Janus Henderson Group’s Australia shares (ASX:JHG) experienced up to a 4.4% drop to A$41.810 today, in a loss potentially the most substantial since May 12, if the trend continues.
The UK-based asset management company reported a Q2 2023 revenue of $516.5 million, which fell short of the IBES estimate of $518.9 million and last year’s report of $555.5 million.
Additionally, their Q2 adjusted EPS was $0.62, which compares favorably to the IBES estimate of $0.56.
Despite the company still being a certain distance from delivering consistent net inflows, the second quarter profits offer hopes that their new strategy can gain traction, according to a statement from Citi.
However, the brokerage does note a cut in EPS estimates for FY24 and FY25 by 3.5% and 3.2%, respectively.
They continue to maintain their price target at A$41.75 for the Janus Henderson Group.
Today saw the company’s stock hit its lowest level since July 18.
Approximately 23,550 shares were negotiated, compared with the 30-day average volume of 20,030.
Out of eight analysts, four rate the stock ‘hold’ and four rate it ‘sell’, with their median price target being A$41.60.
The stock has seen an increase of 24.4% this year as of the last closing.
Janus Henderson Group is a UK-based asset management company.