Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in Noah Holdings Limited (NYSE:NOAH)

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Noah Holdings Limited (NYSE:NOAH) by 113.0% in the fourth quarter, HoldingsChannel reports. The fund owned 48,216 shares of the asset manager’s stock after purchasing an additional 25,578 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Noah were worth $565,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. FMR LLC acquired a new stake in shares of Noah during the third quarter worth $8,895,000. Franklin Resources Inc. grew its stake in Noah by 10.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,786,627 shares of the asset manager’s stock valued at $24,441,000 after acquiring an additional 167,685 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Noah in the third quarter valued at approximately $566,000. Public Employees Retirement System of Ohio purchased a new position in Noah in the 3rd quarter worth approximately $199,000. Finally, Wolverine Trading LLC purchased a new position in Noah during the third quarter worth about $196,000. 42.67% of the stock is currently owned by hedge funds and other institutional investors.

Noah Price Performance

Shares of NYSE NOAH opened at $11.06 on Friday. The firm’s 50-day moving average is $11.03 and its two-hundred day moving average is $11.41. The company has a market capitalization of $729.67 million, a PE ratio of 9.45 and a beta of 0.71. Noah Holdings Limited has a 12-month low of $7.14 and a 12-month high of $15.44.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $12.00 target price (up from $10.50) on shares of Noah in a research note on Wednesday, March 5th. Morgan Stanley cut shares of Noah from an “overweight” rating to an “equal weight” rating and set a $13.00 price target for the company. in a report on Friday, November 29th. Finally, StockNews.com cut shares of Noah from a “buy” rating to a “hold” rating in a research note on Thursday.

About Noah

Noah Holdings Limited, together with its subsidiaries, operates as a wealth and asset management service provider with the focus on investment and asset allocation services for high net worth individuals and enterprises in Mainland of China, Hong Kong, and internationally. It operates through three segments: Wealth Management, Asset Management, and Other Services.