Today The Covey Capital Advisors LLC Maintains Position in Fortress Investment Group LLC (FIG)

Today The Covey Capital Advisors LLC Maintains Position in Fortress Investment Group LLC (FIG)

Covey Capital Advisors LLC maintained its position in shares of Fortress Investment Group LLC (NYSE:FIG) during the third quarter, Holdings Channel reports. The institutional investor owned 243,510 shares of the company’s stock at the end of the third quarter. Fortress Investment Group accounts for about 0.6% of Covey Capital Advisors LLC’s investment portfolio, making the stock its 24th largest position. Covey Capital Advisors LLC’s holdings in Fortress Investment Group were worth $1,203,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Tower Research Capital LLC TRC raised its position in shares of Fortress Investment Group by 37.2% in the second quarter. Tower Research Capital LLC TRC now owns 24,029 shares of the company’s stock valued at $106,000 after buying an additional 6,514 shares during the last quarter. National Asset Management Inc. raised its position in shares of Fortress Investment Group by 25.8% in the second quarter. National Asset Management Inc. now owns 24,900 shares of the company’s stock valued at $111,000 after buying an additional 5,100 shares during the last quarter. Stifel Financial Corp acquired a new position in shares of Fortress Investment Group during the second quarter valued at approximately $149,000. Williams Jones & Associates LLC acquired a new position in shares of Fortress Investment Group during the second quarter valued at approximately $159,000. Finally, First Allied Advisory Services Inc. raised its position in shares of Fortress Investment Group by 353.4% in the second quarter. First Allied Advisory Services Inc. now owns 52,600 shares of the company’s stock valued at $231,000 after buying an additional 41,000 shares during the last quarter. 30.28% of the stock is owned by institutional investors.

Shares of Fortress Investment Group LLC (NYSE:FIG) opened at 5.24 on Wednesday. Fortress Investment Group LLC has a 52 week low of $3.87 and a 52 week high of $5.50. The firm has a 50-day moving average price of $5.16 and a 200 day moving average price of $5.04. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 26.33 and a beta of 1.71.

Fortress Investment Group (NYSE:FIG) last posted its quarterly earnings data on Thursday, November 3rd. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.19 by $0.04. Fortress Investment Group had a return on equity of 42.59% and a net margin of 10.21%. The firm had revenue of $261 million for the quarter, compared to the consensus estimate of $249.25 million. During the same quarter last year, the company earned $0.15 earnings per share. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, analysts forecast that Fortress Investment Group LLC will post $0.70 EPS for the current fiscal year.

Several brokerages have recently commented on FIG. FIG Partners reissued a “hold” rating on shares of Fortress Investment Group in a report on Friday, November 4th. Zacks Investment Research raised Fortress Investment Group from a “hold” rating to a “buy” rating and set a $5.50 price objective for the company in a report on Tuesday, January 3rd. Keefe, Bruyette & Woods set a $6.00 price objective on Fortress Investment Group and gave the stock a “hold” rating in a report on Saturday, October 15th. Finally, Credit Suisse Group set a $6.00 target price on Fortress Investment Group and gave the stock a “hold” rating in a research note on Monday, January 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $6.33.

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.

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