Zacks Investment Research Upgrades Manning & Napier Inc. (MN) to Hold
Manning & Napier Inc. (NYSE:MN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Manning & Napier, Inc. operates as an investment advisor engaged in managing corporate and union pension and annuity funds, endowment funds, foundations, profit sharing plans and benefit plans. It offers equity and fixed income portfolios and a range of blended asset portfolios. The Company offers investment solutions through separately managed accounts, mutual funds, and collective investment trust funds. Manning & Napier, Inc. is headquartered in Fairport, New York. “
A number of other analysts have also recently weighed in on MN. Credit Suisse Group AG restated a “hold” rating and issued a $8.00 price target on shares of Manning & Napier in a research note on Thursday, September 1st. Keefe, Bruyette & Woods cut their price target on Manning & Napier from $9.25 to $8.75 and set a “market perform” rating on the stock in a research note on Friday, July 29th. Two analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $8.08.
Manning & Napier (NYSE:MN) opened at 7.21 on Friday. Manning & Napier has a one year low of $5.60 and a one year high of $10.34. The firm has a market cap of $108.38 million, a PE ratio of 9.50 and a beta of 1.38. The stock has a 50 day moving average price of $7.72 and a 200 day moving average price of $8.37.
Manning & Napier (NYSE:MN) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.01. Manning & Napier had a net margin of 4.04% and a return on equity of 46.49%. The business earned $67.54 million during the quarter, compared to analyst estimates of $65.81 million. During the same quarter in the prior year, the business earned $0.24 earnings per share. The firm’s quarterly revenue was down 22.3% on a year-over-year basis. Equities research analysts expect that Manning & Napier will post $0.71 EPS for the current year.
Institutional investors have recently modified their holdings of the company. Schwab Charles Investment Management Inc. purchased a new position in shares of Manning & Napier during the second quarter valued at about $211,000. C M Bidwell & Associates Ltd. bought a new position in Manning & Napier during the second quarter worth about $320,000. Menta Capital LLC raised its position in Manning & Napier by 1.3% in the second quarter. Menta Capital LLC now owns 80,070 shares of the company’s stock worth $761,000 after buying an additional 1,000 shares in the last quarter. State Street Corp bought a new position in Manning & Napier during the second quarter worth about $1,299,000. Finally, Nuveen Asset Management LLC raised its position in Manning & Napier by 33.6% in the second quarter. Nuveen Asset Management LLC now owns 210,574 shares of the company’s stock worth $2,000,000 after buying an additional 52,975 shares in the last quarter. 77.63% of the stock is currently owned by institutional investors.
About Manning & Napier
Manning & Napier, Inc is an independent investment management company. The Company operates through investment management industry segment. It provides a range of investment solutions through separately managed accounts, mutual funds and collective investment trust funds, as well as a range of consultative services.
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