KKR & Co. L.P. (KKR) Stake Cut by Alps Advisors Inc.
Alps Advisors Inc. reduced its position in KKR & Co. L.P. (NYSE:KKR) by 2.8% during the second quarter, Holdings Channel reports. The firm owned 1,148,566 shares of the asset manager’s stock after selling 33,411 shares during the period. Alps Advisors Inc.’s holdings in KKR & Co. L.P. were worth $21,363,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of KKR. Morgan Stanley raised its position in shares of KKR & Co. L.P. by 246.8% in the first quarter. Morgan Stanley now owns 55,751,843 shares of the asset manager’s stock worth $1,016,356,000 after buying an additional 39,675,214 shares during the period. Alliancebernstein L.P. acquired a new position in shares of KKR & Co. L.P. during the first quarter worth $49,409,000. LGT Capital Partners LTD. acquired a new position in shares of KKR & Co. L.P. during the first quarter worth $17,136,000. ING Groep NV acquired a new position in shares of KKR & Co. L.P. during the first quarter worth $9,115,000. Finally, Beach Investment Management LLC. raised its position in shares of KKR & Co. L.P. by 1,504.4% in the second quarter. Beach Investment Management LLC. now owns 468,792 shares of the asset manager’s stock worth $8,720,000 after buying an additional 439,572 shares during the period. 76.59% of the stock is owned by institutional investors and hedge funds.
Shares of KKR & Co. L.P. (NYSE:KKR) opened at 18.46 on Wednesday. KKR & Co. L.P. has a 1-year low of $13.57 and a 1-year high of $20.34. The firm’s 50 day moving average price is $19.01 and its 200-day moving average price is $18.40. The company has a market capitalization of $8.68 billion, a P/E ratio of 7.91 and a beta of 1.53.
KKR & Co. L.P. (NYSE:KKR) last announced its quarterly earnings data on Thursday, July 27th. The asset manager reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.26. KKR & Co. L.P. had a return on equity of 11.45% and a net margin of 42.48%. The firm had revenue of $365.16 million during the quarter, compared to analysts’ expectations of $300.74 million. During the same period last year, the business posted $0.19 earnings per share. Analysts expect that KKR & Co. L.P. will post $2.55 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 22nd. Stockholders of record on Monday, August 7th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.68%. The ex-dividend date is Thursday, August 3rd. KKR & Co. L.P.’s payout ratio is 28.22%.
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KKR has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $23.00 target price on shares of KKR & Co. L.P. in a research report on Tuesday, May 30th. Zacks Investment Research raised KKR & Co. L.P. from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research report on Tuesday, July 18th. TheStreet raised KKR & Co. L.P. from a “c” rating to a “b” rating in a research report on Thursday, April 27th. Morgan Stanley reissued an “equal weight” rating and issued a $19.00 target price (up previously from $18.00) on shares of KKR & Co. L.P. in a research report on Monday, July 10th. Finally, JMP Securities reissued an “outperform” rating and issued a $25.00 target price on shares of KKR & Co. L.P. in a research report on Monday, May 1st. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $21.40.
About KKR & Co. L.P.
KKR & CO. L.P. (KKR) is a global investment firm that manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate, credit and hedge funds. The Company’s business offers a range of investment management services to its fund investors, and provides capital markets services to its firm, its portfolio companies and third parties.
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