The Baby Bunting Group Ltd (ASX: BBN) share price was among the best performers on the All Ordinaries index on Tuesday.

The baby products retailer’s shares ended the day with a gain of 4% to $5.50.

This latest gain means Baby Bunting’s shares are now up 24% since this time last year.

Why did the Baby Bunting share price storm higher today?

Investors were bidding Baby Bunting’s shares higher on Tuesday after it was the subject of a bullish broker note out of Citi.

According to the note, the broker has upgraded the retailer’s shares to a buy rating with an improved price target of $5.98.

Based on the current Baby Bunting share price, this implies potential upside of approximately 9% over the next 12 months.

And with Citi forecasting a 17 cents per share fully franked dividend in FY 2022, the potential return stretches to almost 12%.

What did the broker say?

Citi made the upgrade largely on valuation grounds. The broker notes that the Baby Bunting share price has pulled back meaningfully since the release of its full year results for FY 2021 in August.

It sees this as a buying opportunity. Particularly given its belief that the retailer is well-placed for growth. In addition, Citi is expecting a decent trading update at its annual general meeting in October.

Citi commented: “We upgrade to Buy as we now see the risk/reward tradeoff to be more favourable following the -12% share price decline since the FY21 result. The company’s core growth strategies of rollout, exclusive/private label growth and supply chain efficiencies remain intact.”

“Further, Baby Bunting is well placed to report a relatively stronger AGM trading update compared to most listed retail peers given the nondiscretionary nature of its products,” the broker concluded.

The post Baby Bunting (ASX:BBN) share price surges higher on broker upgrade appeared first on The Motley Fool Australia.

More reading

• Why Atlas Arteria, Baby Bunting, De Grey Mining, & New Hope are pushing higher
• 2 strong ASX retail shares that could be buys
• 2 ASX growth shares that could be buys in September 2021
• What has happened to the Baby Bunting (ASX:BBN) share price this year?
• Top brokers name 3 ASX shares to buy next week

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Baby Bunting. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Macquarie Group Ltd (ASX: MQG) share price is trading lower again on Tuesday.

The investment bank’s shares are currently down 1% to $171.74.

This means the Macquarie share price is now down 6% from the record high of $182.66 it reached last week.

Is the Macquarie share price in the buy zone?

A number of brokers have been giving their verdict on the Macquarie share price and have very different opinions.

For example, the team at Ord Minnett are positive on the company. They have an accumulate rating and $190.00 price target on its shares.

Based on the current Macquarie share price, this implies potential upside of ~11% before dividends.

Ord Minnett is confident on the investment bank’s long term growth prospects and believes its shares are reasonably priced.

Neutral view

Over at Goldman Sachs, its analysts are sitting on the fence. Goldman has a neutral rating and $170.62 price target on the company’s shares. This is broadly in line with where its shares are trading today.

The broker commented: “The earnings upgrade cycle continues for MQG and since troughing in May-20, its 12-mo forward EPS has risen 52%, and sits within 2% of its Apr-19 peak. However, since Apr-19, its share price is nearly one-third higher. Therefore, with MQG currently trading on a 12-mo forward P/E of 20.5x, with incremental earnings upgrades still coming largely from investment income and trading, we stay Neutral.”

The bear

Finally, the team at Citi believe the Macquarie share price is overvalued at the current level.

Earlier this month, the broker put a sell rating and $153.00 price target on the company’s shares. This implies potential downside of 11% over the next 12 months.

While Citi acknowledges that its guidance upgrade was a positive surprise, it isn’t enough for a change of rating.

Citi explained: “MQG has provided guidance for the 1H22 result to be ‘slightly down’ on 2H21, implying a range of ~$1.8-2.0bn of NPAT for the half. As we flagged recently, this implies another quarter where profitability has approached $1bn. This sees 1H22 earnings as being materially ahead of consensus (Visible Alpha $1.55bn), but slightly ahead of CitiE (prior forecast $1.78bn).”

