AMREP Co. (NYSE:AXR) Short Interest Down 6.2% in October

AMREP Co. (NYSE:AXR) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 21,300 shares, a decline of 6.2% from the October 15th total of 22,700 shares. Based on an average daily volume of 15,000 shares, the days-to-cover ratio is currently 1.4 days. Approximately 0.8% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of AMREP from a “hold” rating to a “buy” rating in a research report on Monday, September 16th.

AMREP Trading Down 2.3 %

NYSE AXR traded down $0.73 during trading hours on Monday, hitting $31.67. 5,794 shares of the company’s stock were exchanged, compared to its average volume of 14,065. The firm has a market cap of $167.53 million, a price-to-earnings ratio of 18.41 and a beta of 0.89. AMREP has a 1-year low of $15.88 and a 1-year high of $36.21. The stock has a 50-day simple moving average of $29.08 and a 200 day simple moving average of $23.87.

AMREP (NYSE:AXR) last issued its earnings results on Friday, September 13th. The business services provider reported $0.76 earnings per share (EPS) for the quarter. The company had revenue of $19.09 million for the quarter. AMREP had a return on equity of 8.05% and a net margin of 15.64%.

Insiders Place Their Bets

In other AMREP news, major shareholder James H. Dahl bought 1,800 shares of the business’s stock in a transaction on Friday, October 4th. The stock was purchased at an average cost of $29.95 per share, for a total transaction of $53,910.00. Following the completion of the purchase, the insider now directly owns 434,574 shares of the company’s stock, valued at approximately $13,015,491.30. This trade represents a 0.42 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders acquired 10,800 shares of company stock worth $298,160 in the last quarter. 37.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AMREP

A number of institutional investors and hedge funds have recently made changes to their positions in AXR. BNP Paribas Financial Markets purchased a new stake in AMREP in the 3rd quarter valued at $29,000. State Street Corp bought a new position in AMREP in the 3rd quarter valued at $216,000. Geode Capital Management LLC increased its position in shares of AMREP by 5.4% during the 3rd quarter. Geode Capital Management LLC now owns 30,825 shares of the business services provider’s stock valued at $915,000 after purchasing an additional 1,589 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of AMREP by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 42,796 shares of the business services provider’s stock worth $1,271,000 after buying an additional 2,144 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in AMREP by 2.1% during the second quarter. Renaissance Technologies LLC now owns 123,514 shares of the business services provider’s stock valued at $2,336,000 after buying an additional 2,514 shares during the period. Institutional investors and hedge funds own 59.85% of the company’s stock.

About AMREP

AMREP Corporation, through its subsidiaries, primarily engages in the real estate business. The company operates through two segments, Land Development and Homebuilding. It sells developed and undeveloped lots to homebuilders, commercial and industrial property developers, and others. In addition, the company owns mineral interests covering an area of approximately 55,000 surface acres of land in Sandoval County, New Mexico; and owns oil, gas, and minerals and mineral interests covering an area of approximately 147 surface acres of land in Brighton, Colorado.