Convergence Investment Partners LLC Purchases New Position in Anixter International Inc. (AXE)
Convergence Investment Partners LLC acquired a new stake in shares of Anixter International Inc. (NYSE:AXE) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 17,138 shares of the technology company’s stock, valued at approximately $1,457,000. Convergence Investment Partners LLC owned 0.05% of Anixter International at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Anixter International by 4.5% in the 2nd quarter. Vanguard Group Inc. now owns 2,949,688 shares of the technology company’s stock valued at $230,666,000 after acquiring an additional 126,313 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Anixter International by 5.9% in the 2nd quarter. Alliancebernstein L.P. now owns 1,456,881 shares of the technology company’s stock valued at $113,928,000 after acquiring an additional 81,578 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Anixter International by 4.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,379,703 shares of the technology company’s stock valued at $117,275,000 after acquiring an additional 63,922 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Anixter International by 12.2% in the 3rd quarter. Victory Capital Management Inc. now owns 979,820 shares of the technology company’s stock valued at $83,284,000 after acquiring an additional 106,813 shares during the last quarter. Finally, State Street Corp increased its holdings in Anixter International by 2.8% in the 2nd quarter. State Street Corp now owns 743,423 shares of the technology company’s stock valued at $58,132,000 after acquiring an additional 20,422 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.
In related news, CEO Robert J. Eck sold 13,600 shares of Anixter International stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $80.00, for a total transaction of $1,088,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP William Standish sold 1,758 shares of Anixter International stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $65.00, for a total transaction of $114,270.00. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 14,000 shares of company stock worth $2,495 and sold 30,958 shares worth $2,528,028. Insiders own 14.70% of the company’s stock.
Anixter International (NYSE:AXE) last posted its earnings results on Tuesday, October 24th. The technology company reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates of $1.51 by ($0.21). Anixter International had a return on equity of 12.52% and a net margin of 1.86%. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter last year, the firm earned $1.38 earnings per share. The business’s quarterly revenue was up 3.1% on a year-over-year basis. research analysts anticipate that Anixter International Inc. will post 5.13 earnings per share for the current year.
AXE has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Anixter International from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Robert W. Baird reiterated a “hold” rating and issued a $86.00 price target on shares of Anixter International in a report on Friday, September 1st. Finally, TheStreet downgraded shares of Anixter International from a “b-” rating to a “c” rating in a report on Tuesday, November 21st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $86.00.
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Anixter International Profile
Anixter International Inc is engaged in the distribution of enterprise cabling and security solutions, electrical and electronic wire and cable products and utility power solutions. The Company operates through three segments: Network & Security Solutions (NSS), Electrical & Electronic Solutions (EES), and Utility Power Solutions (UPS).
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