53,128 Shares in Alpha Metallurgical Resources, Inc. $AMR Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 53,128 shares of Alpha Metallurgical Resources in the second quarter, worth approximately $8.8 million and representing about 0.42% of the company. Institutional investors and hedge funds collectively own 84.29% of AMR.
• Insiders have been buying shares, including Director Kenneth Courtis’s purchase of 15,000 shares for roughly $2.9 million. Insiders bought 35,000 shares over the past 90 days and own 18.20% of the company.
• AMR reported a quarterly loss of $0.96 per share and revenue of $421.3 million, down 10.4% year over year. Analysts maintain a cautious outlook, with a consensus “Reduce” rating and a $176 price target.

Bank of America Corp DE bought a new stake in shares of Alpha Metallurgical Resources, Inc. (NYSE:AMR - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 53,128 shares of the energy company's stock, valued at approximately $8,763,000. Bank of America Corp DE owned about 0.42% of Alpha Metallurgical Resources at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in AMR. BlackRock Inc. bought a new position in shares of Alpha Metallurgical Resources during the second quarter worth about $299,230,000. Dimensional Fund Advisors LP boosted its position in shares of Alpha Metallurgical Resources by 5.6% during the first quarter. Dimensional Fund Advisors LP now owns 721,872 shares of the energy company's stock worth $148,192,000 after buying an additional 38,300 shares during the period. Dalal Street LLC grew its holdings in Alpha Metallurgical Resources by 2.1% in the 4th quarter. Dalal Street LLC now owns 543,000 shares of the energy company's stock worth $108,535,000 after buying an additional 11,000 shares in the last quarter. Crocodile Capital Partners GmbH grew its holdings in Alpha Metallurgical Resources by 0.4% in the 2nd quarter. Crocodile Capital Partners GmbH now owns 245,119 shares of the energy company's stock worth $40,430,000 after buying an additional 1,000 shares in the last quarter. Finally, Goehring & Rozencwajg Associates LLC increased its position in Alpha Metallurgical Resources by 206.8% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 242,039 shares of the energy company's stock valued at $49,683,000 after acquiring an additional 163,144 shares during the period. 84.29% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Kenneth Courtis acquired 15,000 shares of the business's stock in a transaction on Thursday, August 20th. The shares were purchased at an average price of $193.50 per share, for a total transaction of $2,902,500.00. Following the acquisition, the director owned 1,015,394 shares in the company, valued at approximately $196,478,739. This represents a 1.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders bought 35,000 shares of company stock valued at $7,388,400. Company insiders own 18.20% of the company's stock.

Alpha Metallurgical Resources Trading Up 1.5%

Alpha Metallurgical Resources stock opened at $174.58 on Friday. Alpha Metallurgical Resources, Inc. has a 1 year low of $133.64 and a 1 year high of $253.82. The firm's 50 day moving average price is $181.15 and its two-hundred day moving average price is $184.95. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of -48.77 and a beta of 0.68. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.37 and a current ratio of 3.41.

Alpha Metallurgical Resources (NYSE:AMR - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The energy company reported ($0.96) earnings per share for the quarter, topping the consensus estimate of ($0.97) by $0.01. Alpha Metallurgical Resources had a negative return on equity of 2.99% and a negative net margin of 2.23%.The business had revenue of $421.29 million during the quarter, compared to analyst estimates of $521.61 million. During the same period last year, the company posted ($0.38) EPS. The company's revenue was down 10.4% compared to the same quarter last year. On average, research analysts predict that Alpha Metallurgical Resources, Inc. will post -2.4 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on AMR shares. Weiss Ratings lowered Alpha Metallurgical Resources from a "sell (d)" rating to a "sell (e+)" rating in a research report on Tuesday, August 11th. Zacks Research cut shares of Alpha Metallurgical Resources from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 27th. B. Riley Financial cut their price objective on shares of Alpha Metallurgical Resources from $189.00 to $185.00 and set a "neutral" rating on the stock in a research note on Thursday, August 20th. UBS Group initiated coverage on shares of Alpha Metallurgical Resources in a report on Friday, July 10th. They issued a "neutral" rating and a $165.00 price objective for the company. Finally, Wall Street Zen lowered shares of Alpha Metallurgical Resources from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus target price of $176.00.

About Alpha Metallurgical Resources

Alpha Metallurgical Resources, Inc is a mining company that produces and markets metallurgical coal, a key raw material used in steelmaking. Its products include premium and high-volatility metallurgical coal, as well as thermal coal, which is used primarily for electricity generation.

The company operates underground and surface mines and related processing facilities in Central Appalachia, principally in Virginia and West Virginia. Alpha sells its coal to domestic and international steel producers, coke manufacturers, and other industrial customers, serving markets in North America, Asia, Europe, and elsewhere.

Alpha Metallurgical Resources was formed from the restructuring of the former Alpha Natural Resources business and operated as Contura Energy before adopting its current name in 2021.

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