Stone Ridge Asset Management LLC Sells 3,000 Shares of ManpowerGroup Inc. (NYSE:MAN)

Stone Ridge Asset Management LLC decreased its stake in shares of ManpowerGroup Inc. (NYSE:MAN) by 8.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 34,349 shares of the business services provider’s stock after selling 3,000 shares during the period. Stone Ridge Asset Management LLC owned 0.06% of ManpowerGroup worth $3,318,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Parallel Advisors LLC boosted its holdings in shares of ManpowerGroup by 144.4% during the 2nd quarter. Parallel Advisors LLC now owns 352 shares of the business services provider’s stock worth $34,000 after buying an additional 208 shares during the period. CWM LLC boosted its holdings in ManpowerGroup by 114.4% in the 2nd quarter. CWM LLC now owns 373 shares of the business services provider’s stock valued at $36,000 after purchasing an additional 199 shares during the period. Destination Wealth Management bought a new stake in ManpowerGroup in the 2nd quarter valued at about $58,000. Machina Capital S.A.S. boosted its holdings in ManpowerGroup by 273.5% in the 2nd quarter. Machina Capital S.A.S. now owns 1,042 shares of the business services provider’s stock valued at $101,000 after purchasing an additional 763 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in ManpowerGroup by 162.2% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,455 shares of the business services provider’s stock valued at $141,000 after purchasing an additional 900 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

A number of analysts have issued reports on the stock. Bank of America cut their price objective on shares of ManpowerGroup from $100.00 to $96.00 and set a “neutral” rating for the company in a report on Monday, July 22nd. JPMorgan Chase & Co. boosted their price objective on shares of ManpowerGroup from $96.00 to $99.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Credit Suisse Group downgraded shares of ManpowerGroup from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $88.00 to $83.00 in a report on Wednesday, July 10th. Finally, Royal Bank of Canada cut their price objective on shares of ManpowerGroup from $114.00 to $110.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $93.30.

In other news, SVP Richard Buchband sold 1,750 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $85.43, for a total value of $149,502.50. Following the completion of the transaction, the senior vice president now directly owns 8,214 shares in the company, valued at approximately $701,722.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mara E. Swan sold 14,871 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $84.48, for a total transaction of $1,256,302.08. Following the completion of the transaction, the executive vice president now owns 7,228 shares of the company’s stock, valued at $610,621.44. The disclosure for this sale can be found here. 1.49% of the stock is currently owned by insiders.

Shares of NYSE:MAN traded down $4.15 during midday trading on Friday, hitting $80.58. The stock had a trading volume of 301,905 shares, compared to its average volume of 396,571. The company’s 50-day moving average price is $89.31 and its 200-day moving average price is $88.49. The company has a market capitalization of $5.08 billion, a P/E ratio of 9.00, a price-to-earnings-growth ratio of 3.57 and a beta of 1.55. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.50. ManpowerGroup Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $97.96.

ManpowerGroup (NYSE:MAN) last issued its earnings results on Friday, July 19th. The business services provider reported $2.05 EPS for the quarter, beating the consensus estimate of $1.99 by $0.06. The company had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.41 billion. ManpowerGroup had a net margin of 2.34% and a return on equity of 19.19%. The business’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.35 EPS. Research analysts expect that ManpowerGroup Inc. will post 7.63 EPS for the current fiscal year.

ManpowerGroup declared that its Board of Directors has approved a stock repurchase plan on Friday, August 2nd that permits the company to repurchase 6,000,000 shares. This repurchase authorization permits the business services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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 offers recruitment services, including permanent, temporary, and contract recruitment of professionals, as well as administrative and industrial positions under the Manpower and Experis brands.

Read More: Hold Rating

Institutional Ownership by Quarter for ManpowerGroup (NYSE:MAN)

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