American Woodmark Corp. (AMWD) Trading Down 7.7% After Earnings Miss
Shares of American Woodmark Corp. (NASDAQ:AMWD) were down 7.7% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $70.00 and last traded at $74.15, with a volume of 716,480 shares traded. The stock had previously closed at $80.35.
The company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.17 by $0.10. The company had revenue of $264.10 million for the quarter, compared to analysts’ expectations of $278.61 million. American Woodmark Corp. had a net margin of 6.70% and a return on equity of 23.08%. The firm’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.10 earnings per share.
Several research analysts recently weighed in on AMWD shares. Zacks Investment Research upgraded American Woodmark Corp. from a “hold” rating to a “buy” rating and set a $97.00 price target for the company in a research report on Thursday, August 25th. Robert W. Baird raised their price objective on American Woodmark Corp. from $78.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, August 24th.
In other American Woodmark Corp. news, major shareholder William F. Brandt sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 23rd. The stock was sold at an average price of $74.22, for a total value of $371,100.00. Following the sale, the insider now directly owns 1,909,665 shares of the company’s stock, valued at $141,735,336.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Vance W. Tang sold 1,400 shares of American Woodmark Corp. stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $86.15, for a total value of $120,610.00. Following the completion of the sale, the director now directly owns 14,330 shares in the company, valued at $1,234,529.50. The disclosure for this sale can be found here. 14.40% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Acrospire Investment Management LLC purchased a new stake in shares of American Woodmark Corp. during the third quarter worth about $104,000. BlackRock Inc. raised its stake in shares of American Woodmark Corp. by 7.5% in the third quarter. BlackRock Inc. now owns 1,451 shares of the company’s stock worth $117,000 after buying an additional 101 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of American Woodmark Corp. during the third quarter worth about $129,000. Pacad Investment Ltd. purchased a new stake in shares of American Woodmark Corp. during the second quarter worth about $113,000. Finally, PineBridge Investments L.P. raised its stake in shares of American Woodmark Corp. by 3.3% in the second quarter. PineBridge Investments L.P. now owns 1,725 shares of the company’s stock worth $115,000 after buying an additional 55 shares in the last quarter. 79.58% of the stock is currently owned by hedge funds and other institutional investors.
The stock has a 50 day moving average price of $77.10 and a 200 day moving average price of $75.66. The stock has a market cap of $1.25 billion, a PE ratio of 19.32 and a beta of 1.42.
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About American Woodmark Corp.
American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. The Company offers framed stock cabinets in approximately 500 different cabinet lines, ranging in price from relatively inexpensive to medium-priced styles. Styles vary by design and color from natural wood finishes to low-pressure laminate surfaces.
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