Manning and Napier (NYSE:MN) Upgraded to Hold at Zacks Investment Research

Manning and Napier (NYSE:MN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Manning & Napier, Inc. operates as an investment advisor engaged in managing corporate and union pension and annuity funds, endowment funds, foundations, profit sharing plans and benefit plans. It offers equity and fixed income portfolios and a range of blended asset portfolios. The Company offers investment solutions through separately managed accounts, mutual funds, and collective investment trust funds. Manning & Napier, Inc. is headquartered in Fairport, New York. “

Separately, ValuEngine raised Manning and Napier from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 1st.

Shares of NYSE:MN opened at $1.57 on Friday. Manning and Napier has a 1-year low of $1.45 and a 1-year high of $2.88. The firm has a market capitalization of $26.24 million, a PE ratio of 7.14 and a beta of 1.09. The business’s 50 day moving average is $1.76 and its 200-day moving average is $1.83. The company has a current ratio of 5.11, a quick ratio of 5.11 and a debt-to-equity ratio of 0.13.

Manning and Napier (NYSE:MN) last announced its quarterly earnings results on Thursday, October 31st. The asset manager reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.01. The business had revenue of $34.18 million for the quarter, compared to analyst estimates of $34.34 million. Manning and Napier had a return on equity of 8.04% and a net margin of 1.59%. On average, sell-side analysts predict that Manning and Napier will post 0.16 EPS for the current year.

In related news, Director Edward J. Pettinella purchased 25,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were acquired at an average price of $1.75 per share, with a total value of $43,750.00. Following the purchase, the director now directly owns 280,273 shares in the company, valued at $490,477.75. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edward J. Pettinella purchased 26,754 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average cost of $1.86 per share, for a total transaction of $49,762.44. Following the purchase, the director now owns 473,683 shares in the company, valued at $881,050.38. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 56,754 shares of company stock worth $102,112. 6.50% of the stock is owned by insiders.

A hedge fund recently raised its stake in Manning and Napier stock. Renaissance Technologies LLC raised its holdings in Manning and Napier Inc (NYSE:MN) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,217,699 shares of the asset manager’s stock after purchasing an additional 13,200 shares during the quarter. Renaissance Technologies LLC owned approximately 7.76% of Manning and Napier worth $2,131,000 as of its most recent SEC filing. 45.30% of the stock is currently owned by hedge funds and other institutional investors.

About Manning and Napier

Manning & Napier, Inc is publicly owned investment manager. It provides its services to net worth individuals and institutions, including 401(k) plans, pension plans, taft-hartley plans, endowments and foundations. The firm manages separate client-focused equity and fixed income portfolios. It invests in the public equity and fixed income markets of the United States.

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