Adirondack Research & Management Inc. trimmed its position in shares of Lazard Ltd (NYSE:LAZ) by 16.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,556 shares of the asset manager’s stock after selling 8,894 shares during the period. Lazard comprises 1.7% of Adirondack Research & Management Inc.’s portfolio, making the stock its 23rd largest position. Adirondack Research & Management Inc.’s holdings in Lazard were worth $1,333,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. CWM Advisors LLC purchased a new position in shares of Lazard in the 1st quarter worth $39,000. Cutler Group LP lifted its holdings in shares of Lazard by 2,307.7% during the second quarter. Cutler Group LP now owns 1,435 shares of the asset manager’s stock valued at $41,000 after purchasing an additional 1,500 shares during the last quarter. Twin Tree Management LP purchased a new stake in Lazard in the 2nd quarter worth about $45,000. FinTrust Capital Advisors LLC lifted its stake in Lazard by 49.6% in the 1st quarter. FinTrust Capital Advisors LLC now owns 2,955 shares of the asset manager’s stock worth $70,000 after acquiring an additional 980 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Lazard in the 2nd quarter worth about $70,000. 75.27% of the stock is owned by hedge funds and other institutional investors.
In other Lazard news, CAO Scott D. Hoffman sold 80,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $32.63, for a total transaction of $2,610,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Alexander F. Stern sold 17,727 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $30.98, for a total value of $549,182.46. Following the sale, the president now owns 250,328 shares of the company’s stock, valued at $7,755,161.44. The disclosure for this sale can be found here. Insiders have sold 162,620 shares of company stock valued at $5,209,552 over the last 90 days. Corporate insiders own 3.60% of the company’s stock.
LAZ has been the topic of several research reports. Credit Suisse Group upped their target price on Lazard from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Morgan Stanley raised their target price on Lazard from $28.00 to $29.00 and gave the company an “underweight” rating in a report on Monday, August 3rd. Finally, ValuEngine downgraded Lazard from a “hold” rating to a “sell” rating in a research report on Monday, August 3rd. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Lazard has an average rating of “Hold” and an average target price of $35.78.
Shares of Lazard stock traded down $0.25 during trading on Friday, reaching $31.69. The stock had a trading volume of 299,600 shares, compared to its average volume of 472,708. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of 13.84 and a beta of 1.76. The stock has a fifty day moving average price of $30.50 and a two-hundred day moving average price of $29.19. Lazard Ltd has a 52 week low of $20.94 and a 52 week high of $44.95. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 3.36.
Lazard (NYSE:LAZ) last released its earnings results on Friday, July 31st. The asset manager reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.31. Lazard had a return on equity of 51.35% and a net margin of 10.43%. The business had revenue of $572.30 million for the quarter, compared to analyst estimates of $513.36 million. During the same quarter in the prior year, the company posted $0.73 earnings per share. Lazard’s revenue was down 9.3% on a year-over-year basis. On average, equities analysts forecast that Lazard Ltd will post 2.13 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 5.93%. The ex-dividend date of this dividend was Friday, August 7th. Lazard’s payout ratio is presently 57.32%.
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, shareholder advisory, and various other financial matters.
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