Royce & Associates LP Cuts Holdings in Academy Sports and Outdoors, Inc. $ASO

Key Points

• Royce & Associates LP trimmed its stake in Academy Sports and Outdoors by 13.3% in the fourth quarter, selling 177,410 shares and leaving it with 1,151,937 shares valued at about $57.6 million.
• Analyst sentiment is mixed: while some firms raised targets or kept bullish ratings, the consensus rating remains “Hold” with an average price target of $59.87.
• Academy Sports recently posted mixed quarterly results, missing earnings and revenue estimates, but it also raised its quarterly dividend to $0.15 per share from $0.13.

Royce & Associates LP cut its position in shares of Academy Sports and Outdoors, Inc. (NASDAQ:ASO - Free Report) by 13.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,151,937 shares of the company's stock after selling 177,410 shares during the quarter. Academy Sports and Outdoors makes up about 0.6% of Royce & Associates LP's holdings, making the stock its 28th biggest position. Royce & Associates LP owned approximately 1.73% of Academy Sports and Outdoors worth $57,551,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Salomon & Ludwin LLC boosted its holdings in Academy Sports and Outdoors by 139.8% during the fourth quarter. Salomon & Ludwin LLC now owns 482 shares of the company's stock worth $26,000 after purchasing an additional 281 shares during the last quarter. Huntington National Bank boosted its holdings in Academy Sports and Outdoors by 47.3% during the third quarter. Huntington National Bank now owns 1,015 shares of the company's stock worth $51,000 after purchasing an additional 326 shares during the last quarter. Bayforest Capital Ltd purchased a new position in Academy Sports and Outdoors during the fourth quarter worth about $51,000. Hantz Financial Services Inc. boosted its holdings in Academy Sports and Outdoors by 117.8% during the third quarter. Hantz Financial Services Inc. now owns 1,113 shares of the company's stock worth $56,000 after purchasing an additional 602 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new position in Academy Sports and Outdoors during the third quarter worth about $61,000.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ASO shares. UBS Group dropped their target price on shares of Academy Sports and Outdoors from $60.00 to $56.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 18th. Guggenheim boosted their target price on shares of Academy Sports and Outdoors from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, April 8th. Truist Financial set a $54.00 target price on shares of Academy Sports and Outdoors in a research note on Monday, April 20th. JPMorgan Chase & Co. boosted their target price on shares of Academy Sports and Outdoors from $56.00 to $60.00 and gave the company a "neutral" rating in a research note on Wednesday, March 18th. Finally, Stephens started coverage on shares of Academy Sports and Outdoors in a research note on Wednesday, May 13th. They issued an "overweight" rating and a $78.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $59.87.

Academy Sports and Outdoors Price Performance

ASO opened at $52.52 on Tuesday. The company has a quick ratio of 0.44, a current ratio of 1.89 and a debt-to-equity ratio of 0.22. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of 9.45, a PEG ratio of 0.81 and a beta of 1.06. Academy Sports and Outdoors, Inc. has a twelve month low of $39.87 and a twelve month high of $62.44. The company's 50-day moving average price is $54.52 and its two-hundred day moving average price is $54.04.

Academy Sports and Outdoors (NASDAQ:ASO - Get Free Report) last released its earnings results on Tuesday, March 17th. The company reported $1.97 earnings per share for the quarter, missing analysts' consensus estimates of $2.05 by ($0.08). The company had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.76 billion. Academy Sports and Outdoors had a net margin of 6.22% and a return on equity of 17.88%. The firm's revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.96 earnings per share. As a group, equities analysts expect that Academy Sports and Outdoors, Inc. will post 5.95 earnings per share for the current year.

Academy Sports and Outdoors Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Friday, March 20th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Friday, March 20th. This is an increase from Academy Sports and Outdoors's previous quarterly dividend of $0.13. Academy Sports and Outdoors's dividend payout ratio is currently 10.79%.

Insider Activity at Academy Sports and Outdoors

In related news, Director Jeffrey C. Tweedy sold 4,000 shares of the company's stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $60.00, for a total transaction of $240,000.00. Following the sale, the director directly owned 7,835 shares in the company, valued at approximately $470,100. This represents a 33.80% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.62% of the company's stock.

About Academy Sports and Outdoors

Academy Sports and Outdoors is a leading specialty retailer of sporting goods and outdoor gear, operating more than 260 stores across the United States. Headquartered in Katy, Texas, the company offers a broad assortment of merchandise spanning athletic footwear and apparel, team sports equipment, camping and outdoor recreation products, hunting and fishing supplies, and fitness accessories. In addition to its brick-and-mortar footprint, Academy serves customers through its e-commerce platform, offering online ordering, in-store pickup, and home delivery options.

The company's product portfolio includes seasonal and year-round categories designed to meet the needs of both casual enthusiasts and serious athletes.

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