GCM Grosvenor (NASDAQ:GCMG) Upgraded to Buy by Zacks Investment Research

GCM Grosvenor (NASDAQ:GCMG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, Zacks.com reports. The brokerage currently has a $13.00 price target on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 17.12% from the company’s current price.

According to Zacks, “GCM Grosvenor is an alternative asset management solutions provider with assets under management across private equity, infrastructure, real estate, credit and absolute return investment strategies. It operates principally in New York, Los Angeles, London, Tokyo, Hong Kong, and Seoul. GCM Grosvenor, formerly known as CF Finance Acquisition Corp., is headquartered in Chicago. “

Separately, Oppenheimer assumed coverage on shares of GCM Grosvenor in a report on Tuesday, August 31st. They set an “outperform” rating and a $14.00 target price for the company.

Shares of GCM Grosvenor stock traded down $0.33 during trading hours on Monday, reaching $11.10. 380,800 shares of the company’s stock were exchanged, compared to its average volume of 607,742. GCM Grosvenor has a 1 year low of $9.00 and a 1 year high of $15.36. The company has a market capitalization of $2.07 billion, a P/E ratio of 22.65 and a beta of 0.06. The business has a fifty day moving average of $10.83 and a two-hundred day moving average of $11.51.

GCM Grosvenor (NASDAQ:GCMG) last released its earnings results on Tuesday, August 10th. The company reported $0.10 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.10. The business had revenue of $119.70 million for the quarter, compared to analysts’ expectations of $102.96 million. As a group, research analysts anticipate that GCM Grosvenor will post 0.57 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC grew its holdings in shares of GCM Grosvenor by 238.0% in the first quarter. Millennium Management LLC now owns 1,889,996 shares of the company’s stock valued at $22,491,000 after purchasing an additional 1,330,857 shares during the period. Aigen Investment Management LP acquired a new position in GCM Grosvenor in the second quarter valued at about $185,000. Northern Trust Corp acquired a new position in GCM Grosvenor in the first quarter valued at about $732,000. Ameritas Investment Partners Inc. acquired a new position in GCM Grosvenor in the second quarter valued at about $27,000. Finally, Bank of New York Mellon Corp lifted its position in GCM Grosvenor by 20.0% in the first quarter. Bank of New York Mellon Corp now owns 1,129,066 shares of the company’s stock valued at $13,436,000 after buying an additional 188,559 shares during the last quarter. 21.50% of the stock is owned by hedge funds and other institutional investors.

GCM Grosvenor Company Profile

GCM Grosvenor, Inc provides global alternative asset management solutions. The firm invests on behalf of clients who seek allocations to alternative investments, such as private equity, infrastructure, real estate, credit, and absolute return strategies. It specializes in developing customized portfolios for clients who want an active role in the development of their alternatives programs and also offers multi-client portfolios for investors who desire a turn-key solution for accessing alternative investments.

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