“The stock has reacted positively to the guidance upgrade (+5%), but consensus is largely upgrading on the back of one-time MIC wind-down revenues. At 22x FY23 earnings the stock remains expensive in our view,” it concluded.

Time will tell which broker makes the right call.

The post Here’s what 3 brokers think of the Macquarie (ASX:MQG) share price appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Insurance Australia Group Ltd (ASX: IAG) share price is edging higher today after the company announced the resignation of its Chief Risk Officer (CRO).

IAG shares are now changing hands at $5, a slight 0.6% dip into the green during this afternoon’s session.

What did IAG announce?

In announcement made earlier this morning, IAG announced that David Watts, resigned from his role as CRO of the company.

IAG’s managing director and CEO, Nick Hawkins, was thankful of Watts’ contributions to the company, in his tenure of 3 years in the role.

No reason was given for the departure, and Hawkins has an extensive history of holding CRO designations.

Prior to his time at the insurance giant Watts spent time at Westpac Banking Corporation (ASX: WBC), first joining the bank as its CRO back in 2009, before leaving a “Portfolio Integrity” role for IAG in 2018.

Watts will continue as IAG’s head risk manager “into the new year”, as internal and external executive search processes have yet to start.

Investors appear relatively unfazed by the news, and haven’t bought or sold either way. Although, the IAG share price has still gained a good 8 cents on the day.

Yet, it’s been a disappointing week for IAG’s share price over the past week. In fact in the last 7 days, IAG shares have fallen 4.4% out of the money. This puts shareholders 7% in the red for the past month.

CMC Hospitality’s application to start a representative proceeding against IAG in Federal Court certainly isn’t helping the picture, that’s for sure.

It hasn’t been served with the application yet, so IAG’s been quiet on the issue. However did state that the application is related to “business interruption losses” due to Covid-19.

Nonetheless this is a factor that may continue weighing in on IAG’s share price as more details are revealed.

What did management say?

Speaking on today’s announcement, CEO Nick Hawkins said:

David has driven a big program of work to strengthen risk management and uplift our risk culture
across the company. A key achievement is the successful delivery of our risk maturity program
which has improved our risk systems, policies and processes, and launched our integrated risk
management system.

IAG share price snapshot

It’s not all bad news for the IAG share price. It is still up 7% this year to date, and has gained around 11% over the past year.

However, both of these results have lagged the S&P/ASX 200 index (ASX: XJO)’s return of around 25% over the past 12 months.

The post IAG (ASX:IAG) share price gains after Chief Risk Officer resignation appeared first on The Motley Fool Australia.

More reading

• Here’s what has been moving the IAG (ASX:IAG) share price in September 2021
• Why this broker sees the IAG (ASX:IAG) share price gaining 12%
• The next ASX 200 shares that could undertake a big capital return
• Why the IAG (ASX:IAG) share price is down 5% in 7 days
• Why experts have high hopes for the IAG (ASX:IAG) share price

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Insurance Australia Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Little Green Pharma Ltd (ASX: LGP) share price is struggling this month despite numerous positive announcements released to the market.

On 6 September, the medical cannabis producer announced its first Danish shipment and two new appointments. Then, on 7 September, it announced it will foray into psychedelic medicines.

Unfortunately, none of Little Green Pharma’s gains from the announcements have managed to stick. In fact, the company’s stock has returned all its September gains and then some.

Right now, the Little Green Pharma share price is 70 cents, flat with its previous close, and 6.67% lower than its first close of this month.

Let’s take a closer look at the latest news from the company.

The month so far for Little Green Pharma

The Little Green Pharma share price is having a tough slog this month despite the market reacting positively to 2 announcements.

First off, Little Green Pharma announced the first shipment of cannabis flower medicine from its recently acquired Danish facility had arrived in Australia. Additionally, the company shared news of 2 key appointments.

