Zacks Investment Research cut shares of Fortress Investment Group LLC (NYSE:FIG) from a hold rating to a sell rating in a research report sent to investors on Tuesday, August 8th.
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, BidaskClub upgraded shares of Fortress Investment Group from a hold rating to a buy rating in a research report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $5.83.
Shares of Fortress Investment Group (FIG) remained flat at $7.98 during trading on Tuesday. The company’s stock had a trading volume of 499,217 shares. The stock’s 50-day moving average price is $8.00 and its 200 day moving average price is $7.82. Fortress Investment Group has a 1-year low of $4.50 and a 1-year high of $8.05. The stock has a market cap of $1.75 billion, a PE ratio of 20.20 and a beta of 1.95.
Fortress Investment Group (NYSE:FIG) last issued its earnings results on Thursday, August 3rd. The asset manager reported $0.22 EPS for the quarter, beating the consensus estimate of $0.20 by $0.02. The company had revenue of $246.99 million during the quarter. Fortress Investment Group had a net margin of 10.61% and a return on equity of 38.79%. On average, equities analysts anticipate that Fortress Investment Group will post $0.74 earnings per share for the current year.
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Several hedge funds have recently added to or reduced their stakes in the stock. State of Wisconsin Investment Board purchased a new stake in Fortress Investment Group during the first quarter worth approximately $906,000. Ameriprise Financial Inc. boosted its stake in Fortress Investment Group by 1.9% in the first quarter. Ameriprise Financial Inc. now owns 76,872 shares of the asset manager’s stock worth $611,000 after buying an additional 1,447 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Fortress Investment Group during the first quarter worth about $10,336,000. Mizuho Securities USA Inc. purchased a new position in Fortress Investment Group during the first quarter worth about $1,192,000. Finally, Gabelli Funds LLC boosted its position in Fortress Investment Group by 346.3% in the first quarter. Gabelli Funds LLC now owns 2,343,536 shares of the asset manager’s stock worth $18,631,000 after buying an additional 1,818,472 shares during the period. Institutional investors and hedge funds own 43.86% of the company’s stock.
Fortress Investment Group Company Profile
Fortress Investment Group LLC (Fortress) is an investment management firm. The Company operates through segments, including private equity funds, permanent capital vehicles, credit hedge funds, credit PE funds, liquid hedge funds and Logan Circle. Its business is to sponsor the formation of, and provide investment management services for, various investment funds, permanent capital vehicles and related managed accounts (the Fortress Funds).
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