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JNS

Janus Capital

$14.01

0.21 (1.52%)

04:46
10/03/16
10/03
04:46
10/03/16
04:46

Janus Capital, Henderson Group announce recommended merger of equals

Henderson Group and Janus Capital Group announce that their respective boards have unanimously agreed to an all-stock merger of equals. The combined company will be named Janus Henderson Global Investors plc. The merger will be effected via a share exchange with each share of Janus common stock exchanged for 4.7190 newly issued shares in Henderson. Henderson and Janus shareholders are expected to own approximately 57% and 43% respectively of Janus Henderson Global Investors' shares on closing, based on the current number of shares outstanding. The merger is currently expected to close in Q2 of 2017, subject to requisite shareholder and regulatory approvals. The combination of these two complementary businesses is expected to create a leading global active asset manager with significant scale, diverse products and investment strategies, and depth and breadth in global distribution. The result will be an organisation that is well-positioned to provide world-class client service, gain market share and further enhance shareholder value. Under the terms of the merger, Henderson and Janus have agreed that prior to closing and subject to shareholder approval, Henderson shareholders will be entitled to receive a final dividend in the ordinary course for the year ending December 31, 2016. The timing of payment of any such dividend may be accelerated, so that it occurs prior to closing; Prior to closing of the merger and subject to the Janus board's approval, Janus shareholders will be entitled to receive quarterly cash dividends in November 2016 and February 2017; and After closing of the merger, Janus Henderson Global Investors' shareholders will be entitled to receive an interim dividend for the three-month period ending March 31, 2017, in an amount to be determined by the Janus Henderson Global Investors Board.

JNS Janus Capital
$14.01

0.21 (1.52%)

01/13/16
JPMS
01/13/16
DOWNGRADE
Target $15
JPMS
Neutral
Janus Capital downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Kenneth Worthington downgraded Janus Capital (JNS) to Neutral saying weak market fundamentals will likely hit the company harder than peers given its concentrated exposure to equities. He has a $15 price target for the shares. Worthington coupled the downgrade with an upgrade of CME Group (CME) to Overweight.
01/13/16
01/13/16
DOWNGRADE

On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Express (AXP) downgraded to Neutral from Buy at Goldman... Ameriprise (AMP) downgraded to Market Perform from Outperform at Wells Fargo... Anchor BanCorp Wisconsin (ABCW) downgraded to Hold from Buy at Sandler O'Neill... ArcelorMittal (MT) downgraded to Underperform from Hold at Jefferies... Aspen Technology (AZPN) downgraded to Hold from Buy at Benchmark... BOK Financial (BOKF) downgraded to Underperform from Neutral at Macquarie... Bunzl (BZLFY) downgraded to Sell from Neutral at Goldman... CST Brands (CST) downgraded to Equal Weight from Overweight at Stephens... Charles Schwab (SCHW) downgraded to Neutral from Buy at BofA/Merrill... Church & Dwight (CHD) downgraded to Sell from Neutral at Goldman... Cimpress (CMPR) downgraded to Underweight from Equal Weight at Barclays... Conn's (CONN) downgraded on multiple headwinds at Stifel... Cullen/Frost (CFR) downgraded to Underweight from Equal Weight at Barclays... Dialog Semiconductor (DLGNF) downgraded to Underweight from Neutral at JPMorgan... Dover (DOV) downgraded to Sell from Neutral at UBS... Dr Pepper Snapple (DPS) downgraded to Sell from Neutral at Goldman... First American (FAF) downgraded to Sell from Neutral at Goldman... Goldcorp (GG) downgraded to Neutral from Outperform at Credit Suisse... Intelsat (I) downgraded to Sell from Neutral at Goldman... Janus Capital (JNS) downgraded to Neutral from Overweight at JPMorgan... LVMH (LVMUY) downgraded to Equal Weight from Overweight at Barclays... Landstar System (LSTR) downgraded to Market Perform from Outperform at William Blair... Lincoln National (LNC) downgraded to Market Perform from Outperform at Wells Fargo... Lloyds Banking (LYG) downgraded to Underperform from Neutral at Exane BNP Paribas... National Grid (NGG) downgraded to Sell from Neutral at UBS... PennyMac Financial (PFSI) downgraded to Neutral from Buy at Goldman... Plains All American (PAA) downgraded to Equalweight from Overweight at Capital One... Plains GP Holdings (PAGP) downgraded to Hold from Buy at Stifel... Roadrunner (RRTS) downgraded to Market Perform from Outperform at William Blair... Starwood Property (STWD) downgraded to Neutral from Buy at Goldman... TimkenSteel (TMST) downgraded to Hold from Buy at Jefferies... Ultra Petroleum (UPL) downgraded to Sell from Neutral at UBS... Under Armour (UA) downgraded to Mixed from Positive at OTR Global... Whiting Petroleum (WLL) downgraded to Neutral from Buy at UBS.
01/14/16
WELS
01/14/16
NO CHANGE
WELS
Janus Capital price target lowered to $13-$15 from $16-$18 at Wells Fargo
Wells Fargo cut its price target on Janus as the firm thinks the company's flows will be hurt by the 2016 equity market sell-off. The firm keeps an Outperform rating on the shares.
05/12/16
WELS
05/12/16
DOWNGRADE
WELS
Market Perform
Janus Capital downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Christopher Harris downgraded Janus Capital to Market Perform citing elevated risks given the company's concentrations in equity and growth. Some mean reversion with the markets near all-time highs and growth outperforming value for eight of the last nine years is likely to disproportionally hurt Janus, Harris tells investors in a research note. He lowered his price target range for the shares to $13-$15 from $16-$18.

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