Harbor Capital Advisors Inc. Boosts Position in Stagwell Inc. (NASDAQ:STGW)

Harbor Capital Advisors Inc. boosted its position in shares of Stagwell Inc. (NASDAQ:STGW - Free Report) by 123.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,241,594 shares of the company's stock after buying an additional 685,164 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.46% of Stagwell worth $8,716,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of Stagwell in the second quarter valued at $29,000. Hsbc Holdings PLC grew its stake in shares of Stagwell by 25.1% in the 2nd quarter. Hsbc Holdings PLC now owns 16,757 shares of the company's stock worth $114,000 after buying an additional 3,360 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Stagwell during the 3rd quarter valued at about $153,000. Concurrent Investment Advisors LLC lifted its holdings in shares of Stagwell by 44.4% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 28,875 shares of the company's stock valued at $197,000 after acquiring an additional 8,875 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Stagwell by 16.1% during the second quarter. The Manufacturers Life Insurance Company now owns 35,681 shares of the company's stock worth $243,000 after acquiring an additional 4,961 shares during the last quarter. Hedge funds and other institutional investors own 35.61% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on STGW. Needham & Company LLC reiterated a "buy" rating and issued a $7.50 target price on shares of Stagwell in a report on Monday, October 21st. Rosenblatt Securities restated a "buy" rating and set a $8.00 price objective on shares of Stagwell in a report on Monday, August 5th. Finally, Benchmark reiterated a "buy" rating and set a $8.50 target price on shares of Stagwell in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Stagwell currently has an average rating of "Moderate Buy" and a consensus target price of $8.10.

Stagwell Stock Up 4.7 %

Shares of NASDAQ STGW traded up $0.29 during trading hours on Friday, hitting $6.50. 391,088 shares of the stock were exchanged, compared to its average volume of 400,650. Stagwell Inc. has a 12 month low of $3.83 and a 12 month high of $7.50. The firm has a fifty day moving average price of $6.91 and a 200-day moving average price of $6.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.95. The company has a market cap of $1.71 billion, a PE ratio of -325.00 and a beta of 1.35.

Stagwell (NASDAQ:STGW - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.02). The business had revenue of $671.20 million for the quarter, compared to analysts' expectations of $666.61 million. Stagwell had a positive return on equity of 7.06% and a negative net margin of 0.09%. Stagwell's revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 EPS. On average, sell-side analysts expect that Stagwell Inc. will post 0.59 EPS for the current year.

About Stagwell

Stagwell Inc provides digital transformation, performance media and data, consumer insights and strategy, and creativity and communications services. The company operates through three segments: Integrated Agencies Network, Brand Performance Network, and Communications Network. It designs and builds digital platforms and experiences that support the delivery of content, commerce, service, and sales; creates websites, mobile applications, back-end systems, content and data management systems, and other digital environments; designs and implements technology and data strategies; and develops software and related technology products, including artificial intelligence (AI)-enabled communications, research, and media technology, cookie-less data platforms for advance targeting and activation, software tools for e-commerce applications, specialty media solutions in the augmented reality space, and text messaging applications for consumer engagement.