Cerity Partners LLC Acquires 155,755 Shares of AMREP Co. (NYSE:AXR) – Market Update
Cerity Partners LLC recently made a significant move by increasing its position in AMREP Co. (NYSE:AXR) by 137.2% during the third quarter. This boost in holdings was revealed in the company’s latest disclosure with the Securities and Exchange Commission. Cerity Partners LLC now owns 269,287 shares of the business services provider’s stock after adding an extra 155,755 shares to its portfolio. The value of their holdings amounts to approximately $7,995,000. Empowered Funds LLC also showed confidence in AMREP by increasing its stake by 5.3% during the same quarter. They now own 42,796 shares of the company’s stock, valued at around $1,271,000. It’s interesting to note that institutional investors and hedge funds own around 59.85% of AMREP’s stock.
AMREP’s stock (NYSE:AXR) was trading 1.4% higher on Thursday, reaching $35.40. This fluctuation is typical, given that the stock has seen a low of $15.88 and a high of $39.02 in the past year. The company’s 50-day moving average price stands at $31.18, and the 200-day moving average price is $24.77. With a market cap of $187.27 million, a P/E ratio of 20.11, and a beta of 0.89, AMREP continues to attract attention from investors.
In terms of financial performance, AMREP announced earnings of $0.76 per share in its most recent quarterly report released on September 13th. This demonstrates a net margin of 15.64% and a return on equity of 8.05%. The company recorded revenue of $19.09 million for the quarter, showcasing its strong financial standing.
StockNews.com recently upgraded their rating on AMREP from “hold” to “buy” on September 16th, indicating a positive outlook for the company. In line with this optimism, major shareholder James H. Dahl purchased 1,800 shares of AMREP stock on October 4th, further solidifying confidence in the company’s performance. The recent insider activity also shows that in the last 90 days, insiders have acquired a total of 6,800 shares valued at $205,560, proving a strong belief in AMREP’s potential.
AMREP Corporation primarily operates in the real estate business through its segments of Land Development and Homebuilding. The company’s activities involve selling developed and undeveloped lots to various property developers. Further, AMREP also owns significant mineral interests in New Mexico and Colorado, showcasing its diverse portfolio.
In conclusion, AMREP continues to attract investor interest with its strong financial standing and positive outlook. As more investors show confidence in the company’s future growth potential, it’s worth keeping an eye on AMREP for potential investment opportunities.
