Emerald Advisers Inc. PA cut its stake in Lazard Ltd (NYSE:LAZ) by 53.0% during the second quarter, Holdings Channel reports. The institutional investor owned 42,080 shares of the company’s stock after selling 47,392 shares during the period. Emerald Advisers Inc. PA’s holdings in Lazard were worth $1,253,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Royce & Associates LP increased its position in Lazard by 127.4% in the first quarter. Royce & Associates LP now owns 1,510,207 shares of the company’s stock valued at $58,596,000 after buying an additional 846,046 shares in the last quarter. Bank of Montreal Can acquired a new position in Lazard during the second quarter worth approximately $18,285,000. Strs Ohio increased its position in Lazard by 28.7% in the second quarter. Strs Ohio now owns 1,993,000 shares of the company’s stock worth $59,351,000 after buying an additional 445,000 shares during the period. Franklin Resources Inc. increased its position in Lazard by 13.6% in the first quarter. Franklin Resources Inc. now owns 2,788,002 shares of the company’s stock worth $108,174,000 after buying an additional 334,735 shares during the period. Finally, Capital Growth Management LP increased its position in Lazard by 238.5% in the first quarter. Capital Growth Management LP now owns 220,000 shares of the company’s stock worth $8,536,000 after buying an additional 155,000 shares during the period.
Lazard Ltd (NYSE:LAZ) traded down 0.62% during mid-day trading on Monday, reaching $35.45. 686,754 shares of the company were exchanged. Lazard Ltd has a 1-year low of $26.21 and a 1-year high of $49.57. The firm has a market capitalization of $4.40 billion, a P/E ratio of 6.71 and a beta of 2.20. The stock has a 50-day moving average of $36.51 and a 200 day moving average of $35.05.
Lazard (NYSE:LAZ) last posted its earnings results on Thursday, July 28th. The company reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.03. The company earned $542.30 million during the quarter, compared to analyst estimates of $542.68 million. During the same period in the previous year, the company earned $0.98 EPS. The company’s quarterly revenue was down 11.9% compared to the same quarter last year. Equities research analysts forecast that Lazard Ltd will post $2.84 earnings per share for the current year.
A number of research analysts have commented on the stock. Credit Suisse Group AG reissued a “buy” rating on shares of Lazard in a research report on Tuesday, June 28th. Nomura raised their target price on shares of Lazard from $46.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Zacks Investment Research raised shares of Lazard from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Wednesday, October 5th. Finally, TheStreet raised shares of Lazard to a “buy” rating in a research report on Thursday, August 18th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $49.11.
In other Lazard news, Director Jane L. Mendillo purchased 1,400 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were bought at an average cost of $35.22 per share, for a total transaction of $49,308.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Scott D. Hoffman sold 42,000 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $34.92, for a total transaction of $1,466,640.00. The disclosure for this sale can be found here.
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates in two business segments: Financial Advisory and Asset Management. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters.
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