Zacks Investment Research downgraded shares of ManpowerGroup (NYSE:MAN) from a hold rating to a sell rating in a report released on Thursday morning.
According to Zacks, “Shares of ManpowerGroup have underperformed the industry it belongs to in the past year. The company operates in a highly competitive and consolidated employment services industry. It faces stiff competition in both domestic and international markets. ManpowerGroup’s vast international presence exposes it to risks associated with foreign exchange rate fluctuations. Despite such negatives, ManpowerGroup is one of the leading global workforce solutions company and looks well poised on the back of its global footprint and extensive portfolio of innovative workforce solutions. The company's brand value and strong global network provide it a competitive advantage and reinforce its dominant position in the market. Acquisitions have been a key growth catalyst.”
Several other equities analysts also recently commented on the company. Macquarie downgraded ManpowerGroup from an outperform rating to a neutral rating and set a $91.00 price objective on the stock. in a research report on Tuesday, October 9th. Barclays lowered their price objective on ManpowerGroup from $90.00 to $85.00 and set an underweight rating on the stock in a research report on Tuesday, October 2nd. Credit Suisse Group assumed coverage on ManpowerGroup in a research report on Friday, August 10th. They issued an outperform rating and a $115.00 price objective on the stock. ValuEngine downgraded ManpowerGroup from a sell rating to a strong sell rating in a research report on Friday, August 3rd. Finally, Northcoast Research restated a neutral rating on shares of ManpowerGroup in a research report on Monday, July 23rd. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $111.18.
ManpowerGroup (NYSE:MAN) last announced its quarterly earnings data on Friday, October 19th. The business services provider reported $2.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.41 by $0.02. ManpowerGroup had a return on equity of 19.37% and a net margin of 2.67%. The business had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.64 billion. During the same period in the previous year, the business earned $2.04 earnings per share. The business’s revenue was down .8% on a year-over-year basis. On average, equities analysts expect that ManpowerGroup will post 8.93 earnings per share for the current year.
ManpowerGroup announced that its board has approved a share repurchase program on Friday, August 3rd that permits the company to repurchase 6,000,000 outstanding shares. This repurchase authorization permits the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
In related news, EVP Mara E. Swan sold 11,192 shares of the business’s stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $93.77, for a total value of $1,049,473.84. Following the sale, the executive vice president now directly owns 13,493 shares in the company, valued at $1,265,238.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ulice Payne, Jr. sold 1,350 shares of the business’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $89.43, for a total value of $120,730.50. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of the stock. Cornerstone Wealth Management LLC lifted its position in shares of ManpowerGroup by 62.2% in the third quarter. Cornerstone Wealth Management LLC now owns 191,827 shares of the business services provider’s stock worth $1,573,000 after buying an additional 73,554 shares in the last quarter. Handelsbanken Fonder AB purchased a new stake in shares of ManpowerGroup in the third quarter worth about $627,000. Seven Eight Capital LP lifted its position in shares of ManpowerGroup by 65.3% in the third quarter. Seven Eight Capital LP now owns 51,400 shares of the business services provider’s stock worth $4,418,000 after buying an additional 20,300 shares in the last quarter. Oakbrook Investments LLC lifted its position in shares of ManpowerGroup by 31.1% in the third quarter. Oakbrook Investments LLC now owns 8,000 shares of the business services provider’s stock worth $688,000 after buying an additional 1,900 shares in the last quarter. Finally, Aperio Group LLC lifted its position in shares of ManpowerGroup by 5.3% in the third quarter. Aperio Group LLC now owns 87,719 shares of the business services provider’s stock worth $7,540,000 after buying an additional 4,393 shares in the last quarter. Institutional investors own 91.65% of the company’s stock.
ManpowerGroup Inc provides workforce solutions and services in the Americas, Southern Europe, Northern Europe, and the Asia Pacific Middle East region. The company's recruitment service portfolio includes permanent, temporary, and contract recruitment of professionals, as well as administrative and industrial positions.
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