Wellington Management Group LLP Cuts Stock Position in American Superconductor Corporation $AMSC

Key Points

• Wellington Management Group LLP reduced its stake in American Superconductor Corporation by 37.3%, owning approximately 289,173 shares worth $5.25 million after selling 172,057 shares.
• Vanguard Group Inc. increased its holdings in American Superconductor by 2.9%, owning 2.29 million shares valued at $41.5 million as of the latest quarter.
• Despite a recent decline in stock price, analysts have given American Superconductor an average rating of "Buy" with a target price of $33.67.

Wellington Management Group LLP trimmed its position in shares of American Superconductor Corporation (NASDAQ:AMSC - Free Report) by 37.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 289,173 shares of the technology company's stock after selling 172,057 shares during the quarter. Wellington Management Group LLP owned approximately 0.73% of American Superconductor worth $5,246,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in AMSC. Algert Global LLC lifted its stake in shares of American Superconductor by 52.9% in the first quarter. Algert Global LLC now owns 95,658 shares of the technology company's stock worth $1,735,000 after acquiring an additional 33,100 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of American Superconductor in the first quarter worth approximately $521,000. Sei Investments Co. increased its holdings in American Superconductor by 1.9% in the first quarter. Sei Investments Co. now owns 53,070 shares of the technology company's stock worth $963,000 after purchasing an additional 964 shares in the last quarter. Nuveen LLC bought a new stake in American Superconductor in the first quarter worth approximately $14,123,000. Finally, Invesco Ltd. increased its holdings in American Superconductor by 23.1% in the first quarter. Invesco Ltd. now owns 243,523 shares of the technology company's stock worth $4,418,000 after purchasing an additional 45,740 shares in the last quarter. 52.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on AMSC. Oppenheimer reiterated an "outperform" rating on shares of American Superconductor in a report on Thursday, July 31st. Wall Street Zen upgraded American Superconductor from a "hold" rating to a "buy" rating in a report on Tuesday, July 15th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $33.67.

American Superconductor Stock Performance

Shares of NASDAQ AMSC traded down $1.14 during midday trading on Tuesday, hitting $48.76. 807,025 shares of the stock traded hands, compared to its average volume of 1,037,661. The company has a market cap of $2.20 billion, a PE ratio of 125.03 and a beta of 2.89. American Superconductor Corporation has a one year low of $13.98 and a one year high of $58.42. The business has a 50 day moving average price of $45.73 and a two-hundred day moving average price of $30.89.

Insider Activity

In other news, Director Arthur H. House sold 9,703 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $50.92, for a total transaction of $494,076.76. Following the completion of the sale, the director owned 48,663 shares in the company, valued at $2,477,919.96. The trade was a 16.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO John W. Kosiba, Jr. sold 4,744 shares of American Superconductor stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $31.83, for a total value of $151,001.52. Following the transaction, the chief financial officer directly owned 409,532 shares in the company, valued at approximately $13,035,403.56. The trade was a 1.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 122,984 shares of company stock worth $6,384,950 over the last quarter. 4.80% of the stock is currently owned by corporate insiders.

American Superconductor Profile

American Superconductor Corporation, together with its subsidiaries, provides megawatt-scale power resiliency solutions worldwide. The company operates through Grid and Wind segments. The Grid segment offers products and services that enable electric utilities, industrial facilities, and renewable energy project developers to connect, transmit, and distribute power under the Gridtec Solutions brand.