Amalgamated Bank Sells 1,734 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Amalgamated Bank cut its position in Warner Music Group Corp. (NASDAQ:WMG) by 2.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 58,321 shares of the company’s stock after selling 1,734 shares during the quarter. Amalgamated Bank’s holdings in Warner Music Group were worth $1,828,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Fifth Third Bancorp raised its position in Warner Music Group by 10.6% in the first quarter. Fifth Third Bancorp now owns 4,388 shares of the company’s stock valued at $138,000 after purchasing an additional 421 shares during the last quarter. Capital International Ltd. CA raised its position in Warner Music Group by 0.4% in the fourth quarter. Capital International Ltd. CA now owns 117,095 shares of the company’s stock valued at $3,630,000 after purchasing an additional 479 shares during the last quarter. Itau Unibanco Holding S.A. raised its position in Warner Music Group by 122.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 1,064 shares of the company’s stock worth $33,000 after purchasing an additional 586 shares during the last quarter. UMB Bank n.a. raised its position in Warner Music Group by 101.5% during the 1st quarter. UMB Bank n.a. now owns 1,453 shares of the company’s stock worth $46,000 after purchasing an additional 732 shares during the last quarter. Finally, Veracity Capital LLC raised its position in Warner Music Group by 3.6% during the 1st quarter. Veracity Capital LLC now owns 22,386 shares of the company’s stock worth $702,000 after purchasing an additional 787 shares during the last quarter. 96.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on WMG. Barclays lowered their target price on Warner Music Group from $31.00 to $28.00 and set an “equal weight” rating for the company in a research report on Friday, May 9th. Sanford C. Bernstein raised their target price on Warner Music Group from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday. UBS Group lowered their target price on Warner Music Group from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group lowered Warner Music Group from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $35.00 to $28.00 in a research report on Monday, May 12th. Finally, FBN Securities began coverage on Warner Music Group in a research report on Friday, March 28th. They set a “sector perform” rating and a $35.00 target price for the company. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $34.05.

Warner Music Group Stock Performance

Shares of WMG opened at $29.39 on Monday. The stock has a 50-day moving average of $27.43 and a 200-day moving average of $30.14. Warner Music Group Corp. has a one year low of $25.56 and a one year high of $36.64. The company has a debt-to-equity ratio of 5.43, a current ratio of 0.66 and a quick ratio of 0.64. The company has a market cap of $15.32 billion, a PE ratio of 33.78, a P/E/G ratio of 1.21 and a beta of 1.24.

Warner Music Group (NASDAQ:WMG) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.21). The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.52 billion. Warner Music Group had a net margin of 7.14% and a return on equity of 64.64%. The company’s revenue was down .7% on a year-over-year basis. During the same period last year, the business posted $0.18 EPS. On average, equities research analysts predict that Warner Music Group Corp. will post 1.39 EPS for the current fiscal year.

Warner Music Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $0.72 annualized dividend and a dividend yield of 2.45%. Warner Music Group’s dividend payout ratio is 82.76%.

Warner Music Group Profile

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally. It operates through Recorded Music and Music Publishing segments. The Recorded Music segment is involved in the discovery and development of recording artists, as well as related marketing, promotion, distribution, sale, and licensing of music created by such recording artists; markets its music catalog through compilations and reissuances of previously released music and video titles, as well as previously unreleased materials; and conducts its operation primarily through a collection of record labels, such as Warner Records and Atlantic Records, as well as Asylum, Big Beat, Canvasback, East West, Erato, FFRR, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Roadrunner, Sire, Spinnin’ Records, Warner Classics, and Warner Music Nashville.