Convergence Financial LLC Cuts Holdings in Omnicom Group Inc. (NYSE:OMC)

Convergence Financial LLC trimmed its holdings in shares of Omnicom Group Inc. (NYSE:OMC) by 24.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,529 shares of the business services provider’s stock after selling 805 shares during the period. Convergence Financial LLC’s holdings in Omnicom Group were worth $261,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Resonant Capital Advisors LLC boosted its stake in Omnicom Group by 1.7% during the 3rd quarter. Resonant Capital Advisors LLC now owns 5,885 shares of the business services provider’s stock valued at $613,000 after purchasing an additional 97 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Omnicom Group by 17.9% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 638 shares of the business services provider’s stock worth $66,000 after buying an additional 97 shares during the last quarter. Iowa State Bank boosted its stake in shares of Omnicom Group by 0.4% in the 3rd quarter. Iowa State Bank now owns 24,447 shares of the business services provider’s stock worth $2,528,000 after buying an additional 101 shares during the last quarter. Center For Asset Management LLC boosted its stake in shares of Omnicom Group by 2.6% in the 2nd quarter. Center For Asset Management LLC now owns 4,277 shares of the business services provider’s stock worth $384,000 after buying an additional 107 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its stake in shares of Omnicom Group by 1.1% in the 3rd quarter. Park Avenue Securities LLC now owns 10,151 shares of the business services provider’s stock worth $1,049,000 after buying an additional 113 shares during the last quarter. 91.97% of the stock is currently owned by hedge funds and other institutional investors.

Omnicom Group Trading Up 0.1 %

Shares of Omnicom Group stock opened at $100.52 on Friday. The firm has a market cap of $19.69 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 2.39 and a beta of 0.94. The business has a 50-day moving average price of $100.83 and a 200-day moving average price of $95.48. The company has a quick ratio of 0.81, a current ratio of 0.93 and a debt-to-equity ratio of 1.31. Omnicom Group Inc. has a twelve month low of $73.58 and a twelve month high of $106.51.

Omnicom Group (NYSE:OMC) last released its quarterly earnings results on Tuesday, October 15th. The business services provider reported $2.03 EPS for the quarter, topping the consensus estimate of $2.02 by $0.01. The company had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.79 billion. Omnicom Group had a return on equity of 37.51% and a net margin of 9.55%. During the same quarter last year, the business posted $1.86 earnings per share. Equities research analysts anticipate that Omnicom Group Inc. will post 7.88 EPS for the current fiscal year.

Insider Buying and Selling

In other Omnicom Group news, CAO Andrew Castellaneta sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $105.29, for a total transaction of $421,160.00. Following the completion of the transaction, the chief accounting officer now owns 23,545 shares in the company, valued at $2,479,053.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Andrew Castellaneta sold 4,000 shares of Omnicom Group stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $105.29, for a total transaction of $421,160.00. Following the completion of the sale, the chief accounting officer now owns 23,545 shares of the company’s stock, valued at approximately $2,479,053.05. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Rochelle M. Tarlowe sold 3,000 shares of Omnicom Group stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $99.17, for a total transaction of $297,510.00. Following the sale, the vice president now directly owns 15,375 shares of the company’s stock, valued at $1,524,738.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. UBS Group raised their price target on Omnicom Group from $120.00 to $124.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Macquarie raised their target price on Omnicom Group from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. raised their target price on Omnicom Group from $118.00 to $119.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Bank of America raised their target price on Omnicom Group from $87.00 to $89.00 and gave the stock an “underperform” rating in a report on Thursday, September 5th. Finally, Wells Fargo & Company cut Omnicom Group from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $106.00 to $110.00 in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Omnicom Group currently has an average rating of “Moderate Buy” and an average price target of $110.11.

About Omnicom Group

Omnicom Group Inc, together with its subsidiaries, offers advertising, marketing, and corporate communications services. It provides a range of services in the areas of advertising and media, precision marketing, commerce and branding, experiential, execution and support, public relations, and healthcare.