Envestnet Asset Management Inc. Reduces Stock Position in Autoliv, Inc. (NYSE:ALV)

Key Points

• Envestnet Asset Management Inc. has reduced its stake in Autoliv, Inc. by 9.7%, selling 3,043 shares, bringing its total holdings to 28,295 shares, valued at approximately $2.5 million.
• Autoliv recently posted earnings of $2.21 per share for the last quarter, exceeding analysts' expectations, with a revenue of $2.71 billion, representing a 4.2% year-over-year increase.
• The company has initiated a stock repurchase plan allowing it to buy back up to $2.5 billion in shares, signaling confidence in its valuation, alongside a recent increase in its quarterly dividend from $0.70 to $0.85.

Envestnet Asset Management Inc. reduced its stake in Autoliv, Inc. (NYSE:ALV - Free Report) by 9.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,295 shares of the auto parts company's stock after selling 3,043 shares during the period. Envestnet Asset Management Inc.'s holdings in Autoliv were worth $2,503,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ALV. FMR LLC raised its holdings in Autoliv by 9.9% during the 4th quarter. FMR LLC now owns 7,146,500 shares of the auto parts company's stock worth $670,270,000 after purchasing an additional 641,895 shares during the last quarter. Norges Bank bought a new stake in shares of Autoliv in the 4th quarter valued at $36,761,000. FIL Ltd increased its stake in shares of Autoliv by 17.3% in the 4th quarter. FIL Ltd now owns 2,382,265 shares of the auto parts company's stock valued at $223,433,000 after acquiring an additional 351,876 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Autoliv by 67.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 701,994 shares of the auto parts company's stock valued at $65,840,000 after acquiring an additional 284,002 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Autoliv in the 4th quarter valued at $25,749,000. 69.57% of the stock is currently owned by institutional investors and hedge funds.

Autoliv Trading Down 0.9%

ALV stock traded down $1.00 on Friday, reaching $110.55. The company's stock had a trading volume of 244,763 shares, compared to its average volume of 828,936. The business has a fifty day simple moving average of $111.18 and a two-hundred day simple moving average of $99.59. Autoliv, Inc. has a 12-month low of $75.49 and a 12-month high of $118.98. The firm has a market cap of $8.49 billion, a PE ratio of 12.10, a PEG ratio of 1.16 and a beta of 1.37. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 0.93.

Autoliv (NYSE:ALV - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The auto parts company reported $2.21 EPS for the quarter, topping analysts' consensus estimates of $2.07 by $0.14. Autoliv had a return on equity of 30.73% and a net margin of 6.83%. The company had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same quarter last year, the firm posted $1.87 earnings per share. The firm's revenue was up 4.2% on a year-over-year basis. As a group, research analysts forecast that Autoliv, Inc. will post 9.51 EPS for the current year.

Autoliv announced that its board has initiated a share buyback program on Wednesday, June 4th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the auto parts company to buy up to 31.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Autoliv Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, September 5th. This is a positive change from Autoliv's previous quarterly dividend of $0.70. Autoliv's dividend payout ratio is 30.63%.

Insider Buying and Selling

In related news, Director Jan Carlson sold 1,555 shares of Autoliv stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $108.32, for a total value of $168,437.60. Following the completion of the sale, the director directly owned 77,493 shares in the company, valued at approximately $8,394,041.76. This trade represents a 1.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

ALV has been the subject of several research analyst reports. Wells Fargo & Company lifted their price objective on shares of Autoliv from $100.00 to $104.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Barclays reiterated an "overweight" rating and issued a $135.00 price objective (up previously from $105.00) on shares of Autoliv in a research note on Wednesday, July 16th. UBS Group lifted their price objective on shares of Autoliv from $103.00 to $123.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. BNP Paribas upgraded shares of Autoliv from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 9th. Finally, Jefferies Financial Group began coverage on shares of Autoliv in a report on Wednesday, July 2nd. They set a "buy" rating and a $140.00 price objective on the stock. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Autoliv presently has an average rating of "Moderate Buy" and a consensus target price of $120.64.

Autoliv Profile

Autoliv, Inc, through its subsidiaries, develops, manufactures, and supplies passive safety systems to the automotive industry in Europe, the Americas, China, Japan, and rest of Asia. It offers passive safety systems, including modules and components for frontal-impact airbag protection systems, side-impact airbag protection systems, seatbelts, steering wheels, and inflator technologies.