Moelis & Co (MC) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Moelis & Co (NYSE:MC) from a buy rating to a hold rating in a research note published on Wednesday.

According to Zacks, “Moelis & Company is a global independent investment bank. The Company provides innovative strategic advice and solutions to a diverse client base, including corporations, governments and financial sponsors. It advises clients in the areas of mergers and acquisitions, recapitalizations and restructurings, and other corporate finance matters. Moelis & Company is based in New York. “

A number of other brokerages have also issued reports on MC. JMP Securities upped their price objective on shares of Moelis & Co from $55.00 to $57.00 and gave the company a market outperform rating in a report on Tuesday, April 24th. Buckingham Research upped their target price on shares of Moelis & Co from $60.00 to $69.00 and gave the company a buy rating in a research report on Monday, June 4th. Finally, Morgan Stanley upped their target price on shares of Moelis & Co from $60.00 to $63.00 and gave the company an overweight rating in a research report on Tuesday, April 24th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Moelis & Co has a consensus rating of Buy and a consensus price target of $59.17.

Shares of MC opened at $65.95 on Wednesday. Moelis & Co has a 12-month low of $37.50 and a 12-month high of $66.00. The stock has a market capitalization of $3.61 billion, a P/E ratio of 28.80, a PEG ratio of 2.30 and a beta of 1.73.

Moelis & Co (NYSE:MC) last announced its quarterly earnings data on Monday, April 23rd. The asset manager reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.12. Moelis & Co had a net margin of 6.49% and a return on equity of 50.44%. The firm had revenue of $219.40 million during the quarter, compared to analyst estimates of $200.24 million. During the same quarter in the prior year, the firm posted $0.54 earnings per share. Moelis & Co’s quarterly revenue was up 26.6% on a year-over-year basis. research analysts expect that Moelis & Co will post 2.75 EPS for the current fiscal year.

In other Moelis & Co news, COO Elizabeth Crain sold 6,668 shares of the company’s stock in a transaction dated Tuesday, May 15th. The shares were sold at an average price of $57.24, for a total value of $381,676.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Osamu R. Watanabe sold 5,182 shares of the stock in a transaction dated Tuesday, May 15th. The stock was sold at an average price of $56.80, for a total transaction of $294,337.60. The disclosure for this sale can be found here. Insiders sold 199,704 shares of company stock worth $10,868,750 in the last ninety days. 29.91% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Moelis & Co by 543.1% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,952,664 shares of the asset manager’s stock worth $251,843,000 after purchasing an additional 4,182,512 shares in the last quarter. BlackRock Inc. lifted its position in shares of Moelis & Co by 3.4% during the first quarter. BlackRock Inc. now owns 3,656,675 shares of the asset manager’s stock worth $185,942,000 after purchasing an additional 121,444 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Moelis & Co by 9.4% during the first quarter. JPMorgan Chase & Co. now owns 1,583,631 shares of the asset manager’s stock worth $80,528,000 after purchasing an additional 135,821 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Moelis & Co by 556.9% during the first quarter. Wells Fargo & Company MN now owns 1,005,203 shares of the asset manager’s stock worth $51,115,000 after purchasing an additional 852,188 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Moelis & Co by 17.5% during the fourth quarter. American Century Companies Inc. now owns 662,870 shares of the asset manager’s stock worth $32,149,000 after purchasing an additional 98,571 shares in the last quarter. 66.57% of the stock is currently owned by institutional investors and hedge funds.

About Moelis & Co

Moelis & Company, an investment bank, provides strategic and financial advisory services in the United States and internationally. It advises clients in the areas of mergers and acquisitions, recapitalizations and restructurings, capital markets advisory, and other corporate finance matters. The company offers its services to public multinational corporations, governments, financial sponsors, middle market private companies, and individual entrepreneurs.

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