Millennium Management LLC Increases Stock Holdings in Axis Capital Holdings Limited $AXS

Key Points

• Millennium Management LLC increased its stake in Axis Capital Holdings Limited by 76.3%, owning 212,241 shares valued at $21.27 million as of the end of the first quarter.
• Axis Capital reported earnings of $3.29 per share for its latest quarter, exceeding analysts' expectations and representing a 12.6% year-over-year revenue growth.
• Analysts have given Axis Capital an average rating of "Moderate Buy" with a consensus price target of $111.43, reflecting a generally positive outlook for the company's stock.

Millennium Management LLC increased its holdings in Axis Capital Holdings Limited (NYSE:AXS - Free Report) by 76.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 212,241 shares of the insurance provider's stock after purchasing an additional 91,866 shares during the period. Millennium Management LLC owned approximately 0.27% of Axis Capital worth $21,275,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of AXS. Price T Rowe Associates Inc. MD raised its stake in shares of Axis Capital by 95.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,852,398 shares of the insurance provider's stock valued at $185,685,000 after acquiring an additional 903,107 shares during the period. AQR Capital Management LLC lifted its stake in Axis Capital by 22.3% in the first quarter. AQR Capital Management LLC now owns 3,290,411 shares of the insurance provider's stock worth $328,580,000 after acquiring an additional 600,901 shares during the period. Synergy Asset Management LLC purchased a new stake in shares of Axis Capital during the first quarter valued at about $26,499,000. Woodline Partners LP purchased a new stake in shares of Axis Capital during the fourth quarter valued at about $19,443,000. Finally, GAMMA Investing LLC lifted its position in shares of Axis Capital by 11,415.5% during the first quarter. GAMMA Investing LLC now owns 185,745 shares of the insurance provider's stock valued at $18,619,000 after buying an additional 184,132 shares during the last quarter. Institutional investors own 93.44% of the company's stock.

Insider Buying and Selling

In other news, insider Daniel J. Draper sold 4,305 shares of the 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. This trade represents a 20.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Henry B. Smith sold 3,500 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $98.67, for a total value of $345,345.00. Following the transaction, the director owned 47,295 shares in the company, valued at $4,666,597.65. This trade represents a 6.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,205 shares of company stock worth $1,188,048 in the last ninety days. Corporate insiders own 0.70% of the company's stock.

Analysts Set New Price Targets

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

Axis Capital Stock Performance

Shares of NYSE AXS traded up $1.35 during midday trading on Thursday, reaching $96.27. 507,756 shares of the stock were exchanged, compared to its average volume of 531,356. The firm has a market cap of $7.53 billion, a price-to-earnings ratio of 9.26, a PEG ratio of 1.38 and a beta of 0.77. Axis Capital Holdings Limited has a twelve month low of $77.21 and a twelve month high of $107.19. The firm has a 50-day simple moving average of $96.81 and a two-hundred day simple moving average of $97.85. 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 EPS for the quarter, topping analysts' consensus estimates of $2.88 by $0.41. The business had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.68 billion. Axis Capital had a net margin of 14.30% and a return on equity of 18.77%. The business's revenue was up 12.6% on a year-over-year basis. During the same quarter last year, the company earned $2.93 EPS. As a group, analysts anticipate that Axis Capital Holdings Limited will post 11.19 EPS for the current fiscal year.

Axis Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.8%. Axis Capital's dividend payout ratio (DPR) is presently 16.92%.

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.