Lord Abbett & CO. LLC Sells 145,292 Shares of Moelis & Company (NYSE:MC)

Lord Abbett & CO. LLC lessened its stake in shares of Moelis & Company (NYSE:MC - Free Report) by 13.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 974,140 shares of the asset manager's stock after selling 145,292 shares during the quarter. Lord Abbett & CO. LLC owned 1.30% of Moelis & Company worth $66,738,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Reston Wealth Management LLC bought a new stake in Moelis & Company during the third quarter worth about $26,000. UMB Bank n.a. increased its holdings in Moelis & Company by 63.5% during the 2nd quarter. UMB Bank n.a. now owns 497 shares of the asset manager's stock valued at $28,000 after purchasing an additional 193 shares in the last quarter. GAMMA Investing LLC raised its position in Moelis & Company by 115.8% in the 3rd quarter. GAMMA Investing LLC now owns 995 shares of the asset manager's stock valued at $68,000 after purchasing an additional 534 shares during the last quarter. Blue Trust Inc. raised its position in Moelis & Company by 193.0% in the 3rd quarter. Blue Trust Inc. now owns 1,081 shares of the asset manager's stock valued at $74,000 after purchasing an additional 712 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. acquired a new position in Moelis & Company in the third quarter worth $75,000. Institutional investors and hedge funds own 91.53% of the company's stock.

Analyst Ratings Changes

MC has been the subject of a number of research reports. Wells Fargo & Company raised their target price on Moelis & Company from $70.00 to $78.00 and gave the company an "equal weight" rating in a research note on Thursday. UBS Group raised their price target on shares of Moelis & Company from $54.00 to $60.00 and gave the company a "sell" rating in a report on Tuesday, October 8th. Finally, Morgan Stanley raised Moelis & Company from an "underweight" rating to an "overweight" rating and boosted their price objective for the stock from $66.00 to $92.00 in a report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, Moelis & Company presently has a consensus rating of "Hold" and a consensus price target of $66.50.

Moelis & Company Price Performance

Shares of NYSE MC traded down $1.17 during midday trading on Friday, reaching $73.93. 346,191 shares of the stock were exchanged, compared to its average volume of 628,383. The business has a 50-day simple moving average of $72.47 and a two-hundred day simple moving average of $65.74. The company has a market capitalization of $5.54 billion, a price-to-earnings ratio of 139.49 and a beta of 1.37. Moelis & Company has a 12 month low of $46.24 and a 12 month high of $81.60.

Moelis & Company (NYSE:MC - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The asset manager reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.02. The firm had revenue of $273.76 million during the quarter, compared to analyst estimates of $273.58 million. Moelis & Company had a net margin of 4.22% and a return on equity of 12.15%. The company's revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.15) EPS. Equities research analysts expect that Moelis & Company will post 0.96 earnings per share for the current fiscal year.

Moelis & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 4th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date was Monday, November 4th. Moelis & Company's dividend payout ratio is currently 452.83%.

About Moelis & Company

Moelis & Company operates as an investment banking advisory firm. It offers advisory services in the areas of mergers and acquisitions, recapitalizations and restructurings, capital markets transactions, and other corporate finance matters, as well as strategic, capital structure, and private funds advisory.