Envestnet Asset Management Inc. Sells 10,971 Shares of Amer Sports, Inc. (NYSE:AS)

Key Points

• Envestnet Asset Management Inc. reduced its holdings in Amer Sports by 30.5%, selling 10,971 shares and leaving them with 25,047 shares worth approximately $670,000.
• Several institutional investors significantly increased their stakes in Amer Sports, with Bank of America Corp DE raising its position by 957.6% and purchasing an additional 348,329 shares.
• Analysts are optimistic, with multiple firms increasing their target prices for Amer Sports, including Citigroup and UBS Group, which raised their targets to $42.00 and $50.00, respectively.

Envestnet Asset Management Inc. lessened its holdings in shares of Amer Sports, Inc. (NYSE:AS - Free Report) by 30.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,047 shares of the company's stock after selling 10,971 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Amer Sports were worth $670,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AS. FMR LLC raised its position in shares of Amer Sports by 250.7% in the fourth quarter. FMR LLC now owns 26,414,511 shares of the company's stock valued at $738,550,000 after purchasing an additional 18,881,504 shares during the period. Candlestick Capital Management LP raised its position in shares of Amer Sports by 1.7% in the fourth quarter. Candlestick Capital Management LP now owns 3,864,510 shares of the company's stock valued at $108,052,000 after purchasing an additional 63,078 shares during the period. Marshall Wace LLP raised its position in shares of Amer Sports by 262.5% in the fourth quarter. Marshall Wace LLP now owns 3,316,167 shares of the company's stock valued at $92,720,000 after purchasing an additional 2,401,302 shares during the period. Junto Capital Management LP bought a new position in shares of Amer Sports in the fourth quarter valued at approximately $66,793,000. Finally, Oxbow Capital Management HK Ltd bought a new position in shares of Amer Sports in the fourth quarter valued at approximately $41,940,000. Institutional investors own 40.25% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Citigroup reissued a "buy" rating and issued a $42.00 price target (up previously from $30.00) on shares of Amer Sports in a research report on Wednesday, May 21st. KGI Securities set a $44.30 price objective on shares of Amer Sports and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Morgan Stanley raised their price objective on shares of Amer Sports from $28.00 to $33.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 21st. JPMorgan Chase & Co. raised their price objective on shares of Amer Sports from $45.00 to $46.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Finally, TD Securities raised their price objective on shares of Amer Sports from $30.00 to $41.00 and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $38.74.

Amer Sports Stock Performance

AS traded down $0.78 during trading on Friday, reaching $37.05. 1,637,535 shares of the company's stock were exchanged, compared to its average volume of 3,917,913. Amer Sports, Inc. has a fifty-two week low of $11.03 and a fifty-two week high of $40.21. The company has a quick ratio of 0.80, a current ratio of 1.66 and a debt-to-equity ratio of 0.24. The business has a 50 day moving average price of $37.81 and a 200 day moving average price of $31.70. The company has a market capitalization of $20.52 billion, a P/E ratio of 99.85, a PEG ratio of 1.59 and a beta of 3.31.

Amer Sports (NYSE:AS - Get Free Report) last issued its quarterly earnings data on Tuesday, May 20th. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $0.12. The company had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.38 billion. Amer Sports had a return on equity of 7.21% and a net margin of 3.70%. The business's revenue was up 24.5% on a year-over-year basis. During the same period last year, the business earned $0.08 earnings per share. As a group, analysts predict that Amer Sports, Inc. will post 0.46 earnings per share for the current fiscal year.

Amer Sports Profile

Amer Sports, Inc designs, manufactures, markets, distributes, and sells sports equipment, apparel, footwear, and accessories in Europe, the Middle East, Africa, the Americas, China, and the Asia Pacific. It operates through three segments: Technical Apparel, Outdoor Performance, and Ball & Racquet Sports.