Granite Bay Wealth Management LLC Takes $519,000 Position in American Airlines Group Inc. (NASDAQ:AAL)

Granite Bay Wealth Management LLC purchased a new position in American Airlines Group Inc. (NASDAQ:AAL) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 45,801 shares of the airline’s stock, valued at approximately $519,000.

Several other institutional investors also recently added to or reduced their stakes in AAL. Maverick Capital Ltd. lifted its holdings in shares of American Airlines Group by 95.3% in the 2nd quarter. Maverick Capital Ltd. now owns 193,854 shares of the airline’s stock worth $2,196,000 after buying an additional 94,573 shares during the period. Sei Investments Co. grew its holdings in American Airlines Group by 14.7% during the 2nd quarter. Sei Investments Co. now owns 1,199,121 shares of the airline’s stock worth $13,586,000 after acquiring an additional 153,515 shares in the last quarter. ORG Partners LLC purchased a new position in American Airlines Group during the 2nd quarter valued at about $36,000. Cetera Investment Advisers raised its holdings in shares of American Airlines Group by 271.8% in the 1st quarter. Cetera Investment Advisers now owns 187,130 shares of the airline’s stock valued at $2,872,000 after purchasing an additional 136,797 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in shares of American Airlines Group in the 2nd quarter worth approximately $5,452,000. Hedge funds and other institutional investors own 52.44% of the company’s stock.

American Airlines Group Stock Performance

Shares of AAL stock opened at $10.90 on Wednesday. American Airlines Group Inc. has a fifty-two week low of $9.07 and a fifty-two week high of $16.15. The firm has a market capitalization of $7.15 billion, a PE ratio of 18.17, a P/E/G ratio of 0.27 and a beta of 1.43. The stock’s 50-day simple moving average is $10.48 and its 200-day simple moving average is $12.07.

American Airlines Group (NASDAQ:AAL) last posted its quarterly earnings results on Thursday, July 25th. The airline reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.05. American Airlines Group had a negative net margin of 0.23% and a negative return on equity of 19.49%. The company had revenue of $14.33 billion during the quarter, compared to analyst estimates of $14.38 billion. During the same period last year, the firm posted $1.92 EPS. American Airlines Group’s revenue for the quarter was up 2.0% compared to the same quarter last year. Sell-side analysts forecast that American Airlines Group Inc. will post 1.07 earnings per share for the current year.

Wall Street Analyst Weigh In

AAL has been the topic of several recent research reports. Evercore dropped their target price on American Airlines Group from $13.00 to $10.00 in a research report on Friday, July 26th. Barclays cut their target price on American Airlines Group from $14.00 to $10.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 10th. Sanford C. Bernstein lowered shares of American Airlines Group from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $18.00 to $12.00 in a research report on Monday, July 22nd. Redburn Atlantic raised shares of American Airlines Group to a “hold” rating in a research report on Tuesday, September 3rd. Finally, TD Securities decreased their target price on shares of American Airlines Group from $10.00 to $7.00 in a research report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $13.15.

American Airlines Group Company Profile

American Airlines Group Inc, through its subsidiaries, operates as a network air carrier. The company provides scheduled air transportation services for passengers and cargo through its hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix, and Washington, DC, as well as through partner gateways in London, Doha, Madrid, Seattle/Tacoma, Sydney, and Tokyo.