State of New Jersey Common Pension Fund D trimmed its holdings in Ameresco, Inc. (NYSE:AMRC – Get Rating) by 12.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 35,799 shares of the utilities provider’s stock after selling 5,177 shares during the period. State of New Jersey Common Pension Fund D owned 0.07% of Ameresco worth $2,380,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in AMRC. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in shares of Ameresco by 31.4% in the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,109,772 shares of the utilities provider’s stock valued at $141,681,000 after purchasing an additional 742,726 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Ameresco by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 2,796,974 shares of the utilities provider’s stock valued at $222,359,000 after purchasing an additional 26,868 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Ameresco by 3.2% in the 1st quarter. BlackRock Inc. now owns 2,355,254 shares of the utilities provider’s stock valued at $187,241,000 after purchasing an additional 72,667 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in shares of Ameresco by 9.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,249,150 shares of the utilities provider’s stock valued at $149,523,000 after purchasing an additional 192,301 shares in the last quarter. Finally, abrdn plc lifted its stake in shares of Ameresco by 8.1% in the 2nd quarter. abrdn plc now owns 1,195,491 shares of the utilities provider’s stock valued at $53,690,000 after purchasing an additional 90,004 shares in the last quarter. 57.50% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on the company. Bank of America raised Ameresco from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $74.00 to $73.00 in a research note on Monday, September 26th. StockNews.com upgraded Ameresco to a “sell” rating in a report on Tuesday, January 10th. Canaccord Genuity Group raised their target price on Ameresco from $79.00 to $81.00 in a report on Wednesday, November 2nd. Raymond James raised their target price on Ameresco from $65.00 to $70.00 and gave the company a “market outperform” rating in a report on Thursday, October 13th. Finally, Canaccord Genuity Group raised their target price on Ameresco from $79.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, November 2nd. Two analysts have rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.77.
Ameresco Price Performance
Ameresco (NYSE:AMRC – Get Rating) last issued its quarterly earnings results on Tuesday, November 1st. The utilities provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.07. Ameresco had a return on equity of 14.15% and a net margin of 5.51%. The business had revenue of $441.30 million during the quarter, compared to the consensus estimate of $418.61 million. As a group, equities research analysts expect that Ameresco, Inc. will post 1.9 earnings per share for the current year.
Ameresco, Inc, a clean technology integrator, provides a portfolio of energy efficiency and renewable energy supply solutions in the United States, Canada, and internationally. It offers energy efficiency, infrastructure upgrades, energy security and resilience, asset sustainability, and renewable energy solutions for businesses and organizations.
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