The cannabis flower medicine is named Billy Buttons THC 16 and has a THC content of 16%. The company is selling Billy Buttons to the Australian market in 15-gram packs.  

Little Green Pharma expects to receive another 2 shipments from its facility in Denmark before the end of October.

Little Green Pharma also announced it had appointed the former managing director of its Danish facility, Morten Snede, as its new Chief Financial Officer. It also brought the former managing director of Tasmanian Botanics, Tony Roberts, on board as its new general manager.

The Little Green Pharma share price gained 4% on the back of the day’s news.

The following day, the company announced it was to venture into supplying psychedelic medicines.

Western Australia’s Department of Health granted Little Green Pharma a licence to supply psilocybin. As a result, the company formed a subsidiary to conduct its psychedelic business.

Psilocybin can be used to treat mental illness.

Following the announcement, the Little Green Pharma share price gained 6.4%.

Unfortunately, its gains didn’t hold. Since then, the company’s share price has fallen 14.6% for no apparent reason.

Little Green Pharma share price snapshot

Despite its recent dip, Little Green Pharma’s stock has been performing well on the ASX.

It is currently 25% higher than it was at the start of 2021. It has also gained 150% since this time last year.

The post The Little Green Pharma (ASX:LGP) share price has fallen 7% this month appeared first on The Motley Fool Australia.

More reading

• What’s going wrong for ASX cannabis shares lately?
• Why the Little Green Pharma (ASX:LGP) share price has lost 20% since July

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) has had a fairly wild day of trading thus far on Tuesday. The ASX 200 is currently in the green, up a healthy 0.14% at 7,258 points after falling all the way down to 7,191 points earlier today.

So let’s check out which ASX 200 shares are currently topping the charts in terms of raw trading volume, according to investing.com.

The ASX 200’s 3 most traded shares this Tuesday

Telstra Corporation Ltd (ASX: TLS)

ASX 200 telecommunications giant Telstra is our first company to check out today. This Tuesday has seen a hefty 21.26 million Telstra shares change hands at the time of writing. There is no major news or announcements out of Telstra today so far.

However, the Telstra share price is having a pretty decent day today. The telco is up 1.42% to $3.93 a share thus far. This likely is what is resulting in such a high volume of Telstra shares trading this Tuesday.

South32 Ltd (ASX :S32)

ASX 200 resources share South32 is next up. This diversified miner has seen a sizeable 23.75 million of its shares bought and sold so far this Tuesday. Like with Telstra, there is no major news or announcements out of this company today.

However, South32 shares are being rather heavily sold off thus far. The South32 share price is currently sitting at $3.28 a share, down 1.05%. It seems this selloff is what is behind the large volume of S32 shares flying around this Tuesday.

AMP Ltd (ASX: AMP)

Yes, embattled wealth manager and financial services company AMP is still an ASX 200 share, if only by the skin of its teeth. This Tuesday has seen a whopping 26.3 million AMP shares swap hands so far. Once again, there are no major developments we can point to for this move.

However, and unfortunately for investors, this company is having the same problem as South32. The AMP share price is down 1.32% today to yet another all-time low of 93 cents at the time of writing, putting its losses for the past month at 13.7%.

This drop today is the likely reason why AMP is currently topping the ASX 200 trading volume charts.

The post Here are the ASX 200’s most active shares this Tuesday appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Do you own WAM Capital Ltd (ASX: WAM) shares? If you do, you also own part of an underlying share portfolio. See, WAM Capital is a Listed Investment Company (LIC) which means it is a company that primarily invests in other companies’ shares on behalf of its own owners and shareholders.

WAM Capital is one of the older LICs on the ASX. It was founded back in 1999 by Wilson Asset Management (the WAM in WAM Capital). Since then, it has averaged a return of 16.7% per annum (not including fees and taxes). Due to its longevity and returns, this LIC is now worth a whopping $2.06 billion market capitalisation.

