Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

ManpowerGroup EVP and CFO John McGinnis acquires $498,240 in stock

Published 24/10/2024, 11:32 pm
MAN
-

MILWAUKEE—John T. McGinnis, Executive Vice President and Chief Financial Officer of ManpowerGroup Inc. (NYSE:MAN), has acquired 8,000 shares of the company's common stock. The transaction, dated October 23, 2024, was executed at a weighted average price of $62.28 per share, amounting to a total purchase value of $498,240.

Following this acquisition, McGinnis holds a total of 70,639 shares in the company. The price range for the shares purchased was between $61.80 and $62.51, according to a footnote in the filing.

In other recent news, Manpower Inc . reported a 2% decline in third-quarter revenue, reaching a total of $4.5 billion, while adjusted earnings per share fell by 8% year-over-year to $1.29. Despite this, the company's Talent Solutions revenue saw a rise of 7%, driven predominantly by a 9% revenue increase in Japan. BMO Capital Markets, Goldman Sachs (NYSE:GS), Jefferies, and Truist Securities have all adjusted their outlooks on the company, with BMO reducing their price target from $87 to $71, Goldman maintaining a Sell rating with a steady price target of $64, Jefferies lowering the price target from $70 to $65, and Truist reducing their target from $78 to $74. These adjustments follow Manpower's fourth-quarter revenue and earnings per share guidance, which fell short of consensus estimates, revealing noticeable weakness in Northern Europe. Truist Securities anticipates Manpower to experience approximately flat EBITDA growth in 2025, with a more robust growth of around 30% in EBITDA projected for 2026, despite potential financial challenges due to a higher tax rate in France. These are the latest developments in the company's financial performance.

InvestingPro Insights

The recent insider purchase by ManpowerGroup's CFO John T. McGinnis aligns with several key insights from InvestingPro. According to InvestingPro Tips, management has been aggressively buying back shares, indicating confidence in the company's value. This insider acquisition further reinforces this trend and may signal that executives view the stock as undervalued.

ManpowerGroup's stock is currently trading near its 52-week low, with a price that is 77.61% of its 52-week high. This could explain why insiders like McGinnis are choosing to increase their holdings. Additionally, the company boasts a high shareholder yield and has maintained dividend payments for 31 consecutive years, demonstrating a commitment to returning value to shareholders.

Despite recent market challenges, with the stock experiencing a -15.69% total return over the past month, ManpowerGroup's fundamentals appear solid. The company's P/E ratio (adjusted) stands at 16.8, which is considerably lower than the unadjusted P/E of 78.87, suggesting potential undervaluation. Moreover, with a dividend yield of 4.95%, investors may find the stock attractive for income generation.

It's worth noting that InvestingPro lists 12 additional tips for ManpowerGroup, providing a more comprehensive analysis for investors seeking deeper insights into the company's prospects and challenges.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.