Apollo Global Management (NYSE:APO) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Apollo Global Management (NYSE:APO) from a buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “Apollo Global Management LLC provides alternative asset manager services. It operates primarily in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo Global Management LLC is based in New York, United States. “

A number of other research firms also recently commented on APO. Morgan Stanley increased their price objective on shares of Apollo Global Management from $33.00 to $36.00 and gave the stock an equal weight rating in a research note on Tuesday, July 9th. Bank of America increased their price objective on shares of Apollo Global Management from $40.00 to $46.00 and gave the stock a buy rating in a research note on Monday, September 23rd. Barclays started coverage on shares of Apollo Global Management in a research note on Monday, August 5th. They set an overweight rating and a $45.00 price objective for the company. ValuEngine downgraded shares of Apollo Global Management from a buy rating to a hold rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Co increased their price objective on shares of Apollo Global Management from $42.00 to $48.00 and gave the stock an outperform rating in a research note on Thursday, September 12th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Apollo Global Management has a consensus rating of Buy and a consensus price target of $42.67.

Apollo Global Management stock opened at $38.72 on Wednesday. The firm has a 50-day moving average of $38.71 and a 200-day moving average of $34.05. Apollo Global Management has a one year low of $22.63 and a one year high of $41.79. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.64 and a quick ratio of 1.64. The company has a market cap of $7.77 billion, a price-to-earnings ratio of 43.47, a P/E/G ratio of 1.03 and a beta of 1.48.

Apollo Global Management (NYSE:APO) last posted its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $0.56 EPS for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.02). The firm had revenue of $523.30 million for the quarter, compared to the consensus estimate of $398.72 million. During the same period last year, the company posted $0.53 EPS. Apollo Global Management’s revenue was down 17.8% on a year-over-year basis. As a group, sell-side analysts expect that Apollo Global Management will post 2.39 earnings per share for the current year.

In other Apollo Global Management news, CFO Martin Kelly sold 4,000 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $39.96, for a total value of $159,840.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Pauline Richards purchased 2,720 shares of the stock in a transaction on Friday, August 2nd. The stock was bought at an average cost of $30.85 per share, for a total transaction of $83,912.00. The disclosure for this purchase can be found here. 46.90% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. Accuvest Global Advisors bought a new position in Apollo Global Management in the 2nd quarter valued at about $408,000. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Apollo Global Management by 46.5% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 588,058 shares of the financial services provider’s stock worth $16,613,000 after purchasing an additional 186,658 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Apollo Global Management by 387.3% during the second quarter. Janus Henderson Group PLC now owns 3,675,355 shares of the financial services provider’s stock worth $126,065,000 after purchasing an additional 2,921,103 shares during the period. Invesco Ltd. increased its holdings in shares of Apollo Global Management by 755.9% during the second quarter. Invesco Ltd. now owns 1,708,708 shares of the financial services provider’s stock worth $58,609,000 after purchasing an additional 1,509,059 shares during the period. Finally, Usca Ria LLC increased its holdings in shares of Apollo Global Management by 4.5% during the second quarter. Usca Ria LLC now owns 40,849 shares of the financial services provider’s stock worth $1,401,000 after purchasing an additional 1,741 shares during the period. 72.55% of the stock is currently owned by hedge funds and other institutional investors.

Apollo Global Management Company Profile

Apollo Global Management, LLC is a publicly owned investment manager. The firm primarily provides its services to endowment and sovereign wealth funds, as well as other institutional and individual investors. It manages client focused portfolios. The firm launches and manages hedge funds for its clients.

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