Pictet Asset Management Holding SA Purchases 768,668 Shares of Amer Sports, Inc. $AS

Key Points

• Pictet Asset Management increased its Amer Sports stake by 85.1%, buying 768,668 shares in the third quarter to hold 1.67 million shares valued at about $45.6 million. Institutional investors and hedge funds collectively own 40.25% of the company.
• Amer Sports reported quarterly EPS of $0.22, beating the $0.11 estimate, while revenue rose 32.1% year over year to $1.63 billion. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $44.67.
• Two company insiders reported stock sales: Wen-Chang Chen sold 117,461 shares, and CFO Andrew Page sold 2,022 shares; Page’s sale was to cover tax withholding on vested equity awards.

Pictet Asset Management Holding SA boosted its holdings in Amer Sports, Inc. (NYSE:AS - Free Report) by 85.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,672,178 shares of the company's stock after purchasing an additional 768,668 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.30% of Amer Sports worth $45,634,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. C WorldWide Group Holding A S boosted its holdings in shares of Amer Sports by 41.0% during the second quarter. C WorldWide Group Holding A S now owns 296,653 shares of the company's stock valued at $10,039,000 after acquiring an additional 86,327 shares during the period. Vontobel Holding Ltd. lifted its holdings in Amer Sports by 346.9% in the third quarter. Vontobel Holding Ltd. now owns 48,958 shares of the company's stock worth $1,336,000 after purchasing an additional 38,004 shares during the period. Principal Financial Group Inc. acquired a new position in Amer Sports during the 1st quarter valued at about $4,305,000. Assenagon Asset Management S.A. acquired a new stake in shares of Amer Sports in the 3rd quarter worth approximately $176,274,000. Finally, Squarepoint Ops LLC boosted its holdings in shares of Amer Sports by 89.0% in the second quarter. Squarepoint Ops LLC now owns 1,106,439 shares of the company's stock valued at $37,442,000 after acquiring an additional 520,888 shares in the last quarter. 40.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AS shares. Truist Financial dropped their price target on shares of Amer Sports from $50.00 to $42.00 and set a "buy" rating on the stock in a research report on Wednesday, August 19th. Citigroup reaffirmed a "buy" rating on shares of Amer Sports in a report on Monday, September 21st. Barclays increased their price objective on Amer Sports from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, August 19th. Wells Fargo & Company reduced their price objective on Amer Sports from $45.00 to $40.00 and set an "overweight" rating for the company in a research note on Friday, September 18th. Finally, The Goldman Sachs Group set a $43.00 target price on Amer Sports in a report on Friday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Amer Sports presently has an average rating of "Moderate Buy" and an average target price of $44.67.

Insider Transactions at Amer Sports

In other news, insider Wen-Chang Chen sold 117,461 shares of the company's stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $26.60, for a total value of $3,124,462.60. Following the transaction, the insider owned 434,855 shares in the company, valued at $11,567,143. This represents a 21.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew Page sold 2,022 shares of the business's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $28.63, for a total transaction of $57,889.86. Following the transaction, the chief financial officer owned 6,575 shares in the company, valued at approximately $188,242.25. This represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Amer Sports Stock Performance

Shares of AS stock opened at $31.82 on Wednesday. The company has a market capitalization of $17.62 billion, a price-to-earnings ratio of 33.50, a P/E/G ratio of 1.03 and a beta of 1.97. Amer Sports, Inc. has a 1-year low of $26.10 and a 1-year high of $42.76. The company has a current ratio of 1.76, a quick ratio of 0.80 and a debt-to-equity ratio of 0.11. The stock's fifty day simple moving average is $28.61 and its 200-day simple moving average is $33.54.

Amer Sports (NYSE:AS - Get Free Report) last announced its quarterly earnings data on Monday, August 17th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.11. Amer Sports had a return on equity of 11.18% and a net margin of 7.35%. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the business earned $0.03 EPS. The business's revenue for the quarter was up 32.1% on a year-over-year basis. On average, sell-side analysts predict that Amer Sports, Inc. will post 1.30 earnings per share for the current fiscal year.

Amer Sports Company Profile

Amer Sports is a global sporting goods company whose portfolio includes Arc'teryx, Salomon, Wilson, Atomic, Peak Performance and other brands. Its products span technical apparel and footwear, outdoor and winter sports equipment, and gear for sports such as tennis, baseball and basketball. The company serves consumers and athletes in markets around the world through its brands' retail, wholesale and direct-to-consumer channels. Its operations are organized around technical apparel, outdoor performance, and ball and racquet sports.

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