HITE Hedge Asset Management LLC Buys 1,600,512 Shares of American Axle & Manufacturing Holdings, Inc. $AXL

Key Points

• HITE Hedge Asset Management LLC significantly increased its stake in American Axle & Manufacturing Holdings, Inc. by purchasing 1,600,512 shares, raising its ownership to approximately 1.64% valued at $7,915,000.
• Multiple institutional investors have enhanced their positions in American Axle, with notable increases from American Century Companies Inc. and Charles Schwab Investment Management Inc.
• American Axle's recent earnings report showed an EPS of $0.21, exceeding analysts' projections, despite a 5.9% decline in revenue compared to the same quarter last year.

HITE Hedge Asset Management LLC boosted its holdings in shares of American Axle & Manufacturing Holdings, Inc. (NYSE:AXL - Free Report) by 465.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,944,668 shares of the auto parts company's stock after buying an additional 1,600,512 shares during the period. HITE Hedge Asset Management LLC owned approximately 1.64% of American Axle & Manufacturing worth $7,915,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. raised its position in shares of American Axle & Manufacturing by 11.1% during the first quarter. American Century Companies Inc. now owns 4,283,580 shares of the auto parts company's stock valued at $17,434,000 after buying an additional 427,071 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its stake in shares of American Axle & Manufacturing by 1.4% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 3,286,516 shares of the auto parts company's stock worth $13,376,000 after buying an additional 44,663 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of American Axle & Manufacturing by 20.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,649,397 shares of the auto parts company's stock valued at $10,783,000 after buying an additional 444,134 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in American Axle & Manufacturing by 3.2% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,346,254 shares of the auto parts company's stock valued at $13,679,000 after buying an additional 72,337 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of American Axle & Manufacturing by 19.0% during the 1st quarter. Invesco Ltd. now owns 2,274,422 shares of the auto parts company's stock worth $9,257,000 after purchasing an additional 363,513 shares during the last quarter. 91.41% of the stock is currently owned by hedge funds and other institutional investors.

American Axle & Manufacturing Stock Performance

NYSE:AXL opened at $5.74 on Monday. The company has a debt-to-equity ratio of 3.86, a current ratio of 1.77 and a quick ratio of 1.40. The company has a market capitalization of $681.13 million, a price-to-earnings ratio of 16.88, a PEG ratio of 0.64 and a beta of 1.59. American Axle & Manufacturing Holdings, Inc. has a 1-year low of $3.00 and a 1-year high of $7.03. The business has a 50 day moving average of $4.59 and a 200 day moving average of $4.43.

American Axle & Manufacturing (NYSE:AXL - Get Free Report) last announced its quarterly earnings data on Friday, August 8th. The auto parts company reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.07. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. American Axle & Manufacturing had a net margin of 0.73% and a return on equity of 8.90%. The company's revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 earnings per share. On average, sell-side analysts predict that American Axle & Manufacturing Holdings, Inc. will post 0.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AXL. Cowen restated a "hold" rating on shares of American Axle & Manufacturing in a research note on Monday, May 5th. Wall Street Zen raised shares of American Axle & Manufacturing from a "hold" rating to a "buy" rating in a report on Saturday. UBS Group reaffirmed a "buy" rating on shares of American Axle & Manufacturing in a research note on Sunday, August 10th. Finally, Morgan Stanley dropped their price target on shares of American Axle & Manufacturing from $8.00 to $7.50 and set an "overweight" rating on the stock in a research note on Monday, May 19th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $6.25.

American Axle & Manufacturing Company Profile

American Axle & Manufacturing Holdings, Inc engages in the manufacture, engineering, design, and validation of driveline systems and related components. It operates through the Driveline and Metal Forming segments. The Driveline segment consists of axles, drive shafts, power transfer units, rear drive modules, and electric and hybrid driveline products and systems for light trucks, service utility vehicles, crossover vehicles, passenger cars, and commercial vehicles.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.