ClariVest Asset Management LLC lowered its stake in shares of Advanced Energy (NASDAQ:AEIS) by 17.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 127,342 shares of the electronics maker’s stock after selling 27,306 shares during the period. ClariVest Asset Management LLC’s holdings in Advanced Energy were worth $8,137,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Cerebellum GP LLC acquired a new position in shares of Advanced Energy during the fourth quarter valued at about $122,000. Ramsey Quantitative Systems acquired a new position in shares of Advanced Energy during the fourth quarter valued at about $193,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in shares of Advanced Energy during the fourth quarter valued at about $223,000. Two Sigma Securities LLC acquired a new position in shares of Advanced Energy during the fourth quarter valued at about $231,000. Finally, Xact Kapitalforvaltning AB acquired a new position in shares of Advanced Energy during the fourth quarter valued at about $259,000. 93.39% of the stock is owned by institutional investors and hedge funds.
Several research analysts recently issued reports on AEIS shares. Needham & Company LLC dropped their price target on shares of Advanced Energy from $97.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, May 2nd. Zacks Investment Research lowered shares of Advanced Energy from a “buy” rating to a “hold” rating in a research report on Monday, January 29th. Cowen started coverage on shares of Advanced Energy in a research report on Tuesday. They issued an “outperform” rating and a $78.00 price target for the company. BidaskClub lowered shares of Advanced Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, March 28th. Finally, Citigroup dropped their price target on shares of Advanced Energy from $77.00 to $68.00 and set a “neutral” rating for the company in a research report on Wednesday, May 2nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $78.17.
Advanced Energy (NASDAQ:AEIS) last posted its quarterly earnings results on Monday, April 30th. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.01. Advanced Energy had a net margin of 20.47% and a return on equity of 34.76%. The firm had revenue of $195.62 million during the quarter, compared to analyst estimates of $187.92 million. During the same quarter in the prior year, the business posted $1.04 earnings per share. The company’s quarterly revenue was up 31.0% compared to the same quarter last year. analysts expect that Advanced Energy will post 5.03 EPS for the current fiscal year.
Advanced Energy announced that its board has authorized a stock buyback program on Monday, May 7th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the electronics maker to reacquire up to 2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In related news, CEO Yuval Wasserman sold 55,540 shares of the stock in a transaction dated Friday, May 4th. The shares were sold at an average price of $62.40, for a total value of $3,465,696.00. Following the completion of the transaction, the chief executive officer now owns 141,929 shares of the company’s stock, valued at $8,856,369.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.20% of the company’s stock.
About Advanced Energy
Advanced Energy Industries, Inc, together with its subsidiaries, designs, manufactures, sells, and supports power conversion and control products that transform electrical power into various usable forms. It offers process power systems, including direct current (DC), pulsed DC, low frequency, high voltage, and radio frequency (RF) power supplies, as well as matching networks and remote plasma sources for reactive gas applications and RF instrumentation.
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