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.
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