The Vanguard Group, Inc. recently announced the acquisition of new stake in American Axle & Manufacturing Holdings Inc (NYSE:AXL). The institutional investor has increased its shareholding in the Consumer Cyclical company by 1.20% to 13.69 million shares with purchase of 0.16 million shares. This fresh investment now brings its stake to 11.69% valued currently at $95.28 million. In addition, Dimensional Fund Advisors LP raised its holdings by 0.51 million to 7.2 million shares. And Barrow, Hanley, Mewhinney & Strau has lifted its position by 1.90% or 0.11 million shares – to 5.93 million shares.
With over 20.81 million American Axle & Manufacturing Holdings Inc (AXL) shares trading Friday and a closing price of $8.82 on the day, the dollar volume was approximately $183.55 million. The shares have shown a positive half year performance of 9.02% and its price on 12/15/23 gained nearly 1.38%. Currently, there are 114.60M common shares owned by the public and among those 110.66M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for AXL have a consensus price objective of $8.17. The analysts have set the share’s price value over the next 12 months at a high of $11.00 and a low of $6.00. The average price target is -7.96% below its recent price level and a downside to the estimated low will see the stock lose -47.0% over that period. But an upside of 19.82% will see the stock hit the forecast high price target while median target price for the stock is $8.00.
Insiders at the company have transacted a total of 48 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 25 of these insider trades were purchases, accounting for 2,385,102 shares. Insider sales of the common stock occurred on 23 occasions, with total insider shares sold totaling 1,590,960 shares.
The top 3 mutual fund holders in American Axle & Manufacturing Holdings Inc are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market ETF, and Fidelity Mid Cap Stock Fund. iShares Core S&P Small Cap ETF owns 7.84 million shares of the company’s stock, all valued at over $54.6 million. The company bought an additional 4350.0 shares recently to bring their total holdings to about 6.70% of the shares outstanding. Vanguard Total Stock Market ETF bought 83334.0 shares to see its total holdings expand to 3.42 million shares valued at over $23.82 million and representing 2.92% of the shares outstanding. Fidelity Mid Cap Stock Fund sold 25828.0 shares to bring its total holdings to over 3.35 million shares at a value of $23.33 million. Fidelity Mid Cap Stock Fund now owns shares totaling to 2.86% of the shares outstanding.
Shares of American Axle & Manufacturing Holdings Inc (NYSE: AXL) opened at $8.65, down -$0.05 from a prior closing price of $8.70. However, the script later moved the day high at 8.82, up 1.38%. The company’s stock has a 5-day price change of 16.98% and 19.19% over the past three months. AXL shares are trading 12.79% year to date (YTD), with the 12-month market performance down to -10.18% lower. It has a 12-month low price of $6.29 and touched a high of $10.12 over the same period. AXL has an average intraday trading volume of 1.45 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 18.65%, 23.51%, and 15.92% respectively.
Institutional ownership of American Axle & Manufacturing Holdings Inc (NYSE: AXL) shares accounts for 94.63% of the company’s 114.60M shares outstanding. Mutual fund holders own 39.24%, while other institutional holders and individual stakeholders account for 58.94% and 38.30% respectively.
It has a market capitalization of $1.03B and a beta (3y monthly) value of 2.34. The earnings-per-share (ttm) stands at -$0.01. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.22% over the week and 3.77% over the month.
Analysts forecast that American Axle & Manufacturing Holdings Inc (AXL) will achieve an EPS of -$0.2 for the current quarter, $0.12 for the next quarter and $0.49 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.4 while analysts give the company a high EPS estimate of -$0.07. Comparatively, EPS for the current quarter was -$0.07 a year ago. Earnings per share for the fiscal year are expected to decrease by -128.86%, and 382.82% over the next financial year. EPS should grow at an annualized rate of 30.10% over the next five years, compared to -30.16% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate American Axle & Manufacturing Holdings Inc (AXL) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 7 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the AXL, a number of firms have released research notes about the stock. BofA Securities stated their Underperform rating for the stock in a research note on November 28, 2023, with the firm’s price target at $9-$8.
