Zacks Investment Research lowered shares of Fortress Investment Group LLC (NYSE:FIG) from a hold rating to a sell rating in a research note published on Thursday morning.
According to Zacks, “FORTRESS INVESTMENT Group is a leading global alternative asset manager with approximately $34.2 billion in assets under management as of March 31, 2008. Fortress is headquartered in New York and has affiliates with offices in Chicago, Dallas, Frankfurt, Geneva, Hong Kong, London, Los Angeles, Munich, New Canaan, Rome, San Francisco, San Diego, Sydney, Tokyo and Toronto.Fortress raises, invests and manages private equity funds and hedge funds. Fortress intends to grow its existing businesses, while continuing to create innovative products to meet the increasing demand by sophisticated investors for superior risk-adjusted investment returns. “
Separately, Keefe, Bruyette & Woods cut shares of Fortress Investment Group from an outperform rating to a market perform rating and lowered their price objective for the company from $6.50 to $5.50 in a research report on Monday, July 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. Fortress Investment Group presently has a consensus rating of Hold and an average target price of $6.64.
Fortress Investment Group (NYSE:FIG) traded down 0.6825% on Thursday, reaching $5.0056. 124,767 shares of the company’s stock traded hands. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 70.5014 and a beta of 1.89. Fortress Investment Group has a 52-week low of $3.87 and a 52-week high of $6.29. The stock’s 50 day moving average is $5.02 and its 200 day moving average is $4.89.
Fortress Investment Group (NYSE:FIG) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.08. The company earned $232 million during the quarter, compared to analyst estimates of $235.83 million. The company’s revenue was down 24.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.30 EPS. On average, equities research analysts predict that Fortress Investment Group will post $0.71 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in Fortress Investment Group by 110.8% in the first quarter. Wellington Management Group LLP now owns 26,763,365 shares of the company’s stock valued at $127,929,000 after buying an additional 14,064,389 shares during the last quarter. Coronation Fund Managers Ltd. purchased a new position in Fortress Investment Group during the second quarter valued at $32,561,000. UBS Group AG raised its position in Fortress Investment Group by 32.5% in the first quarter. UBS Group AG now owns 6,319,252 shares of the company’s stock valued at $30,206,000 after buying an additional 1,548,635 shares during the last quarter. Artemis Investment Management LLP raised its position in Fortress Investment Group by 367.4% in the second quarter. Artemis Investment Management LLP now owns 2,400,000 shares of the company’s stock valued at $10,620,000 after buying an additional 1,886,500 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in Fortress Investment Group by 1.6% in the second quarter. BNP Paribas Arbitrage SA now owns 1,390,200 shares of the company’s stock valued at $6,145,000 after buying an additional 22,540 shares during the last quarter.
About Fortress Investment Group
Fortress Investment Group LLC (Fortress) is an investment management firm with approximately $70.5 billion in assets under management (AUM). The Company operates through segments, including private equity funds, permanent capital vehicles, credit hedge funds, credit PE funds, liquid hedge funds and Logan Circle.