According to Zacks, “FORTRESS INVESTMENT Group is a leading global alternative asset manager with approximately $34.2 billion in assets under management as of March 31, 2008. Fortress is headquartered in New York and has affiliates with offices in Chicago, Dallas, Frankfurt, Geneva, Hong Kong, London, Los Angeles, Munich, New Canaan, Rome, San Francisco, San Diego, Sydney, Tokyo and Toronto.Fortress raises, invests and manages private equity funds and hedge funds. Fortress intends to grow its existing businesses, while continuing to create innovative products to meet the increasing demand by sophisticated investors for superior risk-adjusted investment returns. “
Separately, Keefe, Bruyette & Woods downgraded Fortress Investment Group from an outperform rating to a market perform rating and lowered their target price for the stock from $6.50 to $5.50 in a report on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $6.71.
Shares of Fortress Investment Group (NYSE:FIG) opened at 5.13 on Thursday. Fortress Investment Group has a one year low of $3.87 and a one year high of $6.29. The firm has a market cap of $1.11 billion, a P/E ratio of 72.25 and a beta of 1.89. The firm’s 50-day moving average price is $5.03 and its 200 day moving average price is $4.90.
Fortress Investment Group (NYSE:FIG) last issued its earnings results on Thursday, July 28th. The company reported $0.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.08. The business earned $232 million during the quarter, compared to the consensus estimate of $235.83 million. The company’s revenue for the quarter was down 24.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.30 earnings per share. Analysts predict that Fortress Investment Group will post $0.71 EPS for the current year.
Several institutional investors have recently added to or reduced their stakes in the company. Artemis Investment Management LLP increased its position in Fortress Investment Group by 367.4% in the second quarter. Artemis Investment Management LLP now owns 2,400,000 shares of the company’s stock worth $10,620,000 after buying an additional 1,886,500 shares during the period. Wellington Management Group LLP increased its position in Fortress Investment Group by 110.8% in the first quarter. Wellington Management Group LLP now owns 26,763,365 shares of the company’s stock valued at $127,929,000 after buying an additional 14,064,389 shares during the period. Gabelli Funds LLC increased its position in Fortress Investment Group by 2.0% in the second quarter. Gabelli Funds LLC now owns 520,064 shares of the company’s stock valued at $2,299,000 after buying an additional 10,000 shares during the period. Steinberg Global Asset Management increased its position in Fortress Investment Group by 51.4% in the first quarter. Steinberg Global Asset Management now owns 91,969 shares of the company’s stock valued at $440,000 after buying an additional 31,230 shares during the period. Finally, Moors & Cabot Inc. increased its position in Fortress Investment Group by 34.6% in the second quarter. Moors & Cabot Inc. now owns 68,150 shares of the company’s stock valued at $302,000 after buying an additional 17,500 shares during the period.
Fortress Investment Group Company Profile
Fortress Investment Group LLC (Fortress) is an investment management firm with approximately $70.5 billion in assets under management (AUM). The Company operates through segments, including private equity funds, permanent capital vehicles, credit hedge funds, credit PE funds, liquid hedge funds and Logan Circle.
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