GCM Grosvenor (NASDAQ:GCMG) Reaches New 52-Week High – Here’s What Happened

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

Wall Street Analyst Weigh In

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

GCM Grosvenor Trading Up 1.1 %

The firm has a fifty day moving average price of $12.17 and a 200 day moving average price of $11.31. The firm has a market cap of $2.43 billion, a PE ratio of -214.33 and a beta of 0.56.

GCM Grosvenor Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.42%. GCM Grosvenor’s dividend payout ratio is currently -733.33%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GCMG. Millennium Management LLC lifted its stake in shares of GCM Grosvenor by 169.7% in the 2nd quarter. Millennium Management LLC now owns 418,066 shares of the company’s stock valued at $4,080,000 after purchasing an additional 263,064 shares during the last quarter. Barclays PLC increased its holdings in 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 last quarter. Massachusetts Financial Services Co. MA raised its position in GCM Grosvenor by 3.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,485,933 shares of the company’s stock valued at $28,141,000 after purchasing an additional 87,010 shares during the period. Ariel Investments LLC lifted its stake in GCM Grosvenor by 1.5% during the second quarter. Ariel Investments LLC now owns 4,546,096 shares of the company’s stock worth $44,370,000 after purchasing an additional 66,016 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in GCM Grosvenor by 2.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 120,317 shares of the company’s stock worth $1,362,000 after acquiring an additional 3,047 shares in the last quarter. 99.95% of the stock is currently owned by institutional investors and hedge funds.

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.