State Board of Administration of Florida Retirement System Sells 2,288 Shares of ManpowerGroup Inc. (NYSE:MAN)

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State Board of Administration of Florida Retirement System lowered its holdings in shares of ManpowerGroup Inc. (NYSE:MAN) by 2.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 83,849 shares of the business services provider’s stock after selling 2,288 shares during the period. State Board of Administration of Florida Retirement System owned about 0.14% of ManpowerGroup worth $8,100,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MAN. SG Americas Securities LLC grew its holdings in ManpowerGroup by 1.8% in the second quarter. SG Americas Securities LLC now owns 6,308 shares of the business services provider’s stock worth $609,000 after purchasing an additional 114 shares during the period. Municipal Employees Retirement System of Michigan boosted its holdings in ManpowerGroup by 1.1% during the second quarter. Municipal Employees Retirement System of Michigan now owns 11,160 shares of the business services provider’s stock worth $1,078,000 after purchasing an additional 120 shares during the last quarter. Stanley Laman Group Ltd. boosted its holdings in ManpowerGroup by 2.6% during the second quarter. Stanley Laman Group Ltd. now owns 6,838 shares of the business services provider’s stock worth $661,000 after purchasing an additional 174 shares during the last quarter. Creative Planning boosted its holdings in ManpowerGroup by 3.2% during the second quarter. Creative Planning now owns 6,078 shares of the business services provider’s stock worth $587,000 after purchasing an additional 188 shares during the last quarter. Finally, CenturyLink Investment Management Co raised its position in ManpowerGroup by 1.2% in the second quarter. CenturyLink Investment Management Co now owns 15,517 shares of the business services provider’s stock worth $1,499,000 after acquiring an additional 191 shares during the period. 91.99% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE MAN traded up $0.19 during midday trading on Wednesday, hitting $79.08. The company’s stock had a trading volume of 13,351 shares, compared to its average volume of 362,397. The stock has a fifty day moving average price of $88.08 and a 200 day moving average price of $88.50. ManpowerGroup Inc. has a one year low of $61.57 and a one year high of $97.96. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $4.82 billion, a price-to-earnings ratio of 8.84, a P/E/G ratio of 3.39 and a beta of 1.55.

ManpowerGroup (NYSE:MAN) last posted its quarterly earnings results on Friday, July 19th. The business services provider reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.06. ManpowerGroup had a net margin of 2.34% and a return on equity of 19.19%. The company had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.41 billion. During the same quarter in the previous year, the firm posted $2.35 earnings per share. The company’s quarterly revenue was down 5.0% compared to the same quarter last year. On average, equities research analysts predict that ManpowerGroup Inc. will post 7.57 earnings per share for the current fiscal year.

ManpowerGroup declared that its board has approved a share buyback program on Friday, August 2nd that authorizes the company to repurchase 6,000,000 shares. This repurchase authorization authorizes the business services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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

Several analysts have commented on the stock. Bank of America lowered their price objective on shares of ManpowerGroup from $100.00 to $96.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. Royal Bank of Canada lowered their price objective on shares of ManpowerGroup from $114.00 to $110.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Credit Suisse Group lowered shares of ManpowerGroup from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $88.00 to $83.00 in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of ManpowerGroup from $96.00 to $99.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. ManpowerGroup presently has an average rating of “Hold” and an average price target of $93.30.

ManpowerGroup Company Profile

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.

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Institutional Ownership by Quarter for ManpowerGroup (NYSE:MAN)

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