What's happening to the value of Artisan Partners Asset Management
? Shares in the company took a hit today, dropping 7.7 percent to $57.06 by the Thursday market close.
No news story explains the fall, and the sole SEC filing
is a 13G from Wellington that reveals that Wellington now holds 13.5 percent of Artisan's outstanding shares (bad news for Wellington clients).
A spokesperson was not immediately available to answer questions about reasons for the stock's movement.
One explanation may lie in a research note penned by Citi analyst Bill Katz that was picked up by Barron's
. Katz informed clients that Artisan's AUM fell more than Katz expected in March, due to "a lumpy mandate loss." Still, Katz wrote that he was encouraged by "the initial disclosure of assets for High Yield."
Another explanation could be a recent shelf registration that allows Artisan to raise more cash at $62.82 per share. The SEC filing
lets Artisan issue 10,020,396 additional shares.
The fund firm just celebrated its first birthday as a public company. It went public at $30 per share in March 2013.
Since the shelf registration, Artisan's share price has drifted downward, but still, today's fall hints of more. What that is, Mr. Market only knows.
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