GCM Grosvenor (NASDAQ:GCMG) Hits New 52-Week High – Here’s Why

GCM Grosvenor Inc. (NASDAQ:GCMG) hit a new 52-week high on Thursday . The stock traded as high as $12.90 and last traded at $12.86, with a volume of 384938 shares. The stock had previously closed at $12.72.

Analyst Ratings Changes

GCMG has been the topic of a number of research analyst reports. TD Cowen lowered GCM Grosvenor from a “buy” rating to a “hold” rating and dropped their price target for the stock from $13.50 to $12.50 in a research note on Monday, November 11th. UBS Group boosted their target price on shares of GCM Grosvenor from $9.50 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Piper Sandler raised shares of GCM Grosvenor from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $12.50 to $14.00 in a report on Monday, December 23rd. Finally, Oppenheimer boosted their price objective on shares of GCM Grosvenor from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $13.70.

GCM Grosvenor Stock Down 0.8 %

The stock’s 50 day moving average price is $12.22 and its two-hundred day moving average price is $11.35. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of -212.67 and a beta of 0.56.

GCM Grosvenor Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.45%. The ex-dividend date was Monday, December 2nd. GCM Grosvenor’s dividend payout ratio is currently -733.33%.

Hedge Funds Weigh In On GCM Grosvenor

Several institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC lifted its holdings in GCM Grosvenor by 169.7% in the second quarter. Millennium Management LLC now owns 418,066 shares of the company’s stock valued at $4,080,000 after acquiring an additional 263,064 shares during the period. Barclays PLC lifted its stake in shares of GCM Grosvenor by 56.9% in the 3rd quarter. Barclays PLC now owns 113,823 shares of the company’s stock valued at $1,288,000 after purchasing an additional 41,259 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in GCM Grosvenor by 3.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,485,933 shares of the company’s stock worth $28,141,000 after buying an additional 87,010 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in GCM Grosvenor by 2.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 120,317 shares of the company’s stock valued at $1,362,000 after buying an additional 3,047 shares during the period. Finally, Ariel Investments LLC increased its holdings in GCM Grosvenor by 1.5% in the second quarter. Ariel Investments LLC now owns 4,546,096 shares of the company’s stock valued at $44,370,000 after buying an additional 66,016 shares in the last quarter. Institutional investors and hedge funds own 99.95% of the company’s stock.

About GCM Grosvenor

GCM Grosvenor Inc is global alternative asset management solutions provider. The firm primarily provides its services to pooled investment vehicles. It also provides its services to investment companies, high net worth individuals, pension and profit sharing plans and state or municipal government entities.