L2 Asset Management LLC Sells 8,073 Shares of Omnicom Group Inc. $OMC

L2 Asset Management LLC decreased its position in Omnicom Group Inc. (NYSE:OMC) by 12.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,166 shares of the business services provider’s stock after selling 8,073 shares during the period. L2 Asset Management LLC’s holdings in Omnicom Group were worth $4,184,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Harbor Asset Planning Inc. bought a new stake in shares of Omnicom Group during the 2nd quarter valued at about $29,000. Zions Bancorporation National Association UT bought a new stake in shares of Omnicom Group in the 1st quarter valued at $34,000. Ameritas Advisory Services LLC acquired a new position in shares of Omnicom Group during the 2nd quarter valued at $34,000. Gen Wealth Partners Inc acquired a new stake in Omnicom Group in the first quarter worth $36,000. Finally, CGC Financial Services LLC bought a new stake in Omnicom Group in the second quarter valued at $45,000. 91.97% of the stock is owned by institutional investors.

Omnicom Group Stock Up 4.7%

OMC opened at $73.48 on Monday. Omnicom Group Inc. has a fifty-two week low of $68.37 and a fifty-two week high of $104.03. The firm has a market capitalization of $14.18 billion, a P/E ratio of 10.85, a PEG ratio of 1.17 and a beta of 0.75. The company’s 50-day moving average is $75.44 and its 200 day moving average is $74.68. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.92 and a quick ratio of 0.80.

Omnicom Group (NYSE:OMC) last posted its earnings results on Tuesday, October 21st. The business services provider reported $2.24 EPS for the quarter, topping the consensus estimate of $2.17 by $0.07. The firm had revenue of $4.04 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Omnicom Group had a net margin of 8.31% and a return on equity of 33.30%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm earned $2.03 EPS. Research analysts expect that Omnicom Group Inc. will post 8.25 earnings per share for the current fiscal year.

Omnicom Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Friday, December 19th will be issued a $0.80 dividend. This is an increase from Omnicom Group’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, December 19th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 4.4%. Omnicom Group’s payout ratio is presently 41.36%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OMC. Barclays boosted their target price on Omnicom Group from $80.00 to $82.00 and gave the company an “equal weight” rating in a research report on Thursday, October 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Omnicom Group in a report on Wednesday, October 8th. Wells Fargo & Company upgraded shares of Omnicom Group from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $78.00 to $91.00 in a research note on Tuesday, September 23rd. Finally, UBS Group upped their price objective on shares of Omnicom Group from $99.00 to $108.00 and gave the stock a “buy” rating in a report on Friday. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Omnicom Group currently has a consensus rating of “Moderate Buy” and an average price target of $97.14.

Omnicom Group Profile

Omnicom Group Inc, together with its subsidiaries, offers advertising, marketing, and corporate communications services. It provides a range of services in the areas of advertising and media, precision marketing, commerce and branding, experiential, execution and support, public relations, and healthcare.