Envestnet Asset Management Inc. Raises Position in Moelis & Company (NYSE:MC)

Envestnet Asset Management Inc. raised its stake in Moelis & Company (NYSE:MC) by 27.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 293,529 shares of the asset manager’s stock after purchasing an additional 62,444 shares during the quarter. Envestnet Asset Management Inc. owned 0.39% of Moelis & Company worth $16,690,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. UMB Bank n.a. increased its position in shares of Moelis & Company by 63.5% during the second quarter. UMB Bank n.a. now owns 497 shares of the asset manager’s stock valued at $28,000 after acquiring an additional 193 shares during the last quarter. Peak Financial Advisors LLC increased its position in shares of Moelis & Company by 2.9% during the first quarter. Peak Financial Advisors LLC now owns 8,715 shares of the asset manager’s stock valued at $495,000 after acquiring an additional 245 shares during the last quarter. Assetmark Inc. increased its position in shares of Moelis & Company by 22.5% during the fourth quarter. Assetmark Inc. now owns 1,505 shares of the asset manager’s stock valued at $84,000 after acquiring an additional 276 shares during the last quarter. Naples Global Advisors LLC increased its position in shares of Moelis & Company by 3.3% during the second quarter. Naples Global Advisors LLC now owns 10,171 shares of the asset manager’s stock valued at $578,000 after acquiring an additional 325 shares during the last quarter. Finally, Arizona State Retirement System increased its position in shares of Moelis & Company by 1.9% during the second quarter. Arizona State Retirement System now owns 18,666 shares of the asset manager’s stock valued at $1,061,000 after acquiring an additional 345 shares during the last quarter. 91.53% of the stock is owned by hedge funds and other institutional investors.

Moelis & Company Price Performance

Moelis & Company stock opened at $70.09 on Tuesday. Moelis & Company has a one year low of $38.58 and a one year high of $71.34. The business has a fifty day moving average price of $65.25 and a 200-day moving average price of $58.48. The firm has a market capitalization of $5.24 billion, a P/E ratio of -368.89 and a beta of 1.33.

Moelis & Company (NYSE:MC) last posted its quarterly earnings results on Wednesday, July 24th. The asset manager reported $0.18 EPS for the quarter, topping 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 analyst estimates of $227.90 million. During the same period last year, the company earned ($0.04) earnings per share. The business’s revenue for the quarter was up 47.1% on a year-over-year basis. Sell-side analysts expect that Moelis & Company will post 1.09 earnings per share for the current fiscal year.

Moelis & Company Dividend Announcement

The firm also recently disclosed 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. This represents a $2.40 annualized dividend and a yield of 3.42%. The ex-dividend date is Monday, August 5th. Moelis & Company’s dividend payout ratio is -1,263.16%.

Insider Activity at Moelis & Company

In related news, CFO Joseph Simon sold 6,723 shares of Moelis & Company 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Joseph Simon sold 6,723 shares of Moelis & Company 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Kenneth Moelis sold 5,308 shares of Moelis & Company stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $68.87, for a total value of $365,561.96. Following the sale, the chief executive officer now directly owns 86 shares of the company’s stock, valued at approximately $5,922.82. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,526 shares of company stock valued at $830,133. Company insiders own 6.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MC shares. Wells Fargo & Company started coverage on Moelis & Company in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $70.00 target price for the company. UBS Group raised their target price on Moelis & Company from $47.00 to $50.00 and gave the stock a “sell” rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. raised their target price on Moelis & Company from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $60.00 target price (up from $54.00) on shares of Moelis & Company in a research report on Thursday, July 25th. Finally, Morgan Stanley raised their target price on Moelis & Company from $61.00 to $67.00 and gave the stock an “underweight” rating in a research report on Monday. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $59.33.

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