So what exactly are you buying today if you invest in WAM Capital shares?

What do WAM Capital shares have under the hood?

Well, according to the company’s latest update (valid as of 31 August), this LIC has 13.2% of its assets in cash with the remainder actively invested in a portfolio of “compelling undervalued growth opportunities in the Australian market”.

Amongst its top 20 share positions, WAM Capital is invested in the following:

• Adbri Ltd (ASX: ABC)
• Ardent Leisure Group Ltd (ASX: ALG)
• Carsales.com Ltd (ASX: CAR)
• Codan Limited (ASX: CDA)
• IDP Education Ltd (ASX: IEL)
• Pendal Group Ltd (ASX: PDL)
• Pact Group Holdings Ltd (ASX: PGH)
• Select Harvests Limited (ASX: SHV)
• United Malt Group Ltd (ASX: UMG)
• Viva Energy Group Ltd (ASX: VEA)
• Virgin Money UK (ASX: VUK)

So if you own WAM shares, you indirectly own interests in those businesses too.

In terms of the overall portfolio, WAM also tells us that WAM Capital’s current portfolio has the heaviest allocation to the consumer discretionary sector at 18.8% of the portfolio. Industrials is up next with 13.9%, followed by communication services at 9.1%.

How are WAM’s dividends going?

WAM Capital has amassed a reputation for being an income friendly ASX share over the past few years by steadily paying out a generous stream of fully franked dividends.

It has paid an annual dividend of 15.5 cents per share every year since 2018 – a trend it will continue with this year. So with the current WAM share price, this dividend gives the company a yield of 6.62%, or 9.46% grossed-up with full franking.

However, in saying that, WAM Capital’s share price remains well above its Net Tangible Asset (NTA) backing. WAM reported that WAM Captial’s NTA stood at $1.97 per share on 31 August. Today’s share price of $2.34 means you are effectively paying $2.34 for every $1.97 of assets, a premium of almost 19%.

The post Own WAM (ASX:WAM) Capital shares? Here’s what you’re invested in appeared first on The Motley Fool Australia.

More reading

• Wilson Asset Management (WAM) thinks these 2 top ASX shares are a buy
• The WAM Capital (ASX:WAM) share price is up 6% in a month. What’s next?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Idp Education Pty Ltd. The Motley Fool Australia has recommended carsales.com Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Polynovo Ltd (ASX: PNV) share price is climbing during mid-afternoon trade following a burn study update from the company.

At the time of writing, the medical device company’s shares are up 1.57% to $1.94.

What did Polynovo announce?

According to the release, Polynovo advised that it has enrolled its first patient in the United States-based Biomedical Advanced Research and Development Authority (BARDA) funded burn study.

The trial spans across 20 United States and 5 Canadian burn centres for the clinical study of NovoSorb BTM. Polynovo aims for its NovoSorb BTM to be used as a standard of care in burn patients. Up to 150 people are to be enlisted.

It is estimated that the study will be completed in around 3 years, with BARDA funding $15 million towards the trial.

Polynovo managing director, Paul Brennan said:

This is an exciting milestone in a trial that when concluded will generate data to support a premarket approval application with the US FDA for an on-label claim supporting the use of NovoSorb BTM in full thickness burns. This will bring our US market in line with global markets where this claim is already established.

What is NovoSorb BTM?

NovoSorb BTM (Biodegradable Temporising Matrix) is a biodegradable synthetic polymer that is used to treat burns and other serious skin wounds. The polymer is applied to the trauma site of the skin, whereby the body begins the regeneration process in building new tissue. Eventually, the polymer is absorbed and excreted, leaving only biological material behind.

Polynovo share price summary

Over the past 12 months, Polynovo shares have lost around 10% in value. However, when looking at year-to-date alone, those losses are magnified by roughly 50%.

