Omnicom Group Inc. (NYSE:OMC) shares saw strong trading volume on Wednesday following a better than expected earnings announcement. 2,318,706 shares traded hands during mid-day trading, an increase of 51% from the previous session’s volume of 1,534,855 shares.The stock last traded at $80.69 and had previously closed at $80.87.
The company reported $1.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.03. The company earned $3.79 billion during the quarter, compared to analyst estimates of $3.80 billion. Omnicom Group had a return on equity of 38.56% and a net margin of 7.26%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.97 earnings per share.
A number of analysts have recently issued reports on the company. BMO Capital Markets restated a “hold” rating and issued a $80.00 target price on shares of Omnicom Group in a report on Sunday, July 17th. Zacks Investment Research lowered Omnicom Group from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. RBC Capital Markets started coverage on Omnicom Group in a report on Thursday, October 6th. They issued a “sector perform” rating and a $87.00 target price for the company. Albert Fried & Company reaffirmed a “hold” rating and issued a $85.00 price target on shares of Omnicom Group in a research note on Thursday, July 14th. Finally, Pivotal Research upped their price target on shares of Omnicom Group from $79.00 to $86.00 and gave the stock a “hold” rating in a research note on Monday. Twelve equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $83.86.
In other news, Director Linda Johnson Rice sold 824 shares of Omnicom Group stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $84.55, for a total value of $69,669.20. Following the completion of the transaction, the director now owns 30,440 shares in the company, valued at $2,573,702. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP acquired a new position in Omnicom Group during the first quarter valued at $40,095,000. Cypress Capital Group increased its position in Omnicom Group by 58.3% in the first quarter. Cypress Capital Group now owns 11,794 shares of the company’s stock valued at $982,000 after buying an additional 4,344 shares during the last quarter. Acadian Asset Management LLC increased its position in Omnicom Group by 88.1% in the second quarter. Acadian Asset Management LLC now owns 12,086 shares of the company’s stock valued at $984,000 after buying an additional 5,662 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its position in Omnicom Group by 0.4% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 211,987 shares of the company’s stock valued at $17,275,000 after buying an additional 772 shares during the last quarter. Finally, PGGM Investments increased its position in Omnicom Group by 7.0% in the second quarter. PGGM Investments now owns 527,331 shares of the company’s stock valued at $42,972,000 after buying an additional 34,588 shares during the last quarter. Hedge funds and other institutional investors own 97.02% of the company’s stock.
The firm has a market capitalization of $19.03 billion, a PE ratio of 17.593 and a beta of 1.35. The firm has a 50-day moving average of $84.22 and a 200-day moving average of $83.39.
Omnicom Group Company Profile
Omnicom Group Inc is a holding company. The Company provides advertising, marketing and corporate communications services. The Company’s branded networks and agencies operate in all markets around the world and provide a range of services, which it groups into four disciplines: advertising, customer relationship management (CRM), public relations and specialty communications.
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