PNC Financial Services Group Inc. reduced its position in AXT, Inc. (NASDAQ:AXTI) by 24.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,900 shares of the semiconductor company’s stock after selling 2,200 shares during the period. PNC Financial Services Group Inc.’s holdings in AXT were worth $76,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AXTI. Van ECK Associates Corp lifted its stake in shares of AXT by 30.0% in the 1st quarter. Van ECK Associates Corp now owns 1,323,233 shares of the semiconductor company’s stock valued at $15,429,000 after purchasing an additional 305,305 shares in the last quarter. Millennium Management LLC lifted its stake in shares of AXT by 184.8% in the 1st quarter. Millennium Management LLC now owns 338,874 shares of the semiconductor company’s stock valued at $3,951,000 after purchasing an additional 219,908 shares in the last quarter. BlackRock Inc. lifted its stake in shares of AXT by 3.8% in the 1st quarter. BlackRock Inc. now owns 2,933,200 shares of the semiconductor company’s stock valued at $34,202,000 after purchasing an additional 107,677 shares in the last quarter. Axiom Investment Management LLC acquired a new position in shares of AXT in the 1st quarter valued at about $1,005,000. Finally, Acadian Asset Management LLC lifted its stake in shares of AXT by 156.8% in the 1st quarter. Acadian Asset Management LLC now owns 137,752 shares of the semiconductor company’s stock valued at $1,606,000 after purchasing an additional 84,119 shares in the last quarter. 57.95% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on AXTI shares. BWS Financial reaffirmed a “buy” rating on shares of AXT in a research note on Thursday, July 29th. Zacks Investment Research raised AXT from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Thursday, July 29th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, AXT presently has an average rating of “Buy” and an average target price of $15.00.
AXT (NASDAQ:AXTI) last released its quarterly earnings results on Monday, July 26th. The semiconductor company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.07 by $0.03. The firm had revenue of $33.74 million for the quarter, compared to analyst estimates of $31.10 million. AXT had a return on equity of 5.28% and a net margin of 9.24%. On average, sell-side analysts anticipate that AXT, Inc. will post 0.39 earnings per share for the current year.
In other AXT news, CEO Morris S. Young sold 28,439 shares of AXT stock in a transaction that occurred on Thursday, August 5th. The stock was sold at an average price of $9.65, for a total transaction of $274,436.35. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Morris S. Young sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $10.49, for a total value of $419,600.00. The disclosure for this sale can be found here. 8.33% of the stock is owned by insiders.
AXT, Inc engages in the design, development, manufacture and distribution of compound and single element semiconductor substrates. It also sells specialty material substrates and raw materials used to make substrates and other related products. The company was founded by Morris S. Young and Davis Zhang in December 1986 and is headquartered in Fremont, CA.
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