AMREP (NYSE:AXR) Price Target Lowered to $22.00 at Freedom Broker

Key Points

• Freedom Broker lowered AMREP’s price target from $26 to $22 and maintained a “hold” rating. The new target implies approximately 1.32% downside from the stock’s recent $22.29 price, while the consensus rating remains “Hold.”
• AMREP shares fell 2.2% to $22.29, and the company reported quarterly EPS of $0.05, well below the $0.44 analyst consensus; revenue of $6.05 million also missed the $14.27 million estimate.
• Insider and institutional ownership remains significant, at 37.4% and 59.85%, respectively. The CFO sold 4,000 shares, while major shareholder James H. Dahl purchased 3,075 shares, and several hedge funds established new positions.

AMREP (NYSE:AXR - Get Free Report) had its price target reduced by research analysts at Freedom Broker from $26.00 to $22.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a "hold" rating on the business services provider's stock. Freedom Broker's price objective indicates a potential downside of 1.32% from the company's current price.

Separately, Weiss Ratings downgraded shares of AMREP from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, July 28th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, AMREP presently has a consensus rating of "Hold" and a consensus target price of $22.00.

AMREP Stock Down 2.2%

Shares of NYSE:AXR traded down $0.51 on Tuesday, hitting $22.29. 5,407 shares of the company traded hands, compared to its average volume of 9,292. AMREP has a 52 week low of $17.61 and a 52 week high of $29.01. The stock has a 50 day simple moving average of $23.64 and a 200-day simple moving average of $25.36. The company has a market cap of $118.60 million, a PE ratio of 20.64 and a beta of 1.10.

AMREP (NYSE:AXR - Get Free Report) last announced its quarterly earnings results on Friday, September 11th. The business services provider reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.39). AMREP had a return on equity of 4.23% and a net margin of 14.31%.The firm had revenue of $6.05 million during the quarter, compared to the consensus estimate of $14.27 million.

Insider Activity

In other news, CFO Adrienne Uleau sold 4,000 shares of AMREP stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $23.49, for a total transaction of $93,960.00. Following the transaction, the chief financial officer directly owned 6,574 shares of the company's stock, valued at $154,423.26. The trade was a 37.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder James H. Dahl acquired 3,075 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The shares were bought at an average price of $25.58 per share, with a total value of $78,658.50. Following the completion of the purchase, the insider owned 501,708 shares in the company, valued at $12,833,690.64. This trade represents a 0.62% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 37.40% of the company's stock.

Hedge Funds Weigh In On AMREP

A number of hedge funds have recently made changes to their positions in the business. Robotti Robert bought a new position in shares of AMREP during the second quarter worth $13,159,000. JB Capital Partners LP bought a new position in shares of AMREP during the 2nd quarter valued at about $3,565,099. Empowered Funds LLC purchased a new position in shares of AMREP during the second quarter valued at about $1,225,000. BlackRock Inc. bought a new stake in shares of AMREP in the second quarter worth about $561,000. Finally, Marquette Asset Management LLC purchased a new stake in shares of AMREP in the second quarter worth about $164,000. Institutional investors own 59.85% of the company's stock.

About AMREP

AMREP Corporation NYSE: AXR is a Denver-area based company specializing in land development and natural resource management. Since its founding in 1961, AMREP has built a diversified platform that spans real estate operations and resource extraction, serving both individual and institutional clients in the western United States.

Through its real estate segment, AMREP Southwest Inc acquires, develops and markets residential lots in planned communities across New Mexico and Colorado. Notable projects include the Tanoan Country Club and adjacent residential neighborhoods near Albuquerque, where the company employs a direct-to-consumer marketing model to reach out-of-state and local buyers.

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