American Axle & Manufacturing (NYSE:AXL) Announces Earnings Results, Beats Expectations By $0.08 EPS

American Axle & Manufacturing (NYSE:AXL) released its quarterly earnings results on Friday. The auto parts company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.08, Briefing.com reports. American Axle & Manufacturing had a positive return on equity of 1.92% and a negative net margin of 0.13%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same period last year, the firm posted $0.12 EPS. The business’s revenue was up 3.9% on a year-over-year basis. American Axle & Manufacturing updated its FY 2024 guidance to EPS.

American Axle & Manufacturing Trading Down 6.9 %

Shares of NYSE:AXL traded down $0.45 during midday trading on Monday, hitting $6.06. The company had a trading volume of 2,604,896 shares, compared to its average volume of 1,581,962. American Axle & Manufacturing has a 12 month low of $5.99 and a 12 month high of $8.99. The company has a current ratio of 1.69, a quick ratio of 1.31 and a debt-to-equity ratio of 4.40. The stock has a market cap of $712.37 million, a price-to-earnings ratio of -86.57 and a beta of 2.04. The firm has a fifty day simple moving average of $7.05 and a 200 day simple moving average of $7.29.

Analysts Set New Price Targets

Several research firms have recently commented on AXL. UBS Group lifted their target price on American Axle & Manufacturing from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Monday, May 6th. Bank of America lifted their target price on American Axle & Manufacturing from $7.00 to $7.50 and gave the company an “underperform” rating in a research note on Monday. Finally, Citigroup lifted their target price on American Axle & Manufacturing from $7.50 to $8.00 and gave the company a “neutral” rating in a research note on Monday, May 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, American Axle & Manufacturing currently has a consensus rating of “Hold” and a consensus price target of $7.90.

About American Axle & Manufacturing

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.