Freedom Broker Cuts AMREP (NYSE:AXR) Price Target to $22.00

AMREP (NYSE:AXR) had its target price reduced by Freedom Broker from $26.00 to $22.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have a hold rating on the business services provider’s stock.

Separately, Weiss Ratings lowered shares of AMREP from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 28th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $22.00.

AMREP Stock Up 3.4%

Shares of NYSE AXR opened at $23.25 on Tuesday. AMREP has a 52 week low of $17.61 and a 52 week high of $29.01. The business’s 50 day moving average price is $23.49 and its 200 day moving average price is $25.31. The firm has a market cap of $123.68 million, a P/E ratio of 21.53 and a beta of 1.10.

AMREP (NYSE:AXR) last posted its quarterly earnings results on Friday, September 11th. The business services provider reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.39). AMREP had a return on equity of 4.21% and a net margin of 14.31%.The business had revenue of $6.05 million for the quarter, compared to analysts’ expectations of $14.27 million.

Insider Buying and Selling

In other news, CFO Adrienne Uleau sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $23.49, for a total transaction of $93,960.00. Following the completion of the transaction, the chief financial officer directly owned 6,574 shares of the company’s stock, valued at $154,423.26. This represents a 37.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder James H. Dahl bought 3,075 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were acquired at an average price of $25.58 per share, for a total transaction of $78,658.50. Following the transaction, the insider directly owned 501,708 shares in the company, valued at approximately $12,833,690.64. This represents a 0.62% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 37.40% of the company’s stock.

Institutional Investors Weigh In On AMREP

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Robotti Robert acquired a new position in AMREP in the 2nd quarter valued at $13,159,000. JB Capital Partners LP purchased a new stake in shares of AMREP during the second quarter worth $3,565,099. Empowered Funds LLC purchased a new stake in shares of AMREP during the second quarter worth $1,225,000. BlackRock Inc. acquired a new stake in shares of AMREP in the second quarter valued at about $561,000. Finally, Marquette Asset Management LLC acquired a new stake in shares of AMREP in the second quarter valued at about $164,000. Hedge funds and other institutional investors own 59.85% of the company’s stock.

About AMREP

AMREP Corporation is a diversified company that provides fulfillment services and develops real estate. Through its fulfillment operations, the company serves publishers, membership organizations, nonprofit groups and other businesses with subscription and product fulfillment, direct-mail distribution, data processing, customer-care support and related services.

AMREP’s real estate business is conducted primarily through its AMREP Southwest subsidiary, which owns and develops residential and commercial land in and around Rio Rancho, New Mexico.