Principal Financial Group Inc. Lowers Position in ManpowerGroup Inc. (NYSE:MAN)

Principal Financial Group Inc. lowered its position in ManpowerGroup Inc. (NYSE:MAN) by 30.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,975 shares of the business services provider’s stock after selling 48,888 shares during the period. Principal Financial Group Inc. owned about 0.23% of ManpowerGroup worth $8,085,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MAN. M&G PLC boosted its stake in shares of ManpowerGroup by 4.4% in the third quarter. M&G PLC now owns 85,658 shares of the business services provider’s stock valued at $6,339,000 after buying an additional 3,615 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of ManpowerGroup by 4.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 403,070 shares of the business services provider’s stock valued at $29,634,000 after purchasing an additional 15,407 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in ManpowerGroup by 126.4% during the third quarter. Harbor Capital Advisors Inc. now owns 47,328 shares of the business services provider’s stock worth $3,480,000 after buying an additional 26,425 shares in the last quarter. Custom Index Systems LLC acquired a new position in ManpowerGroup during the third quarter worth about $408,000. Finally, State of Alaska Department of Revenue increased its holdings in ManpowerGroup by 4.5% in the third quarter. State of Alaska Department of Revenue now owns 5,510 shares of the business services provider’s stock valued at $405,000 after buying an additional 235 shares in the last quarter. Institutional investors and hedge funds own 98.03% of the company’s stock.

Insider Activity

In related news, CFO John T. Mcginnis bought 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were acquired at an average cost of $62.28 per share, with a total value of $498,240.00. Following the completion of the transaction, the chief financial officer now owns 70,639 shares of the company’s stock, valued at approximately $4,399,396.92. The trade was a 12.77 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 3.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MAN shares. BMO Capital Markets dropped their price objective on ManpowerGroup from $87.00 to $71.00 and set a “market perform” rating for the company in a research note on Friday, October 18th. Truist Financial cut their price target on ManpowerGroup from $78.00 to $74.00 and set a “hold” rating for the company in a research note on Friday, October 18th. Finally, UBS Group dropped their target price on shares of ManpowerGroup from $78.00 to $71.00 and set a “neutral” rating for the company in a report on Friday, October 18th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, ManpowerGroup currently has an average rating of “Hold” and a consensus price target of $76.60.

ManpowerGroup Trading Down 3.0 %

ManpowerGroup stock opened at $60.37 on Wednesday. The stock has a 50-day moving average price of $68.03 and a 200 day moving average price of $70.94. ManpowerGroup Inc. has a 52 week low of $60.15 and a 52 week high of $80.25. The stock has a market cap of $2.83 billion, a PE ratio of 76.42 and a beta of 1.46. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.46.

ManpowerGroup (NYSE:MAN) last issued its quarterly earnings results on Thursday, October 17th. The business services provider reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.01. The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.48 billion. ManpowerGroup had a net margin of 0.21% and a return on equity of 11.05%. Equities research analysts predict that ManpowerGroup Inc. will post 4.55 earnings per share for the current fiscal year.

ManpowerGroup Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $1.545 per share. This represents a $6.18 dividend on an annualized basis and a dividend yield of 10.24%. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from ManpowerGroup’s previous quarterly dividend of $1.01. ManpowerGroup’s dividend payout ratio is currently 389.88%.

ManpowerGroup Profile

ManpowerGroup Inc provides workforce solutions and services worldwide. The company offers recruitment services, including permanent, temporary, and contract recruitment of professionals, as well as administrative and industrial positions under the Manpower and Experis brands. It also offers various assessment services; training and development services; career and talent management; and outsourcing services related to human resources functions primarily in the areas of large-scale recruiting and workforce-intensive initiatives.