Warner Music Group Corp. (NASDAQ: WMG) Short interest rate up 32.4% in September
Warner Music Group Corp. (NASDAQ: WMG) was the target of a sharp increase in short-term interest in September. As of September 15, there was short interest totaling 4,700,000 shares, an increase of 32.4% from the August 31 total of 3,550,000 shares. Based on an average trading volume of 713,400 shares, the short-term interest rate is currently 6.6 days. About 4.7% of the company’s shares are sold short.
Several research analysts have commented on WMG shares. Zacks Investment Research downgraded Warner Music Group shares from a “buy” rating to a “hold” rating in a report released Thursday, August 5. Credit Suisse Group upgraded Warner Music Group shares from “neutral” to “outperforming” and raised its target share price from $ 37.00 to $ 48.00 in a report released on Tuesday September 21. TheStreet upped Warner Music Group shares from a “d +” rating to a “c-” rating in a report released on Wednesday, September 8. Tigress Financial raised its target price for Warner Music Group shares from $ 42.00 to $ 48.00 and gave the stock a “buy” rating in a report released on Tuesday, August 17. Finally, Barclays upgraded Warner Music Group shares from a ‘par weight’ rating to an ‘overweight’ rating and raised its share price target from $ 38.00 to $ 48.00 in a report. published Thursday, September 23. One investment analyst gave the stock a sell rating, two assigned a conservation rating, and five assigned a buy rating to the stock. According to MarketBeat.com, Warner Music Group currently has an average rating of “Buy” and an average target price of $ 43.86.
NASDAQ: WMG opened at $ 44.41 on Tuesday. Warner Music Group has a 12-month low of $ 25.61 and a 12-month high of $ 45.64. The company has a market cap of $ 22.84 billion, a price-to-earnings ratio of 85.41 and a beta of 1.27. The company has a quick ratio of 0.57, a current ratio of 0.60, and a debt ratio of 35.44. The company’s 50-day moving average is $ 38.76 and its 200-day moving average is $ 36.76.
Warner Music Group (NASDAQ: WMG) last reported its results on Monday, August 2. The company reported earnings per share (EPS) of $ 0.16 for the quarter, beating the consensus estimate of $ 0.14 by $ 0.02 by the Zacks. Warner Music Group had a net margin of 5.44% and a return on equity of 1,558.97%. The company posted revenue of $ 1.34 billion for the quarter, compared to analysts’ estimates of $ 1.20 billion. In the same quarter of the previous year, the company posted ($ 0.94) earnings per share. Warner Music Group revenue increased 32.7% compared to the same quarter last year. Research analysts predict that Warner Music Group will post 0.74 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 1. Shareholders of record on Wednesday August 25 received a dividend of $ 0.15 per share. The ex-dividend date was Tuesday, August 24. This represents a dividend of $ 0.60 on an annualized basis and a return of 1.35%. This is an increase from Warner Music Group’s previous quarterly dividend of $ 0.12. Warner Music Group’s payout ratio is currently -92.31%.
In addition, the main shareholder Ai Entertainment Holdings Llc sold 3,133,907 shares in a transaction dated Wednesday, September 8. The shares were sold for an average price of $ 37.75, for a total value of $ 118,304,989.25. The transaction was disclosed in a legal file with the SEC, which is available on the SEC’s website. In addition, CEO Max Lousada sold 510,165 shares of the company in a transaction dated Wednesday, September 29. The shares were sold at an average price of $ 41.05, for a total transaction of $ 20,942,273.25. Disclosure of this sale can be found here. During the past ninety days, insiders have sold 5,974,331 shares of the company valued at $ 241,149,489. Company insiders own 80.51% of the company’s shares.
A number of institutional investors and hedge funds have recently bought and sold shares of WMG. Dimensional Fund Advisors LP increased its stake in Warner Music Group by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 13,474 shares of the company valued at $ 512,000 after purchasing an additional 420 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Warner Music Group by 51.2% during the first quarter. The Manufacturers Life Insurance Company now owns 9,713 shares of the company valued at $ 333,000 after purchasing an additional 3,287 shares in the last quarter. Lord Abbett & CO. LLC increased its stake in Warner Music Group by 83.8% during the first quarter. Lord Abbett & CO. LLC now owns 148,620 shares of the company valued at $ 5,102,000 after purchasing an additional 67,756 shares in the last quarter. The Toronto Dominion Bank acquired a new 1st quarter equity interest in Warner Music Group valued at $ 237,000. Finally, Acadian Asset Management LLC increased its stake in the shares of Warner Music Group by 47.0% in the first quarter. Acadian Asset Management LLC now owns 14,676 shares of the company valued at $ 503,000 after purchasing an additional 4,689 shares in the last quarter. Hedge funds and other institutional investors hold 16.84% of the company’s shares.
About Warner Music Group
Warner Music Group Corp. operates as a music entertainment company in the US, UK and internationally. The company operates through the recorded music and music publishing segments. The Recorded Music segment is involved in the discovery and development of recording artists, as well as the related marketing, promotion, distribution, sale and licensing of music created by these artists.
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