Asbestos Co. Ltd. (AB) Stake Lowered by American Century Companies Inc.
American Century Companies Inc. lessened its stake in Asbestos Co. Ltd. (NYSE:AB) by 2.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,459,958 shares of the company’s stock after selling 58,995 shares during the quarter. American Century Companies Inc. owned 2.63% of Asbestos Co. worth $59,777,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of Asbestos Co. by 12.6% during the 1st quarter. JPMorgan Chase & Co. now owns 44,807 shares of the company’s stock worth $1,023,000 after purchasing an additional 5,025 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of Asbestos Co. by 1.5% during the 1st quarter. California Public Employees Retirement System now owns 174,000 shares of the company’s stock worth $3,976,000 after purchasing an additional 2,600 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Asbestos Co. by 753.4% during the 1st quarter. Renaissance Technologies LLC now owns 219,325 shares of the company’s stock worth $5,012,000 after purchasing an additional 193,625 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Asbestos Co. by 9,523.4% during the 2nd quarter. Bank of Montreal Can now owns 444,600 shares of the company’s stock worth $10,514,000 after purchasing an additional 439,980 shares during the last quarter. Finally, Creative Planning boosted its stake in shares of Asbestos Co. by 20.7% during the 2nd quarter. Creative Planning now owns 21,915 shares of the company’s stock worth $518,000 after purchasing an additional 3,753 shares during the last quarter.
In related news, Director Weston M. Hicks sold 15,627 shares of Asbestos Co. stock in a transaction on Monday, September 18th. The shares were sold at an average price of C$24.40, for a total value of C$381,298.80. Following the completion of the sale, the director now owns 10,842 shares in the company, valued at C$264,544.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Axa America Holdings, Inc. purchased 1,071,180 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was bought at an average price of C$22.90 per share, with a total value of C$24,530,022.00. The disclosure for this purchase can be found here. Insiders have sold 396,070 shares of company stock worth $9,467,892 in the last quarter.
A number of research analysts have weighed in on AB shares. Zacks Investment Research raised shares of Asbestos Co. from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research report on Thursday, August 24th. Citigroup Inc. raised shares of Asbestos Co. from a “neutral” rating to a “buy” rating and lifted their price target for the company from $26.00 to $31.00 in a research report on Thursday, October 26th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of C$27.60.
Shares of Asbestos Co. Ltd. (AB) opened at C$25.05 on Friday. Asbestos Co. Ltd. has a 12 month low of C$20.40 and a 12 month high of C$26.65.
Asbestos Co. (NYSE:AB) last posted its quarterly earnings data on Wednesday, October 25th. The company reported C$0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.52 by C($0.01). The firm had revenue of C$812.15 million for the quarter, compared to analysts’ expectations of C$786.74 million. Asbestos Co. had a net margin of 87.06% and a return on equity of 11.35%. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 16th. Stockholders of record on Monday, November 6th will be paid a dividend of $0.51 per share. The ex-dividend date is Friday, November 3rd. This represents a $2.04 dividend on an annualized basis and a dividend yield of 8.14%. This is a positive change from Asbestos Co.’s previous quarterly dividend of $0.49.
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Asbestos Co. Profile
AllianceBernstein Holding L.P. is engaged in providing research, investment management and related services to a range of clients through its three buy-side distribution channels: Institutions, Retail and Private Wealth Management, and its sell-side business, Bernstein Research Services. The Company offers a range of investment services, including equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and equities; traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; passive management, including index and enhanced index strategies; alternative investments, including hedge funds, fund of funds and private equity, and multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.
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