ManpowerGroup (MAN) Downgraded by Macquarie to Neutral

ManpowerGroup (NYSE:MAN) was downgraded by Macquarie from an “outperform” rating to a “neutral” rating in a research note issued on Tuesday, The Fly reports.

MAN has been the topic of several other research reports. Northcoast Research reiterated a “neutral” rating on shares of ManpowerGroup in a research note on Monday, July 23rd. Barclays cut their price target on ManpowerGroup from $115.00 to $90.00 and set a “$86.63” rating on the stock in a research note on Wednesday, July 18th. Nomura reiterated a “buy” rating and issued a $130.00 price target on shares of ManpowerGroup in a research note on Sunday, July 22nd. Credit Suisse Group assumed coverage on ManpowerGroup in a research note on Friday, August 10th. They issued an “outperform” rating and a $115.00 price target on the stock. Finally, Zacks Investment Research cut ManpowerGroup from a “hold” rating to a “sell” rating in a research note on Tuesday, July 3rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $113.20.

NYSE:MAN opened at $82.55 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.48 and a current ratio of 1.48. ManpowerGroup has a one year low of $81.54 and a one year high of $136.93. The stock has a market capitalization of $5.58 billion, a P/E ratio of 11.73 and a beta of 1.19.

ManpowerGroup (NYSE:MAN) last released its quarterly earnings results on Friday, July 20th. The business services provider reported $2.35 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $2.35. ManpowerGroup had a return on equity of 19.37% and a net margin of 2.67%. The business had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.88 billion. During the same quarter in the previous year, the firm posted $1.72 earnings per share. The company’s revenue was up 9.9% compared to the same quarter last year. As a group, equities research analysts predict that ManpowerGroup will post 8.94 earnings per share for the current year.

ManpowerGroup announced that its Board of Directors has initiated a stock buyback plan on Friday, August 3rd that permits the company to buyback 6,000,000 outstanding shares. This buyback authorization permits the business services provider to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

In other ManpowerGroup news, EVP Mara E. Swan sold 11,192 shares of the company’s stock in a transaction that occurred on Friday, August 31st. The stock was sold at an average price of $93.77, for a total transaction of $1,049,473.84. Following the sale, the executive vice president now owns 13,493 shares in the company, valued at $1,265,238.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ulice Payne, Jr. sold 1,350 shares of the company’s stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $89.43, for a total value of $120,730.50. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in MAN. BlackRock Inc. raised its stake in ManpowerGroup by 6.5% during the second quarter. BlackRock Inc. now owns 8,070,128 shares of the business services provider’s stock valued at $694,518,000 after buying an additional 491,423 shares in the last quarter. Millennium Management LLC raised its stake in ManpowerGroup by 169.3% during the first quarter. Millennium Management LLC now owns 450,557 shares of the business services provider’s stock valued at $51,859,000 after buying an additional 283,264 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in ManpowerGroup during the second quarter valued at approximately $15,986,000. Natixis raised its stake in ManpowerGroup by 982.6% during the second quarter. Natixis now owns 181,126 shares of the business services provider’s stock valued at $15,588,000 after buying an additional 164,395 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of ManpowerGroup by 29.8% during the second quarter. Wells Fargo & Company MN now owns 655,953 shares of the business services provider’s stock valued at $56,451,000 after purchasing an additional 150,427 shares during the last quarter. Hedge funds and other institutional investors own 92.09% of the company’s stock.

About ManpowerGroup

ManpowerGroup Inc provides workforce solutions and services in the Americas, Southern Europe, Northern Europe, and the Asia Pacific Middle East region. The company's recruitment service portfolio includes permanent, temporary, and contract recruitment of professionals, as well as administrative and industrial positions.

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