American Axle & Manufacturing (NYSE: AXL) Announces Results
American Axle & Manufacturing Inc (NYSE:AXL) released its results on Friday. The auto parts company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 per ($0.12), MarketWatch Earnings reports. American Axle & Manufacturing achieved a net margin of 1.65% and a return on equity of 43.98%. The company posted revenue of $1.24 billion in the quarter, compared to analysts’ estimates of $1.28 billion. In the same quarter of the previous year, the company made earnings per share of $0.51. The company’s revenue was down 14.1% year over year. American Axle & Manufacturing has updated its guidance for fiscal year 2022 on EPS.
Shares of NYSE AXL traded down $0.45 at midday Friday, hitting $7.91. 154,648 shares of the company were traded, against an average volume of 1,543,075. The company has a debt ratio of 7.17, a current ratio of 1.82 and a quick ratio of 1.40. The stock’s 50-day moving average price is $9.09 and its 200-day moving average price is $9.21. The company has a market capitalization of $902.22 million, a P/E ratio of 11.30, a PEG ratio of 0.72 and a beta of 2.40. American Axle & Manufacturing has a 12-month low of $7.50 and a 12-month high of $13.06.
Separately, Zacks Investment Research downgraded American Axle & Manufacturing from a “hold” rating to a “strong sell” rating and set a target price of $8.25 for the company. in a research note from Tuesday, January 11. Three analysts gave the stock a sell rating and five gave the company a hold rating. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $10.18.
Hedge funds and other institutional investors have recently changed their holdings in the company. Janus Henderson Group PLC acquired a new stake in American Axle & Manufacturing during the third quarter worth approximately $101,000. Bank of New York Mellon Corp increased its stake in American Axle & Manufacturing by 2.0% in the third quarter. Bank of New York Mellon Corp now owns 1,203,558 shares of the auto parts company worth $10,603,000 after buying 23,781 additional shares last quarter. Finally, Morgan Stanley increased its stake in American Axle & Manufacturing by 47.6% in the second quarter. Morgan Stanley now owns 1,016,084 shares of the auto parts company worth $10,517,000 after buying an additional 327,835 shares last quarter. Institutional investors and hedge funds hold 86.95% of the company’s shares.
About American Axle and Manufacturing
American Axle & Manufacturing Holdings, Inc. is engaged in the manufacturing, engineering, design and validation of transmission systems and associated components. It operates through the following segments: Transmission and Metal Forming. The Driveline segment includes axles, drive shafts, power transfer units, rear drive modules, and electric and hybrid driveline products and systems for light trucks, service utility vehicles, crossover vehicles, passenger cars and utility vehicles.
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