Envestnet Asset Management Inc. Purchases 8,674 Shares of Moelis & Company (NYSE:MC)

Envestnet Asset Management Inc. lifted its position in shares of Moelis & Company (NYSE:MC) by 7.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 124,323 shares of the asset manager’s stock after buying an additional 8,674 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.17% of Moelis & Company worth $5,637,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Bessemer Group Inc. bought a new stake in Moelis & Company during the 1st quarter valued at $53,000. Tower Research Capital LLC TRC boosted its position in Moelis & Company by 380.1% during the 1st quarter. Tower Research Capital LLC TRC now owns 1,378 shares of the asset manager’s stock valued at $53,000 after acquiring an additional 1,091 shares in the last quarter. Covestor Ltd boosted its stake in Moelis & Company by 230.3% in the first quarter. Covestor Ltd now owns 1,539 shares of the asset manager’s stock valued at $72,000 after acquiring an additional 1,073 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Moelis & Company by 121.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,221 shares of the asset manager’s stock valued at $191,000 after acquiring an additional 2,314 shares in the last quarter. Finally, Truist Financial Corp acquired a new stake in Moelis & Company in the first quarter valued at approximately $201,000. Institutional investors own 91.53% of the company’s stock.

Moelis & Company Stock Up 1.0 %

MC stock opened at $45.32 on Monday. The firm has a 50 day moving average of $43.80 and a 200 day moving average of $43.89. The stock has a market capitalization of $3.22 billion, a PE ratio of 236.05 and a beta of 1.41. Moelis & Company has a 52 week low of $33.87 and a 52 week high of $52.50.

Moelis & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 22nd. Investors of record on Monday, November 13th will be given a $0.60 dividend. The ex-dividend date of this dividend is Friday, November 10th. This represents a $2.40 dividend on an annualized basis and a yield of 5.30%.

Insider Buying and Selling

In other Moelis & Company news, CEO Kenneth Moelis sold 23,388 shares of Moelis & Company stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $42.20, for a total transaction of $986,973.60. Following the completion of the sale, the chief executive officer now directly owns 74,983 shares in the company, valued at approximately $3,164,282.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.96% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. UBS Group raised their target price on shares of Moelis & Company from $29.00 to $30.00 and gave the company a “sell” rating in a research note on Tuesday, October 3rd. Morgan Stanley lowered their target price on shares of Moelis & Company from $39.00 to $38.00 and set an “underweight” rating for the company in a research note on Friday, November 3rd. Finally, StockNews.com cut shares of Moelis & Company from a “hold” rating to a “sell” rating in a research note on Wednesday, November 8th. Four equities research analysts have rated the stock with a sell rating, According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $36.67.

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.