Lord Abbett & CO. LLC cut its holdings in shares of Moelis & Company (NYSE:MC – Get Rating) by 8.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 625,527 shares of the asset manager’s stock after selling 55,392 shares during the period. Lord Abbett & CO. LLC owned approximately 0.90% of Moelis & Company worth $29,369,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in MC. Jupiter Asset Management Ltd. acquired a new stake in shares of Moelis & Company during the first quarter valued at approximately $278,000. Richard P Slaughter Associates Inc raised its holdings in shares of Moelis & Company by 20.8% during the first quarter. Richard P Slaughter Associates Inc now owns 23,280 shares of the asset manager’s stock valued at $1,092,000 after acquiring an additional 4,013 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Moelis & Company by 22.2% during the first quarter. JPMorgan Chase & Co. now owns 2,354,901 shares of the asset manager’s stock valued at $110,563,000 after acquiring an additional 427,672 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Moelis & Company by 101.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 603,031 shares of the asset manager’s stock valued at $37,695,000 after acquiring an additional 304,114 shares during the period. Finally, PDT Partners LLC raised its holdings in shares of Moelis & Company by 66.8% during the fourth quarter. PDT Partners LLC now owns 11,232 shares of the asset manager’s stock valued at $702,000 after acquiring an additional 4,499 shares during the period. 90.87% of the stock is owned by institutional investors and hedge funds.
Moelis & Company Stock Up 1.1 %
Shares of MC opened at $41.95 on Friday. The company’s fifty day moving average is $43.15 and its 200-day moving average is $44.11. Moelis & Company has a 12 month low of $37.16 and a 12 month high of $77.49. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of 8.98 and a beta of 1.29.
Moelis & Company Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 23rd. Stockholders of record on Monday, August 8th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, August 5th. This represents a $2.40 annualized dividend and a dividend yield of 5.72%. Moelis & Company’s dividend payout ratio (DPR) is 51.39%.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on MC shares. UBS Group boosted their price target on shares of Moelis & Company from $40.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, July 28th. Wolfe Research lowered shares of Moelis & Company from a “peer perform” rating to an “underperform” rating and set a $42.00 price objective on the stock. in a research note on Monday, July 11th. Morgan Stanley lowered shares of Moelis & Company from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $53.00 to $36.00 in a research note on Monday, July 18th. Finally, Piper Sandler dropped their price objective on shares of Moelis & Company from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Friday, July 8th. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $44.67.
About Moelis & Company
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. The company offers its services to public multinational corporations, middle market private companies, financial sponsors, entrepreneurs, governments, and sovereign wealth funds.
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