State Street Corp Sells 418,672 Shares of ManpowerGroup Inc. (NYSE:MAN)

State Street Corp lessened its position in ManpowerGroup Inc. (NYSE:MAN) by 21.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 1,550,801 shares of the business services provider’s stock after selling 418,672 shares during the period. State Street Corp’s holdings in ManpowerGroup were worth $114,015,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Blue Trust Inc. boosted its holdings in ManpowerGroup by 248.3% during the 3rd quarter. Blue Trust Inc. now owns 526 shares of the business services provider’s stock valued at $37,000 after acquiring an additional 375 shares during the period. Headlands Technologies LLC bought a new stake in shares of ManpowerGroup during the second quarter worth $47,000. Innealta Capital LLC purchased a new stake in shares of ManpowerGroup during the second quarter valued at $50,000. Capital Performance Advisors LLP bought a new position in shares of ManpowerGroup in the third quarter worth about $54,000. Finally, Abich Financial Wealth Management LLC increased its stake in ManpowerGroup by 34.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 786 shares of the business services provider’s stock worth $55,000 after buying an additional 203 shares during the period. 98.03% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO John T. Mcginnis bought 8,000 shares of the stock in a transaction on Wednesday, October 23rd. The stock was bought at an average cost of $62.28 per share, for a total transaction of $498,240.00. Following the completion of the purchase, the chief financial officer now directly owns 70,639 shares in the company, valued at approximately $4,399,396.92. The trade was a 12.77 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.40% of the stock is currently owned by corporate insiders.

ManpowerGroup Price Performance

NYSE MAN opened at $61.18 on Monday. The company has a market cap of $2.87 billion, a PE ratio of 77.44 and a beta of 1.45. The firm’s 50 day moving average price is $64.46 and its 200-day moving average price is $69.24. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.15 and a current ratio of 1.15. ManpowerGroup Inc. has a 52-week low of $59.35 and a 52-week high of $80.25.

ManpowerGroup (NYSE:MAN) last posted its earnings results on Thursday, October 17th. The business services provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.01. ManpowerGroup had a return on equity of 11.05% and a net margin of 0.21%. The company had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.48 billion. Sell-side analysts forecast that ManpowerGroup Inc. will post 4.55 EPS for the current fiscal year.

ManpowerGroup Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $1.545 dividend. This represents a $6.18 annualized dividend and a yield of 10.10%. The ex-dividend date is Monday, December 2nd. This is a positive change from ManpowerGroup’s previous quarterly dividend of $1.01. ManpowerGroup’s payout ratio is 389.87%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MAN. BMO Capital Markets lowered their price objective on shares of ManpowerGroup from $87.00 to $71.00 and set a “market perform” rating for the company in a research report on Friday, October 18th. UBS Group dropped their price objective on ManpowerGroup from $78.00 to $71.00 and set a “neutral” rating on the stock in a research note on Friday, October 18th. Finally, Truist Financial decreased their target price on ManpowerGroup from $78.00 to $74.00 and set a “hold” rating for the company in a research report on Friday, October 18th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $76.60.

About ManpowerGroup

ManpowerGroup Inc provides workforce solutions and services worldwide. 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. It also offers various assessment services; training and development services; career and talent management; and outsourcing services related to human resources functions primarily in the areas of large-scale recruiting and workforce-intensive initiatives.