Short Interest in ManpowerGroup Inc. (NYSE:MAN) Declines By 16.5%
ManpowerGroup Inc. (NYSE:MAN) was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 1,762,400 shares, a drop of 16.5% from the June 30th total of 2,111,500 shares. Based on an average trading volume of 570,400 shares, the days-to-cover ratio is currently 3.1 days. Approximately 2.9% of the shares of the stock are sold short.
Institutional investors have recently modified their holdings of the company. Parallel Advisors LLC grew its position in shares of ManpowerGroup by 144.4% during the second quarter. Parallel Advisors LLC now owns 352 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 208 shares in the last quarter. CWM LLC grew its position in shares of ManpowerGroup by 114.4% during the second quarter. CWM LLC now owns 373 shares of the business services provider’s stock valued at $36,000 after purchasing an additional 199 shares in the last quarter. Destination Wealth Management purchased a new position in shares of ManpowerGroup during the second quarter valued at about $58,000. Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new position in shares of ManpowerGroup during the second quarter valued at about $95,000. Finally, Machina Capital S.A.S. grew its position in shares of ManpowerGroup by 273.5% during the second quarter. Machina Capital S.A.S. now owns 1,042 shares of the business services provider’s stock valued at $101,000 after purchasing an additional 763 shares in the last quarter. Hedge funds and other institutional investors own 91.24% of the company’s stock.
Shares of ManpowerGroup stock traded down $0.38 during trading on Thursday, reaching $83.46. 404,263 shares of the stock traded hands, compared to its average volume of 575,652. The company has a market capitalization of $5.02 billion, a price-to-earnings ratio of 9.33, a P/E/G ratio of 3.63 and a beta of 1.55. The business has a fifty day simple moving average of $91.13 and a two-hundred day simple moving average of $88.44. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.46 and a quick ratio of 1.46. ManpowerGroup has a 52-week low of $61.57 and a 52-week high of $97.96.
ManpowerGroup declared that its Board of Directors has authorized a share buyback plan on Friday, August 2nd that permits the company to buyback 6,000,000 shares. This buyback authorization permits the business services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
A number of research firms have commented on MAN. ValuEngine raised ManpowerGroup from a “sell” rating to a “hold” rating in a report on Friday, April 19th. BMO Capital Markets raised their price target on ManpowerGroup to $93.00 and gave the company a “market perform” rating in a report on Monday, April 22nd. Bank of America decreased their price target on ManpowerGroup from $100.00 to $96.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. Credit Suisse Group cut ManpowerGroup from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $88.00 to $83.00 in a report on Wednesday, July 10th. Finally, Royal Bank of Canada decreased their price target on ManpowerGroup from $114.00 to $110.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $93.30.
ManpowerGroup Company Profile
ManpowerGroup Inc provides workforce solutions and services in the Americas, Southern Europe, Northern Europe, and the Asia Pacific Middle East region. The company offers recruitment services, including permanent, temporary, and contract recruitment of professionals, as well as administrative and industrial positions under the Manpower and Experis brands.
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