Are You Looking for a Top Momentum Pick? Why Acadian Asset Management (AAMI) is a Great Choice
Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Acadian Asset Management (AAMI), which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Acadian Asset Management currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market?
Let's discuss some of the components of the Momentum Style Score for AAMI that show why this asset manager shows promise as a solid momentum pick.
Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For AAMI, shares are up 4.58% over the past week while the Zacks Financial - Miscellaneous Services industry is flat over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 27.42% compares favorably with the industry's 7.95% performance as well.
While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of Acadian Asset Management have risen 48.59%, and are up 62.52% in the last year. On the other hand, the S&P 500 has only moved 19.65% and 14.95%, respectively.
Investors should also pay attention to AAMI's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. AAMI is currently averaging 292,175 shares for the last 20 days.
Earnings Outlook
The Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with AAMI.
Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. This revision helped boost AAMI's consensus estimate, increasing from $2.86 to $3.18 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.
Bottom Line
Taking into account all of these elements, it should come as no surprise that AAMI is a #1 (Strong Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Acadian Asset Management on your short list.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Acadian Asset Management Inc. (AAMI) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
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