State Treasurer State of Michigan decreased its stake in American Airlines Group Inc (NASDAQ:AAL) by 17.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 94,756 shares of the airline’s stock after selling 20,400 shares during the quarter. State Treasurer State of Michigan’s holdings in American Airlines Group were worth $3,090,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in AAL. Geode Capital Management LLC grew its position in shares of American Airlines Group by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 5,530,993 shares of the airline’s stock valued at $177,362,000 after purchasing an additional 366,191 shares during the period. U S Global Investors Inc. boosted its position in American Airlines Group by 83.4% during the first quarter. U S Global Investors Inc. now owns 585,558 shares of the airline’s stock worth $18,709,000 after acquiring an additional 266,256 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its position in American Airlines Group by 86.7% during the second quarter. State of New Jersey Common Pension Fund D now owns 560,000 shares of the airline’s stock worth $18,262,000 after acquiring an additional 260,000 shares during the last quarter. Candriam Luxembourg S.C.A. acquired a new position in American Airlines Group during the first quarter worth about $7,886,000. Finally, Packer & Co Ltd boosted its position in American Airlines Group by 50.4% during the second quarter. Packer & Co Ltd now owns 638,400 shares of the airline’s stock worth $20,818,000 after acquiring an additional 214,000 shares during the last quarter. Institutional investors and hedge funds own 78.86% of the company’s stock.
AAL traded down $0.30 during trading hours on Friday, hitting $28.78. 3,955,137 shares of the company’s stock were exchanged, compared to its average volume of 6,324,453. American Airlines Group Inc has a 12-month low of $27.02 and a 12-month high of $43.89. The stock’s 50 day moving average price is $31.90. The stock has a market cap of $12.75 billion, a price-to-earnings ratio of 6.33, a P/E/G ratio of 0.34 and a beta of 1.66.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 21st. Investors of record on Wednesday, August 7th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Tuesday, August 6th. American Airlines Group’s payout ratio is currently 8.79%.
In other news, Director John T. Cahill purchased 25,000 shares of the stock in a transaction on Tuesday, June 4th. The stock was bought at an average price of $28.60 per share, for a total transaction of $715,000.00. Following the acquisition, the director now directly owns 3,494 shares of the company’s stock, valued at approximately $99,928.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO W Douglas Parker purchased 50,000 shares of the stock in a transaction on Tuesday, June 4th. The shares were purchased at an average price of $28.09 per share, with a total value of $1,404,500.00. Following the acquisition, the chief executive officer now directly owns 2,201,636 shares in the company, valued at $61,843,955.24. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 99,000 shares of company stock worth $2,787,070. 0.86% of the stock is owned by insiders.
AAL has been the topic of several recent analyst reports. Citigroup set a $54.00 target price on shares of American Airlines Group and gave the company a “buy” rating in a report on Friday, July 26th. Imperial Capital reiterated an “in-line” rating and issued a $41.00 target price (down from $43.00) on shares of American Airlines Group in a report on Tuesday, April 30th. Cowen reiterated an “outperform” rating and issued a $41.00 target price (down from $42.00) on shares of American Airlines Group in a report on Monday, April 29th. Deutsche Bank set a $42.00 target price on shares of American Airlines Group and gave the company a “buy” rating in a report on Friday, July 26th. Finally, BidaskClub downgraded shares of American Airlines Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company. American Airlines Group presently has an average rating of “Hold” and an average target price of $41.19.
American Airlines Group Company Profile
American Airlines Group Inc, through its subsidiaries, operates as a network air carrier. It provides scheduled air transportation services for passengers and cargo. As of December 31, 2018, the company operated a mainline fleet of 956 aircraft. It serves 350 destinations in approximately 50 countries, principally from its hubs in Charlotte, Chicago, Dallas/Fort Worth, London Heathrow, Los Angeles, Miami, New York, Philadelphia, Phoenix, and Washington, DC The company was formerly known as AMR Corporation and changed its name to American Airlines Group Inc in December 2013.
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