Pinpoint Asset Management Ltd Cuts Stock Position in Amer Sports, Inc. (NYSE:AS)

Key Points

• Pinpoint Asset Management Ltd significantly reduced its stake in Amer Sports, Inc. by 74.8% in the first quarter, now holding 114,940 shares, valued at approximately $3.07 million.
• Multiple institutional investors, including Deutsche Bank AG, have increased their positions in Amer Sports, reflecting growing confidence in the company.
• Amer Sports reported a quarterly earnings per share (EPS) of $0.27, surpassing analyst expectations, with revenues growing 24.5% year-over-year.

Pinpoint Asset Management Ltd cut its holdings in shares of Amer Sports, Inc. (NYSE:AS - Free Report) by 74.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 114,940 shares of the company's stock after selling 341,890 shares during the period. Amer Sports accounts for 0.5% of Pinpoint Asset Management Ltd's portfolio, making the stock its 22nd biggest position. Pinpoint Asset Management Ltd's holdings in Amer Sports were worth $3,072,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Sterling Capital Management LLC grew its stake in Amer Sports by 55.9% in the fourth quarter. Sterling Capital Management LLC now owns 3,487 shares of the company's stock worth $97,000 after purchasing an additional 1,250 shares during the period. Signaturefd LLC grew its stake in shares of Amer Sports by 19.1% in the first quarter. Signaturefd LLC now owns 4,925 shares of the company's stock worth $132,000 after acquiring an additional 789 shares during the last quarter. Keel Point LLC bought a new position in shares of Amer Sports during the fourth quarter valued at $234,000. Vontobel Holding Ltd. purchased a new position in shares of Amer Sports in the 1st quarter worth about $245,000. Finally, Sandia Investment Management LP purchased a new stake in Amer Sports during the 4th quarter valued at about $280,000. 40.25% of the stock is owned by hedge funds and other institutional investors.

Amer Sports Stock Performance

Shares of NYSE AS traded down $0.62 during midday trading on Friday, hitting $37.21. 3,652,314 shares of the company's stock traded hands, compared to its average volume of 2,823,746. Amer Sports, Inc. has a 1 year low of $11.03 and a 1 year high of $40.21. The stock has a market capitalization of $20.61 billion, a price-to-earnings ratio of 100.57, a price-to-earnings-growth ratio of 1.54 and a beta of 3.31. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.80 and a current ratio of 1.66. The firm has a fifty day moving average of $37.83 and a 200 day moving average of $31.75.

Amer Sports (NYSE:AS - Get Free Report) last released its quarterly earnings results on Tuesday, May 20th. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.15 by $0.12. Amer Sports had a net margin of 3.70% and a return on equity of 7.21%. The firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the firm earned $0.08 EPS. The business's revenue for the quarter was up 24.5% compared to the same quarter last year. On average, analysts forecast that Amer Sports, Inc. will post 0.46 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of Amer Sports from $44.00 to $45.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. Piper Sandler started coverage on shares of Amer Sports in a report on Thursday, June 26th. They issued an "overweight" rating and a $45.00 price objective for the company. KGI Securities set a $44.30 price objective on shares of Amer Sports and gave the stock an "outperform" rating in a report on Wednesday, June 25th. JPMorgan Chase & Co. boosted their price objective on shares of Amer Sports from $45.00 to $46.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, Citigroup reaffirmed a "buy" rating and set a $42.00 price target (up from $30.00) on shares of Amer Sports in a report on Wednesday, May 21st. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $38.74.

About Amer Sports

Amer Sports, Inc designs, manufactures, markets, distributes, and sells sports equipment, apparel, footwear, and accessories in Europe, the Middle East, Africa, the Americas, China, and the Asia Pacific. It operates through three segments: Technical Apparel, Outdoor Performance, and Ball & Racquet Sports.