American Axle & Manufacturing (NYSE:AXL) Posts Quarterly Earnings Results

by · The Cerbat Gem

American Axle & Manufacturing (NYSE:AXL – Get Free Report) issued its quarterly earnings data on Friday. The auto parts company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.19, Briefing.com reports. The business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.51 billion. American Axle & Manufacturing had a net margin of 0.04% and a return on equity of 3.47%. The company’s revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.11) earnings per share. American Axle & Manufacturing updated its FY 2024 guidance to EPS.

American Axle & Manufacturing Stock Up 8.8 %

Shares of AXL traded up $0.55 during trading hours on Friday, hitting $6.77. The stock had a trading volume of 3,467,553 shares, compared to its average volume of 1,578,764. The company has a debt-to-equity ratio of 4.42, a current ratio of 1.68 and a quick ratio of 1.30. The firm has a 50 day simple moving average of $6.07 and a 200-day simple moving average of $6.74. The firm has a market capitalization of $796.02 million, a P/E ratio of 677.00 and a beta of 1.95. American Axle & Manufacturing has a 1-year low of $5.43 and a 1-year high of $8.99.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AXL shares. Bank of America raised their price objective on shares of American Axle & Manufacturing from $7.00 to $7.50 and gave the company an “underperform” rating in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $6.00 price objective on shares of American Axle & Manufacturing in a research note on Tuesday, September 10th. Finally, Wolfe Research raised shares of American Axle & Manufacturing to a “hold” rating in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $7.38.

Check Out Our Latest Stock Analysis on AXL

About American Axle & Manufacturing

(Get Free Report)

American Axle & Manufacturing Holdings, Inc, together with its subsidiaries, designs, engineers, and manufactures driveline and metal forming technologies that supports electric, hybrid, and internal combustion vehicles. It operates through two segments, Driveline and Metal Forming segments. The Driveline segment offers front and rear axles, driveshafts, differential assemblies, clutch modules, balance shaft systems, disconnecting driveline technology, and electric and hybrid driveline products and systems for light trucks, sport utility vehicles, crossover vehicles, passenger cars, and commercial vehicles.

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