Midas Management Corp held its position in shares of Omnicom Group Inc. (NYSE:OMC) during the second quarter, Holdings Channel reports. The institutional investor owned 13,625 shares of the company’s stock at the end of the second quarter. Midas Management Corp’s holdings in Omnicom Group were worth $1,110,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Virginia Retirement System bought a new position in shares of Omnicom Group during the first quarter valued at $327,000. JPMorgan Chase & Co. boosted its position in shares of Omnicom Group by 5.6% in the first quarter. JPMorgan Chase & Co. now owns 829,251 shares of the company’s stock valued at $69,018,000 after buying an additional 43,962 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of Omnicom Group during the first quarter valued at $413,000. 1832 Asset Management L.P. boosted its position in shares of Omnicom Group by 475.8% in the first quarter. 1832 Asset Management L.P. now owns 853,450 shares of the company’s stock valued at $117,757,000 after buying an additional 705,240 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new position in shares of Omnicom Group during the first quarter valued at $110,000. Institutional investors own 97.02% of the company’s stock.
Shares of Omnicom Group Inc. (NYSE:OMC) traded down 0.05% during trading on Monday, hitting $82.83. The stock had a trading volume of 2,699,466 shares. The company has a market cap of $19.59 billion, a PE ratio of 18.12 and a beta of 1.35. Omnicom Group Inc. has a 12-month low of $66.48 and a 12-month high of $87.50. The stock’s 50 day moving average is $84.36 and its 200-day moving average is $83.41.
OMC has been the subject of several recent research reports. Zacks Investment Research cut Omnicom Group from a “hold” rating to a “sell” rating in a research report on Wednesday, July 13th. Albert Fried & Company restated a “hold” rating and issued a $85.00 price objective on shares of Omnicom Group in a research report on Thursday, July 14th. BMO Capital Markets restated a “hold” rating and issued a $80.00 price objective on shares of Omnicom Group in a research report on Sunday, July 17th. Telsey Advisory Group boosted their price objective on Omnicom Group from $79.00 to $86.00 and gave the company a “market perform” rating in a research report on Wednesday, July 20th. Finally, Credit Suisse Group AG began coverage on Omnicom Group in a research report on Thursday, September 15th. They issued a “neutral” rating and a $83.00 price objective for the company. Twelve analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Omnicom Group presently has an average rating of “Hold” and an average target price of $83.86.
In other news, Director Linda Johnson Rice sold 824 shares of Omnicom Group stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $84.55, for a total value of $69,669.20. Following the completion of the sale, the director now owns 30,440 shares of the company’s stock, valued at $2,573,702. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.10% of the stock is owned by insiders.
About Omnicom Group
Omnicom Group Inc is a holding company. The Company provides advertising, marketing and corporate communications services. The Company’s branded networks and agencies operate in all markets around the world and provide a range of services, which it groups into four disciplines: advertising, customer relationship management (CRM), public relations and specialty communications.
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