Ticonderoga Reiterates a 'Sell' on Artio Global Investors (ART); March AUM - Outflows Accelerate
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Price: $2.74 --0%
Rating Summary:
1 Buy, 3 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 3 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Ticonderoga reiterates a 'Sell' on Artio Global Investors (NYSE: ART), PT $11.50.
Ticonderoga analyst says, "ART reported AUM of $51.3 billion, down from $53.1 billion last month. We estimate net outflows of $2.1 billion for the month or $3.18 billion for the quarter. Accordingly, organic decay should be an estimated 24% annualized, actually worse than the 23% annualized last quarter. Over the last four quarters, the organic rate was negative, at (13%), (12%), (23%) and (24%), respectively. Over this time period, ART’s International Equity benchmark is up an estimated 9% (79% of AUM was in International Equity at the end of Q42010). If we assumed flat markets over the same period, ART AUM would now be $46.85 billion. Clearly, the markets have provided a favorable tailwind, but it is unlikely to last forever. AUM was roughly 3% below our estimate."
For more ratings news on Artio Global Investors click here and for the rating history of Artio Global Investors click here.
Shares of Artio Global Investors closed at $17.12 yesterday.
Ticonderoga analyst says, "ART reported AUM of $51.3 billion, down from $53.1 billion last month. We estimate net outflows of $2.1 billion for the month or $3.18 billion for the quarter. Accordingly, organic decay should be an estimated 24% annualized, actually worse than the 23% annualized last quarter. Over the last four quarters, the organic rate was negative, at (13%), (12%), (23%) and (24%), respectively. Over this time period, ART’s International Equity benchmark is up an estimated 9% (79% of AUM was in International Equity at the end of Q42010). If we assumed flat markets over the same period, ART AUM would now be $46.85 billion. Clearly, the markets have provided a favorable tailwind, but it is unlikely to last forever. AUM was roughly 3% below our estimate."
For more ratings news on Artio Global Investors click here and for the rating history of Artio Global Investors click here.
Shares of Artio Global Investors closed at $17.12 yesterday.
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