The company’s share price closed at a 52-week low of $1.91 yesterday. A far contrast from when its shares were trading above $4 in December 2020.

Based on today’s price, Polynovo presides a market capitalisation of about $1.28 billion and has approximately 661 million shares outstanding.

The post Why the Polynovo (ASX:PNV) share price is edging higher today appeared first on The Motley Fool Australia.

More reading

• Why the Polynovo (ASX:PNV) share price is sitting at a 52-week low
• The Polynovo (ASX:PNV) share price has halved this year. What’s going on?
• These were the worst performing ASX 200 (ASX:XJO) shares last week
• Why Cleanaway, IRESS, Omni Bridgeway, & Polynovo shares are dropping
• Which ASX 300 shares are leading the way as the top movers on Friday?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Allegiance Coal Ltd (ASX: AHQ) share price is on the move today following a trading update from the company.

Earlier today, the coal miner’s shares were up 7.21% to an intraday high of 59.5 cents. They have since partially retreated and are swapping hands for 56.5 cents apiece, a 3.67% gain on yesterday’s closing price.

What did Allegiance announce?

Investors are pushing the Allegiance Coal share price higher after the company updated its near-term production guidance from its Black Warrior and New Elk mines.

By November 2021, clean coal production from both its high-vol A hard coking coal Black Warrior mine and the high-vol B coking coal New Elk mine is forecast to exceed 100,000 tonnes per month. However, in the 2022 calendar year, this number is expected to reach 120,000 tonnes per month, slightly under an annualised rate of 1.5 million tonnes.

The improved guidance comes off the back of the Black Warrior mine in Alabama ramping up clean coal production efforts. Allegiance stated its strategy is to increase production from the mine, and transition from a domestic to an export focus.

The company is acquiring new large-scale mining equipment, as well as adding a night shift to increase production. The new excavator is expected to remove three times as much waste rock as the mine’s existing 3 excavators. In addition, 4 new 200-tonne haul trucks are set to replace some of the 18 60-tonne fleet.

Investors seem to have reacted positively to this news, pushing up the Allegiance Coal share price.

What’s happening at the New Elk mine?

The company also provided an update on its New Elk mine. It noted the start-up has been slower than planned due to some of the workforce contracting COVID-19 and the shortage of housing near the mine.

Discussions are currently being held with the mayor’s office of the City of Trinidad to create an immediate housing capacity. It’s projected the issue will be solved by the end of the year.

The mine has one production unit manned, but the second unit has been unable to restart so far. New employees are due to arrive on site this week to begin operations.

As a result, there’s been a delay in the shipment of 280,000 tonnes of coking coal to Asian steel mills. The first of four shipments are scheduled for completion this December, with the remainder in Q1 2022.

About the Allegiance Coal share price

Over the past 12 months, Allegiance shares have tracked upwards of 70%, with year-to-date gains of close to 50%. The Allegiance Coal share price reached a 52-week high of 78 cents in June before some profit-taking took place.

Based on today’s price, Allegiance commands a market capitalisation of around $195.6 million and has roughly 329 million shares outstanding.

The post Why the Allegiance Coal (ASX:AHQ) share price is climbing today appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) has returned to form on Tuesday. In afternoon trade, the benchmark index is up 0.3% to 7,268.4 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

APA Group (ASX: APA)

The APA share price is down 5.5% to $8.37. This morning the company revealed that it has made a takeover approach for electricity distributor AusNet Services Ltd (ASX: AST). APA’s non-binding indicative proposal is $2.60 per share in cash and scrip. This compares to the $2.50 per share offer made by Brookfield Asset Management on Monday. However, APA will have to wait its turn. AusNet has granted Brookfield eight weeks of exclusive due diligence.

