Convergence Investment Partners LLC Increases Stake in Omnicom Group Inc. (OMC)
Convergence Investment Partners LLC raised its position in Omnicom Group Inc. (NYSE:OMC) by 11.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,451 shares of the business services provider’s stock after buying an additional 1,526 shares during the period. Convergence Investment Partners LLC’s holdings in Omnicom Group were worth $1,198,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Cleararc Capital Inc. raised its stake in Omnicom Group by 0.3% in the first quarter. Cleararc Capital Inc. now owns 5,744 shares of the business services provider’s stock worth $495,000 after buying an additional 19 shares during the last quarter. RMB Capital Management LLC raised its stake in Omnicom Group by 0.9% in the first quarter. RMB Capital Management LLC now owns 2,427 shares of the business services provider’s stock worth $209,000 after buying an additional 21 shares during the last quarter. MUFG Americas Holdings Corp raised its stake in Omnicom Group by 0.3% in the first quarter. MUFG Americas Holdings Corp now owns 8,326 shares of the business services provider’s stock worth $718,000 after buying an additional 26 shares during the last quarter. Sawtooth Solutions LLC raised its stake in Omnicom Group by 0.4% in the first quarter. Sawtooth Solutions LLC now owns 8,961 shares of the business services provider’s stock worth $773,000 after buying an additional 33 shares during the last quarter. Finally, Howard Capital Management raised its stake in Omnicom Group by 1.2% in the first quarter. Howard Capital Management now owns 3,452 shares of the business services provider’s stock worth $298,000 after buying an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.
Shares of Omnicom Group Inc. (NYSE:OMC) opened at 78.29 on Wednesday. The company’s 50-day moving average is $80.52 and its 200 day moving average is $83.25. The firm has a market cap of $18.07 billion, a price-to-earnings ratio of 15.81 and a beta of 1.25. Omnicom Group Inc. has a 52-week low of $77.50 and a 52-week high of $89.66.
Omnicom Group (NYSE:OMC) last announced its quarterly earnings data on Thursday, July 20th. The business services provider reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.02. The company had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $3.74 billion. Omnicom Group had a net margin of 7.61% and a return on equity of 42.54%. Omnicom Group’s revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.36 EPS. On average, analysts expect that Omnicom Group Inc. will post $5.08 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 22nd will be paid a $0.55 dividend. The ex-dividend date of this dividend is Thursday, September 21st. This represents a $2.20 annualized dividend and a yield of 2.81%. Omnicom Group’s dividend payout ratio is currently 44.44%.
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A number of analysts have recently weighed in on the stock. Macquarie lowered shares of Omnicom Group from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $90.00 to $83.00 in a research note on Tuesday, June 6th. Royal Bank Of Canada set a $96.00 price objective on shares of Omnicom Group and gave the stock a “buy” rating in a research note on Saturday, May 20th. Jefferies Group LLC reiterated a “hold” rating and issued a $82.00 price objective on shares of Omnicom Group in a research note on Friday, July 14th. BidaskClub lowered shares of Omnicom Group from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, Zacks Investment Research lowered shares of Omnicom Group from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $86.00.
In other news, Chairman Bruce Crawford sold 22,800 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $84.91, for a total transaction of $1,935,948.00. Following the transaction, the chairman now directly owns 105,250 shares of the company’s stock, valued at approximately $8,936,777.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Linda Johnson Rice sold 483 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $82.19, for a total transaction of $39,697.77. Following the transaction, the director now directly owns 7,724 shares in the company, valued at $634,835.56. The disclosure for this sale can be found here. Insiders sold a total of 24,183 shares of company stock worth $2,046,845 over the last three months. 1.10% of the stock is currently owned by corporate insiders.
About Omnicom Group
Omnicom Group Inc is a holding company. The Company provides advertising, marketing and corporate communications services. The Company’s branded networks and agencies operate in all markets around the world and provide a range of services, which it groups into four disciplines: advertising, customer relationship management (CRM), public relations and specialty communications.
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