in a report on Tuesday, August 27th. They issued a “buy” rating and a $55.00 price target for the company. Finally, UBS Group reduced their price target on The Carlyle Group from $45.00 to $44.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $45.81.

The Carlyle Group Stock Performance

The Carlyle Group stock opened at $43.59 on Friday. The company has a debt-to-equity ratio of 1.75, a quick ratio of 2.55 and a current ratio of 2.55. The stock has a fifty day moving average of $41.70 and a two-hundred day moving average of $42.88. The company has a market capitalization of $15.69 billion, a price-to-earnings ratio of -24.35, a PEG ratio of 1.30 and a beta of 1.73. The Carlyle Group Inc. has a fifty-two week low of $27.13 and a fifty-two week high of $50.92.

The Carlyle Group (NASDAQ:CG) last released its quarterly earnings results on Monday, August 5th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $808.73 million. The Carlyle Group had a positive return on equity of 24.30% and a negative net margin of 11.67%. The business’s quarterly revenue was up 131.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.88 EPS. On average, analysts anticipate that The Carlyle Group Inc. will post 3.76 EPS for the current fiscal year.

The Carlyle Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 16th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend was Friday, August 16th. The Carlyle Group’s dividend payout ratio is currently -78.21%.

The Carlyle Group Company Profile

The Carlyle Group Inc is an investment firm specializing in direct and fund of fund investments. Within direct investments, it specializes in management-led/ Leveraged buyouts, privatizations, divestitures, strategic minority equity investments, structured credit, global distressed and corporate opportunities, small and middle market, equity private placements, consolidations and buildups, senior debt, mezzanine and leveraged finance, and venture and growth capital financings, seed/startup, early venture, emerging growth, turnaround, mid venture, late venture, PIPES.