State Street Corp Acquires New Position in AEVEX Corp. $AVEX

Key Points

• State Street initiated a position in AEVEX, buying 329,580 shares worth approximately $6.9 million, representing about 0.29% of the company. Several other hedge funds, including Alyeska Investment Group, also established new stakes.
• AEVEX reported quarterly revenue of $201.8 million, up 99.5% year over year and above expectations, but earnings per share of $0.01 missed the consensus estimate of $0.06.
• Shares fell 3.5% to about $16.09, while analyst sentiment remained positive overall, with a “Moderate Buy” consensus and an average price target of $33.11.

State Street Corp acquired a new stake in AEVEX Corp. (NYSE:AVEX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 329,580 shares of the company's stock, valued at approximately $6,885,000. State Street Corp owned approximately 0.29% of AEVEX at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. WINTON GROUP Ltd purchased a new stake in shares of AEVEX during the second quarter valued at about $343,000. HighTower Advisors LLC acquired a new position in AEVEX during the 2nd quarter valued at about $269,000. Readystate Asset Management LP acquired a new position in AEVEX during the 2nd quarter valued at about $1,044,000. Concurrent Investment Advisors LLC purchased a new stake in AEVEX in the second quarter valued at about $2,381,000. Finally, Alyeska Investment Group L.P. purchased a new stake in AEVEX in the second quarter valued at about $19,903,000.

AEVEX Trading Down 3.5%

Shares of AVEX opened at $16.09 on Friday. The firm has a 50-day moving average price of $17.45. AEVEX Corp. has a 12-month low of $13.07 and a 12-month high of $42.34. The company has a debt-to-equity ratio of 1.15, a current ratio of 5.66 and a quick ratio of 5.50. The stock has a market capitalization of $1.83 billion and a price-to-earnings ratio of 50.28.

AEVEX (NYSE:AVEX - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.05). The company had revenue of $201.79 million during the quarter, compared to analysts' expectations of $155.15 million. The business's revenue was up 99.5% compared to the same quarter last year. Equities research analysts predict that AEVEX Corp. will post 0.51 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on AVEX shares. Needham & Company LLC reissued a "buy" rating and issued a $45.00 price target on shares of AEVEX in a report on Thursday, August 13th. Piper Sandler began coverage on shares of AEVEX in a research report on Wednesday, September 2nd. They set a "neutral" rating and a $20.00 target price on the stock. Weiss Ratings assumed coverage on shares of AEVEX in a research note on Friday, August 14th. They set a "sell (d)" rating on the stock. Finally, Jefferies Financial Group initiated coverage on shares of AEVEX in a report on Wednesday. They issued a "buy" rating and a $26.00 price target for the company. Nine equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $33.11.

AEVEX News Roundup

Here are the key news stories impacting AEVEX this week:

• Positive Sentiment: Jefferies initiated coverage with a Buy rating and a $26 price target, implying approximately 61.5% upside from the cited $16.10 level. The rating reflects potential for significant share-price recovery despite recent weakness. Jefferies initiates coverage of AEVEX

AEVEX Company Profile

AEVEX Aerospace, Inc is a defense and aerospace company that develops and delivers mission-focused technologies and services for government and defense customers. Its work centers on intelligence, surveillance and reconnaissance, electronic warfare, uncrewed aircraft systems, and other specialized airborne capabilities.

The company provides engineering, aircraft modification, systems integration, training, maintenance, and operational support. Its offerings are designed to help customers collect and analyze intelligence, operate in contested electromagnetic environments, conduct airborne missions, and address emerging threats such as unmanned systems.

AEVEX serves U.S.

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