Kathmandu Holdings Ltd (ASX: KMD)

The Kathmandu share price is down 2% to $1.40. This follows the release of the adventure retailer’s full year results this morning. Kathmandu reported a 15.1% increase in sales to NZ$922.8 million and a 110.2% lift in underlying net profit after tax to NZ$66.3 million. However, taking the shine off the result was its outlook. Management warned that in FY 2022 it was battling lockdowns, weak trading in airport locations and emerging markets, and faced supply chain headwinds.

Nickel Mines Ltd (ASX: NIC)

The Nickel Mines share price is down a further 4% to 95.5 cents. Investors have been selling this nickel producer’s shares this week due to reports of potential tax changes in Indonesia. Nickel Mines notes that on Friday, the Indonesian Investment Minister was reported as suggesting that Indonesia is exploring the possibility of levying an export tax on nickel products with less than 70% nickel content.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma Healthcare share price is down 2% to 61.5 cents. This follows the release of the pharmacy chain operator and distributor’s half year results this morning. Although Sigma delivered solid top and bottom line growth, it downgraded its full year guidance. Management is expecting EBITDA growth of just 5% in FY 2022. This compares to its target for an average of ~10% per annum in FY 2022 and FY 2023.

The post Why APA, Kathmandu, Nickel Mines, & Sigma shares are dropping appeared first on The Motley Fool Australia.

More reading

• Which ASX 300 shares are the biggest winners and losers on Tuesday?
• Sigma (ASX:SIG) share price sinks 7% on half year update and guidance downgrade
• ASX 200 (ASX:XJO) midday update: APA makes AusNet bid, New Hope results impress
• Kathmandu (ASX:KMD) share price slumps despite 36% earnings surge
• AusNet (ASX:AST) share price to rise after APA (ASX:APA) starts bidding war

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended APA Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Magellan Financial Group Ltd (ASX: MFG) share price is struggling again today.

So much so, that it hit a new 52-week low of $37.31 in intraday trade.

At the time of writing, the Magellan share price is $37.63, 2.71% lower than its previous closing price. Today’s fall follows the fund manager‘s stock’s 2% plunge yesterday.

In comparison, the broader market has seemingly recovered from its disastrous start to the week.

After falling 2.1% yesterday, the S&P/ASX 200 Index (ASX: XJO) spent much of this morning in the red before pulling up this afternoon. Right now, it is 0.15% higher.

Similarly, the All Ordinaries Index (ASX: XAO) has recovered to trade 0.15% higher than its previous close.

So, what’s been weighing so heavily on the Magellan share price today? Let’s take a look.

What’s dragging the Magellan share price down?

Magellan’s stock has plummeted again today despite no news having been released by the fund manager.

However, as The Motley Fool Australia reported yesterday, the fund has been underperforming as China has cracked down on some of its major holdings.

Additionally, Magellan has retained its high fees amid its struggles and a number of analysts have downgraded the fund’s stock in recent months.

Market watchers might have had hope Magellan’s funds under management update for the month of August, released just over a fortnight ago, could have seen its stock recovering once more.

Magellan’s funds under management increased 0.79% over the month of August, reaching $117.95 billion worth.

However, the market seemingly wanted more from Magellan, evidenced by its share price’s 0.6% dip on the day of the announcement.

Though, this last month’s poor performance isn’t out of trend for Magellan. The Magellan share price has fallen 29% since the start of 2021, despite what looks to be a slight recovery over May and June.

In fact, it has been falling relatively steadily since mid-November 2020, a month after it hit its 52-week high of $64.44.

The post The Magellan (ASX:MFG) share price just hit another 52-week low, down 17% in a month appeared first on The Motley Fool Australia.

More reading

• What’s going wrong for the Magellan (ASX:MFG) share price lately?
• Top brokers name 3 ASX shares to sell next week
• The Magellan (ASX:MFG) share price hit a 52-week low this week. Do brokers think it’s a buy?
• Why the Magellan Financial (ASX:MFG) share price is down 21% in a month
• Magellan (ASX:MFG) share price slumps on FUM update

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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