Millennium Management LLC Has $70.04 Million Stock Position in StepStone Group LP (NASDAQ:STEP)

Millennium Management LLC lowered its stake in StepStone Group LP (NASDAQ:STEP) by 46.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,526,327 shares of the company’s stock after selling 1,348,690 shares during the quarter. Millennium Management LLC’s holdings in StepStone Group were worth $70,043,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. SG Americas Securities LLC bought a new position in StepStone Group during the second quarter worth about $111,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in StepStone Group during the first quarter worth about $149,000. Acadian Asset Management LLC bought a new position in StepStone Group during the second quarter worth about $206,000. MQS Management LLC bought a new position in StepStone Group during the first quarter worth about $243,000. Finally, XTX Topco Ltd bought a new stake in shares of StepStone Group during the second quarter worth approximately $266,000. Institutional investors and hedge funds own 55.54% of the company’s stock.

Analyst Upgrades and Downgrades

STEP has been the subject of a number of research analyst reports. UBS Group boosted their price objective on StepStone Group from $44.00 to $55.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Barclays boosted their price objective on StepStone Group from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, August 12th. The Goldman Sachs Group boosted their price objective on StepStone Group from $46.00 to $51.50 and gave the stock a “neutral” rating in a report on Monday, August 12th. Morgan Stanley boosted their price objective on StepStone Group from $43.00 to $52.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. Finally, JPMorgan Chase & Co. boosted their price target on StepStone Group from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $45.88.

StepStone Group Trading Up 1.4 %

Shares of STEP stock opened at $57.28 on Monday. The stock has a market cap of $6.34 billion, a P/E ratio of 63.64 and a beta of 1.28. The stock has a 50 day simple moving average of $52.11 and a 200 day simple moving average of $44.22. StepStone Group LP has a 1 year low of $25.06 and a 1 year high of $58.09.

StepStone Group (NASDAQ:STEP) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.13. The company had revenue of $186.40 million during the quarter, compared to the consensus estimate of $181.15 million. During the same quarter last year, the firm posted $0.26 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Analysts forecast that StepStone Group LP will post 1.83 EPS for the current year.

StepStone Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were given a dividend of $0.24 per share. This is an increase from StepStone Group’s previous quarterly dividend of $0.21. This represents a $0.96 annualized dividend and a yield of 1.68%. The ex-dividend date was Friday, August 30th. StepStone Group’s payout ratio is currently 106.67%.

About StepStone Group

StepStone Group LP. is an investment firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments. For direct investment, it seeks to invest in venture debt, incubation, mezzanine, distressed/vulture, seed/startup, early venture, mid venture, late venture, emerging growth, later stage, turnaround, growth capital, industry consolidation, recapitalization, private equity and buyout investments in mature and middle market companies.