Citigroup Initiates Coverage on Universal Music Group (OTCMKTS:UMGNF)

Equities researchers at Citigroup assumed coverage on shares of Universal Music Group (OTCMKTS:UMGNF) in a report issued on Monday. The firm set a “buy” rating on the stock.

A number of other analysts have also weighed in on UMGNF. HSBC lowered shares of Universal Music Group from a “hold” rating to a “reduce” rating in a research note on Thursday. The Goldman Sachs Group started coverage on shares of Universal Music Group in a research report on Monday, July 20th. They set a “hold” rating for the company. Zacks Research lowered shares of Universal Music Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 5th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Universal Music Group in a research report on Tuesday, August 4th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold”.

Universal Music Group Price Performance

OTCMKTS:UMGNF traded up $0.53 during midday trading on Monday, hitting $17.36. The company’s stock had a trading volume of 1,400 shares, compared to its average volume of 43,295. Universal Music Group has a fifty-two week low of $16.27 and a fifty-two week high of $30.04. The firm’s 50 day moving average is $20.24 and its 200-day moving average is $21.53.

Universal Music Group Company Profile

Universal Music Group (OTCMKTS:UMGNF) is one of the world’s leading music entertainment companies, engaged in recorded music, music publishing, merchandising and brand partnerships. The company’s recorded music division encompasses a roster of major labels—such as Interscope Geffen A&M, Capitol Music Group, Republic Records, Island Records and Decca—and works with a diverse array of artists across genres ranging from pop and hip-hop to classical and jazz. Its music publishing arm, Universal Music Publishing Group, administers and exploits compositions by both established songwriters and emerging talent, providing licensing services for film, television, advertising and digital platforms.

Headquartered in Santa Monica, California, Universal Music Group operates on a truly global scale with regional offices in North America, Europe, Latin America, Asia-Pacific and Africa.