Graham Capital Management L.P. Purchases 40,105 Shares of Axis Capital Holdings Limited $AXS

Key Points

• Graham Capital Management L.P. significantly increased its stake in Axis Capital by 592.8%, purchasing 40,105 additional shares in the first quarter.
• Analysts have mixed opinions on Axis Capital, with Wells Fargo raising its target price to $105.00, while Wall Street Zen downgraded the rating from "buy" to "hold".
• Insider trading has been observed, with key insiders like Daniel J. Draper and Henry B. Smith selling shares, indicating a reduction in their ownership stakes.

Graham Capital Management L.P. raised its position in shares of Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 592.8% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 46,870 shares of the insurance provider's stock after purchasing an additional 40,105 shares during the quarter. Graham Capital Management L.P. owned 0.06% of Axis Capital worth $4,698,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Stifel Financial Corp lifted its position in Axis Capital by 2.7% during the fourth quarter. Stifel Financial Corp now owns 32,720 shares of the insurance provider's stock valued at $2,900,000 after acquiring an additional 861 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Axis Capital by 3.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 15,972 shares of the insurance provider's stock valued at $1,415,000 after purchasing an additional 578 shares during the last quarter. Northern Trust Corp grew its stake in shares of Axis Capital by 19.4% during the 4th quarter. Northern Trust Corp now owns 440,763 shares of the insurance provider's stock worth $39,060,000 after purchasing an additional 71,553 shares during the period. Baird Financial Group Inc. lifted its holdings in Axis Capital by 0.4% in the 4th quarter. Baird Financial Group Inc. now owns 40,915 shares of the insurance provider's stock valued at $3,626,000 after purchasing an additional 163 shares in the last quarter. Finally, Captrust Financial Advisors grew its position in Axis Capital by 38.7% in the fourth quarter. Captrust Financial Advisors now owns 9,611 shares of the insurance provider's stock valued at $852,000 after acquiring an additional 2,681 shares in the last quarter. Hedge funds and other institutional investors own 93.44% of the company's stock.

Insider Buying and Selling at Axis Capital

In other news, Director Henry B. Smith sold 3,500 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $98.67, for a total transaction of $345,345.00. Following the transaction, the director owned 47,295 shares in the company, valued at approximately $4,666,597.65. The trade was a 6.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Daniel J. Draper sold 4,305 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $97.57, for a total transaction of $420,038.85. Following the transaction, the insider owned 16,269 shares in the company, valued at $1,587,366.33. The trade was a 20.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,205 shares of company stock worth $1,188,048 over the last 90 days. 0.70% of the stock is currently owned by company insiders.

Axis Capital Stock Performance

Shares of AXS traded down $1.95 during trading hours on Friday, reaching $97.34. 300,627 shares of the company traded hands, compared to its average volume of 696,386. The stock has a market capitalization of $7.61 billion, a P/E ratio of 9.36, a P/E/G ratio of 1.43 and a beta of 0.77. The business has a fifty day moving average price of $97.38 and a 200-day moving average price of $97.66. Axis Capital Holdings Limited has a 12-month low of $74.68 and a 12-month high of $107.19. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.26.

Axis Capital (NYSE:AXS - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The insurance provider reported $3.29 earnings per share for the quarter, topping the consensus estimate of $2.88 by $0.41. Axis Capital had a net margin of 14.30% and a return on equity of 18.77%. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the firm earned $2.93 EPS. The company's revenue was up 12.6% compared to the same quarter last year. Equities analysts anticipate that Axis Capital Holdings Limited will post 11.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. UBS Group reiterated a "buy" rating and set a $119.00 price target (up from $115.00) on shares of Axis Capital in a report on Monday, August 4th. Keefe, Bruyette & Woods raised their price objective on Axis Capital from $118.00 to $121.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Wall Street Zen downgraded Axis Capital from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Wells Fargo & Company increased their target price on Axis Capital from $104.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Finally, Cowen restated a "buy" rating on shares of Axis Capital in a report on Wednesday, May 14th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Axis Capital presently has a consensus rating of "Moderate Buy" and a consensus price target of $111.43.

Axis Capital Profile

AXIS Capital Holdings Limited, through its subsidiaries, provides various specialty insurance and reinsurance products in Bermuda, the United States, and internationally. It operates through two segments, Insurance and Reinsurance. The Insurance segment offers professional insurance products that cover directors' and officers' liability, errors and omissions, employment practices, fiduciary, crime, professional indemnity, medical malpractice, and other financial insurance related coverages for commercial enterprises, financial institutions, not-for-profit organizations, and other professional service providers; and property insurance products for commercial buildings, residential premises, construction projects, property in transit, onshore renewable energy installations, and physical damage and business interruption following an act of terrorism.