Pinnacle Associates Ltd. Sells 387,973 Shares of Manchester United plc (NYSE:MANU)

Pinnacle Associates Ltd. lessened its stake in Manchester United plc (NYSE:MANU) by 28.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 963,561 shares of the company’s stock after selling 387,973 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.57% of Manchester United worth $15,590,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Manchester United during the 2nd quarter valued at about $686,000. Ariel Investments LLC lifted its stake in shares of Manchester United by 50.9% in the 2nd quarter. Ariel Investments LLC now owns 8,007,070 shares of the company’s stock valued at $129,234,000 after purchasing an additional 2,700,337 shares during the last quarter. Gabelli Funds LLC boosted its holdings in shares of Manchester United by 10.7% in the 2nd quarter. Gabelli Funds LLC now owns 377,383 shares of the company’s stock worth $6,091,000 after purchasing an additional 36,507 shares during the period. Nkcfo LLC purchased a new position in shares of Manchester United in the 2nd quarter worth approximately $113,000. Finally, XTX Topco Ltd bought a new position in shares of Manchester United during the 2nd quarter valued at approximately $364,000. Institutional investors own 23.34% of the company’s stock.

Manchester United Trading Up 1.5 %

Shares of MANU traded up $0.24 during mid-day trading on Wednesday, reaching $16.17. 34,491 shares of the company’s stock traded hands, compared to its average volume of 751,190. Manchester United plc has a 12 month low of $13.50 and a 12 month high of $22.00. The company has a debt-to-equity ratio of 3.53, a current ratio of 0.36 and a quick ratio of 0.35. The stock has a market cap of $2.74 billion, a P/E ratio of -25.63 and a beta of 0.69. The stock’s 50-day moving average is $16.47 and its two-hundred day moving average is $16.44.

Manchester United (NYSE:MANU) last announced its quarterly earnings results on Wednesday, September 11th. The company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.02. Manchester United had a negative return on equity of 55.05% and a negative net margin of 17.28%. The firm had revenue of $179.43 million for the quarter, compared to analyst estimates of $180.82 million. Research analysts forecast that Manchester United plc will post -0.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Manchester United from $16.00 to $18.50 and gave the company a “hold” rating in a research report on Wednesday, July 24th.

Manchester United Profile

Manchester United plc, together with its subsidiaries, owns and operates a professional sports team in the United Kingdom. It operates Manchester United Football Club, a professional football club. The company develops marketing and sponsorship relationships with international and regional companies to leverage its brand.