Millennium Management LLC Sells 230,558 Shares of FGL Holdings (FG)

Millennium Management LLC decreased its position in FGL Holdings (NYSE:FG) by 56.8% in the second quarter, Holdings Channel reports. The institutional investor owned 175,441 shares of the company’s stock after selling 230,558 shares during the quarter. Millennium Management LLC’s holdings in FGL were worth $1,472,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd bought a new stake in FGL in the first quarter valued at approximately $130,000. Amalgamated Bank bought a new stake in FGL in the second quarter valued at approximately $161,000. JPMorgan Chase & Co. bought a new stake in FGL in the first quarter valued at approximately $211,000. Legal & General Group Plc bought a new stake in FGL in the second quarter valued at approximately $183,000. Finally, Teacher Retirement System of Texas bought a new stake in FGL in the second quarter valued at approximately $237,000. Institutional investors own 72.49% of the company’s stock.

FG has been the subject of several recent research reports. Zacks Investment Research downgraded FGL from a “buy” rating to a “hold” rating in a research report on Tuesday, July 10th. Royal Bank of Canada began coverage on FGL in a research note on Tuesday, July 17th. They set an “outperform” rating and a $10.00 target price on the stock. ValuEngine cut FGL from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Credit Suisse Group reduced their target price on FGL from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Friday, August 17th. Finally, Goldman Sachs Group began coverage on FGL in a research note on Tuesday, August 21st. They set a “neutral” rating and a $10.50 target price on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $10.45.

In other news, insider Christopher J. Littlefield purchased 30,000 shares of FGL stock in a transaction that occurred on Friday, September 14th. The shares were bought at an average cost of $8.74 per share, with a total value of $262,200.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Massey purchased 50,000 shares of FGL stock in a transaction that occurred on Wednesday, September 12th. The stock was purchased at an average cost of $8.76 per share, for a total transaction of $438,000.00. The disclosure for this purchase can be found here. Insiders have bought 105,000 shares of company stock worth $918,950 over the last three months. Insiders own 21.50% of the company’s stock.

FG opened at $7.90 on Thursday. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.40. FGL Holdings has a 52-week low of $7.54 and a 52-week high of $11.10.

FGL (NYSE:FG) last posted its earnings results on Thursday, August 9th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.01. The business had revenue of $340.00 million for the quarter, compared to analysts’ expectations of $330.53 million. During the same period last year, the firm posted $0.72 earnings per share. FGL’s quarterly revenue was down 10.5% on a year-over-year basis. As a group, equities analysts forecast that FGL Holdings will post 1.12 earnings per share for the current fiscal year.

About FGL

FGL Holdings, through its subsidiaries, sells individual life insurance products and annuities in the United States. The company offers deferred annuities, including fixed indexed annuity contracts and fixed rate annuity contracts; immediate annuities; and life insurance products. It also provides life and annuity reinsurance services, such as reinsurance on asset intensive, long duration life, and annuity liabilities.

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Institutional Ownership by Quarter for FGL (NYSE:FG)

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