Cornerstone Investment Partners LLC has acquired a new stake in American Superconductor Corporation (NASDAQ:AMSC), investing approximately $245,000 to purchase 6,667 shares during the second quarter of 2023. This acquisition, disclosed to the Securities and Exchange Commission, reflects growing institutional interest in the technology company, which specializes in power resiliency solutions.
Several other institutional investors have also adjusted their positions in AMSC. Notably, Vanguard Group Inc. increased its holdings by 2.9% in the first quarter, bringing its total to 2,287,585 shares valued at about $41.5 million after acquiring an additional 64,650 shares. Similarly, AWM Investment Company Inc. raised its stake by 3.0%, owning 1,558,478 shares worth $28.3 million. Other firms, including Royce & Associates LP and Nuveen LLC, have also expanded their investments, contributing to a significant institutional ownership of 52.28% in AMSC.
Analysts’ Perspectives on AMSC
Equities analysts have provided varying assessments of American Superconductor’s stock. On October 8, 2023, Weiss Ratings maintained a “hold” rating, while Oppenheimer reaffirmed an “outperform” rating. Additionally, Wall Street Zen upgraded its rating from “hold” to “buy” on July 15, 2023. Currently, AMSC holds a consensus rating of “Moderate Buy” along with a target price of $39.00, according to MarketBeat.
Current Market Status and Financial Performance
As of the most recent trading session, shares of AMSC opened at $36.55, reflecting a significant drop of 38.5% over the past year. The stock has experienced a twelve-month low of $13.98 and a high of $70.49, with a market capitalization of $1.65 billion. The company’s price-to-earnings ratio stands at 93.72, and it has a beta of 3.01, indicating higher volatility compared to the market.
American Superconductor’s latest earnings report, issued on November 5, 2023, revealed earnings per share (EPS) of $0.20, surpassing the consensus estimate of $0.15 by $0.05. The company reported revenue of $65.86 million, slightly below analysts’ expectations of $67.23 million. Despite a year-over-year revenue increase of 20.9%, the company’s net margin was recorded at 6.00%, with a return on equity of 9.35%. For the upcoming fiscal quarter, American Superconductor has projected an EPS guidance of $0.140.
American Superconductor Corporation operates through two main segments: Grid and Wind. The Grid segment provides products and services that facilitate the connection, transmission, and distribution of power for electric utilities and renewable energy developers under the Gridtec Solutions brand.
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