Engineers Gate Manager LP Sells 61,549 Shares of Axis Capital Holdings Limited $AXS

Key Points

• Engineers Gate Manager LP reduced its Axis Capital position by 59.3%, selling 61,549 shares and retaining 42,213 shares valued at approximately $4.54 million. Institutional investors collectively own 93.44% of AXS.
• Analysts maintain a generally positive view, with an average “Moderate Buy” rating and a consensus price target of $121.23; several firms recently lowered their targets.
• Axis Capital’s latest quarterly results showed $2.84 in EPS, below the $3.25 consensus estimate, while revenue of $1.75 billion exceeded expectations and rose 7.4% year over year.

Engineers Gate Manager LP cut its position in Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 59.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,213 shares of the insurance provider's stock after selling 61,549 shares during the period. Engineers Gate Manager LP owned 0.06% of Axis Capital worth $4,535,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in AXS. Assetmark Inc. raised its stake in shares of Axis Capital by 80.8% in the first quarter. Assetmark Inc. now owns 396 shares of the insurance provider's stock valued at $40,000 after acquiring an additional 177 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in shares of Axis Capital in the 1st quarter worth approximately $43,000. Fideuram Asset Management Ireland dac bought a new stake in Axis Capital during the 4th quarter worth approximately $47,000. DV Equities LLC acquired a new stake in Axis Capital during the 4th quarter valued at $54,000. Finally, Global Retirement Partners LLC increased its holdings in Axis Capital by 1,062.5% during the 4th quarter. Global Retirement Partners LLC now owns 558 shares of the insurance provider's stock valued at $60,000 after purchasing an additional 510 shares in the last quarter. 93.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

AXS has been the topic of a number of recent analyst reports. Capital One Financial set a $108.00 price objective on Axis Capital in a research note on Wednesday, July 29th. Wells Fargo & Company lowered their target price on Axis Capital from $134.00 to $126.00 and set an "overweight" rating for the company in a research note on Thursday, July 30th. UBS Group cut their price target on Axis Capital from $131.00 to $126.00 and set a "buy" rating for the company in a report on Monday, August 3rd. Weiss Ratings upgraded shares of Axis Capital from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday, September 2nd. Finally, Mizuho decreased their price objective on shares of Axis Capital from $142.00 to $130.00 and set an "outperform" rating on the stock in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Axis Capital currently has an average rating of "Moderate Buy" and an average target price of $121.23.

Axis Capital Stock Performance

Shares of Axis Capital stock opened at $98.29 on Friday. Axis Capital Holdings Limited has a 12 month low of $88.07 and a 12 month high of $119.99. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $7.17 billion, a PE ratio of 6.98, a PEG ratio of 4.28 and a beta of 0.49. The stock's fifty day simple moving average is $105.51 and its 200 day simple moving average is $102.71.

Axis Capital (NYSE:AXS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $2.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.25 by ($0.41). The business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.74 billion. Axis Capital had a net margin of 16.23% and a return on equity of 17.00%. Axis Capital's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.29 earnings per share. On average, research analysts predict that Axis Capital Holdings Limited will post 12.39 EPS for the current year.

About Axis Capital

AXIS Capital Holdings Limited NYSE: AXS is a Bermuda-based specialty insurance and reinsurance company. Through its subsidiaries, the company provides coverage and risk-management solutions for businesses, institutions and other insurance companies.

Its insurance operations offer products across property, casualty, professional liability, cyber, marine, aviation, accident and health, and other specialty lines. Its reinsurance business assumes risks from primary insurers through property, casualty and specialty reinsurance arrangements.

Founded in 2001, AXIS serves clients and distribution partners in major insurance markets across North America, Bermuda, Europe, Asia-Pacific and other international regions.

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