State of New Jersey Common Pension Fund D Lowers Position in Moelis & Company (NYSE:MC)

State of New Jersey Common Pension Fund D lowered its stake in Moelis & Company (NYSE:MC) by 36.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,451 shares of the asset manager’s stock after selling 18,981 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Moelis & Company were worth $1,902,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MC. Wasatch Advisors LP grew its stake in shares of Moelis & Company by 4.9% in the first quarter. Wasatch Advisors LP now owns 3,417,643 shares of the asset manager’s stock valued at $194,020,000 after buying an additional 159,797 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Moelis & Company by 11.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,374,385 shares of the asset manager’s stock worth $189,404,000 after purchasing an additional 334,620 shares during the period. Madison Asset Management LLC lifted its position in shares of Moelis & Company by 4.5% during the fourth quarter. Madison Asset Management LLC now owns 1,399,649 shares of the asset manager’s stock worth $78,562,000 after purchasing an additional 60,455 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in shares of Moelis & Company by 5.2% in the first quarter. Lord Abbett & CO. LLC now owns 1,118,245 shares of the asset manager’s stock valued at $63,483,000 after purchasing an additional 55,402 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Moelis & Company by 4.1% in the second quarter. Bank of New York Mellon Corp now owns 755,541 shares of the asset manager’s stock valued at $42,960,000 after purchasing an additional 29,532 shares in the last quarter. Hedge funds and other institutional investors own 91.53% of the company’s stock.

Insider Buying and Selling

In other news, CFO Joseph Simon sold 6,723 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $64.00, for a total value of $430,272.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Kenneth Moelis sold 5,308 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $68.87, for a total transaction of $365,561.96. Following the completion of the sale, the chief executive officer now owns 86 shares in the company, valued at approximately $5,922.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Joseph Simon sold 6,723 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $64.00, for a total transaction of $430,272.00. The disclosure for this sale can be found here. Insiders have sold 12,526 shares of company stock worth $830,133 in the last ninety days. 6.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $60.00 target price (up from $54.00) on shares of Moelis & Company in a report on Thursday, July 25th. UBS Group lifted their target price on Moelis & Company from $47.00 to $50.00 and gave the company a “sell” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. increased their price target on Moelis & Company from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. Morgan Stanley lifted their price objective on Moelis & Company from $51.00 to $61.00 and gave the company an “underweight” rating in a research note on Tuesday, July 23rd. Finally, Wells Fargo & Company initiated coverage on shares of Moelis & Company in a research note on Thursday, September 12th. They set an “equal weight” rating and a $70.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $58.33.

Moelis & Company Stock Performance

NYSE:MC opened at $70.17 on Monday. Moelis & Company has a 1 year low of $38.58 and a 1 year high of $70.82. The stock has a market cap of $5.25 billion, a P/E ratio of -369.32 and a beta of 1.33. The stock has a 50-day simple moving average of $65.13 and a 200-day simple moving average of $58.36.

Moelis & Company (NYSE:MC) last announced its quarterly earnings results on Wednesday, July 24th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.07. Moelis & Company had a return on equity of 4.38% and a net margin of 1.38%. The firm had revenue of $264.59 million during the quarter, compared to the consensus estimate of $227.90 million. During the same period in the prior year, the company posted ($0.04) earnings per share. The firm’s quarterly revenue was up 47.1% compared to the same quarter last year. On average, equities research analysts predict that Moelis & Company will post 1.09 EPS for the current year.

Moelis & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Monday, August 5th will be paid a dividend of $0.60 per share. The ex-dividend date is Monday, August 5th. This represents a $2.40 annualized dividend and a yield of 3.42%. Moelis & Company’s dividend payout ratio is currently -1,263.16%.

Moelis & Company Company Profile

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, as well as strategic, capital structure, and private funds advisory.