Axis Capital Holdings Limited $AXS is Dark Forest Capital Management LP’s 5th Largest Position

Dark Forest Capital Management LP increased its stake in Axis Capital Holdings Limited (NYSE:AXS) by 571.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 116,239 shares of the insurance provider’s stock after purchasing an additional 98,915 shares during the quarter. Axis Capital comprises about 0.5% of Dark Forest Capital Management LP’s holdings, making the stock its 5th largest position. Dark Forest Capital Management LP’s holdings in Axis Capital were worth $11,652,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in AXS. Price T Rowe Associates Inc. MD grew its position in shares of Axis Capital by 95.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,852,398 shares of the insurance provider’s stock valued at $185,685,000 after purchasing an additional 903,107 shares in the last quarter. Synergy Asset Management LLC purchased a new position in shares of Axis Capital in the first quarter valued at $26,499,000. Woodline Partners LP purchased a new position in shares of Axis Capital in the fourth quarter valued at $19,443,000. GAMMA Investing LLC grew its position in shares of Axis Capital by 11,415.5% in the first quarter. GAMMA Investing LLC now owns 185,745 shares of the insurance provider’s stock valued at $18,619,000 after purchasing an additional 184,132 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of Axis Capital by 48.6% in the fourth quarter. Point72 Asset Management L.P. now owns 463,794 shares of the insurance provider’s stock valued at $41,101,000 after purchasing an additional 151,781 shares in the last quarter. 93.44% of the stock is currently owned by hedge funds and other institutional investors.

Axis Capital Stock Down 0.2%

Shares of NYSE:AXS opened at $98.47 on Tuesday. Axis Capital Holdings Limited has a 52-week low of $74.68 and a 52-week high of $107.19. The firm has a fifty day moving average of $97.59 and a 200 day moving average of $97.58. The firm has a market capitalization of $7.70 billion, a PE ratio of 9.47, a price-to-earnings-growth ratio of 1.44 and a beta of 0.77. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.69 and a current ratio of 0.69.

Axis Capital (NYSE:AXS) last announced its earnings results on Tuesday, July 29th. The insurance provider reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.88 by $0.41. Axis Capital had a net margin of 14.30% and a return on equity of 18.77%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the business earned $2.93 earnings per share. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. As a group, research analysts anticipate that Axis Capital Holdings Limited will post 11.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

AXS has been the subject of several recent research reports. Wall Street Zen downgraded Axis Capital from a “buy” rating to a “hold” rating in a research report on Saturday, August 2nd. UBS Group reiterated a “buy” rating and issued a $119.00 price objective (up previously from $115.00) on shares of Axis Capital in a research report on Monday, August 4th. Keefe, Bruyette & Woods increased their price objective on Axis Capital from $118.00 to $121.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 9th. Cowen reiterated a “buy” rating on shares of Axis Capital in a research report on Wednesday, May 14th. Finally, Wells Fargo & Company increased their price objective on Axis Capital from $104.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 10th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $111.43.

Insider Buying and Selling at Axis Capital

In related news, insider Daniel J. Draper sold 4,305 shares of Axis Capital stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $97.57, for a total value of $420,038.85. Following the transaction, the insider owned 16,269 shares in the company, valued at $1,587,366.33. This trade represents a 20.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry B. Smith sold 3,500 shares of Axis Capital stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $98.67, for a total transaction of $345,345.00. Following the completion of the transaction, the director owned 47,295 shares in the company, valued at approximately $4,666,597.65. The trade was a 6.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,205 shares of company stock valued at $1,188,048 over the last quarter. 0.70% of the stock is owned by company insiders.

Axis Capital Profile

AXIS Capital Holdings Limited, through its subsidiaries, provides various specialty insurance and reinsurance products in Bermuda, the United States, and internationally. It operates through two segments, Insurance and Reinsurance. The Insurance segment offers professional insurance products that cover directors' and officers' liability, errors and omissions, employment practices, fiduciary, crime, professional indemnity, medical malpractice, and other financial insurance related coverages for commercial enterprises, financial institutions, not-for-profit organizations, and other professional service providers; and property insurance products for commercial buildings, residential premises, construction projects, property in transit, onshore renewable energy installations, and physical damage and business interruption following an act of terrorism.