Category: Stock Market

We’ve been inundated with search queries trying to figure out just who are the owners of Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares.

Obviously, being a public company, it is owned by the ‘public’ via the shareholders on its register. This we know. However, just who among that group are the specific owners, and where do they come from?

We’ve done some digging from available sources and come up with the answers. Let’s take a look.

Who owns ANZ shares?

Let’s break this down by separating as much of the information into various categories as possible to get a clear picture of the ownership summary.

First, the institutions. According to Bloomberg data, as of 3 April 2022, institutional investors own 20.05% of ANZ’s shares and 19.79% of its float.

That’s made up of 521 institutions, which, curiously, has 167 sellers on its list. Some of these include The Vanguard Group Inc, which owns 4.98% of ANZ’s shares, Norges Bank Investment Management with a 1.8% stake, and Colonial First State Superannuation Corporation which has a 0.67% stake.

Most of these entities also have substantial and diversified holdings in most if not all of the other banking majors as well.

The remaining float, or roughly 80.2% of shares, is owned by the general public, otherwise known as retail investors.

So on that basis, ANZ is majority-owned by ‘the public’, as it were. There isn’t much insider activity – ‘insiders’ such as executives and the like only hold 0.03% of the company’s float.

Geographically, most of the ownership is concentrated in the US, Bloomberg data shows, with 42.37% of owners living there, distantly followed by Australia at 24.87%.

Investors from Ireland, Japan, the UK, and Luxembourg each collectively have 4.6%, 4.4%, 4.3%, and 3.1% ownership stakes, respectively.

What about the type of owner?

Hedge funds? Pensions Funds? Individual investor? Turns out the major category of owner is investment advisor, with 84.2% of shares owned by some entity or individual with the title.

Following this are sovereign wealth funds with a 12.7% stake, while other banks have 1.15% ownership of ANZ. And yes, pension funds own 0.17%.

Here’s some other fun yet curious information. Out of all the funds that own ANZ shares, most are a part of a multi-strategy product – almost 11%.

ANZ is also 1.87% owned by value-oriented funds and 1.5% by growth-type funds. In a similar paradox, while most of the geographic ownership is in the US, most of the fund ownership is centred here in Australia.

There’s the ownership breakdown of ANZ and who owns what of its equity. Keep in mind that, while shareholders are considered the equity holders or true owners of a company, ANZ also has an entire debt summary as to who owns its issued bonds.

That’s important because bondholders and creditors are considered primary claimants of the company, meaning that in the event of insolvency or liquidation, they have first dibs on the company’s assets – shareholders get paid last.

With respect to ANZ’s issued debt, BlackRock Inc. is the major holder, followed by Vanguard Group, with UBS and Credit Suisse following closely behind.

The ANZ share price is edging higher today, up 0.51% to $27.48 at the time of writing, However, it is down more than 4% for the last 12 months and finds itself in the red this year to date as well.

The post Who owns ANZ shares? Take a look. You might be surprised appeared first on The Motley Fool Australia.

More reading

• What to expect from the ANZ half year result
• 5 things to watch on the ASX 200 on Monday
• Here’s how the ANZ share price performed in March
• How did ASX 200 bank shares perform today?
• What’s the outlook for the ANZ share price in April?

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Aristocrat Leisure Limited (ASX: ALL) share price is edging lower on Friday.

In afternoon trade, the gaming technology company’s shares are down slightly to $33.40.

This means the Aristocrat share price is down almost 27% in 2022.

Is the Aristocrat share price good value now?

One leading broker that believes the weakness in the Aristocrat share price this year is a buying opportunity is Citi.

According to a note out of the investment bank this morning, its analysts have initiated coverage on the company’s shares with a buy rating and $44.00 price target.

Based on the current Aristocrat share price, this implies potential upside of just under 32% for investors over the next 12 months.

Why is Citi bullish on Aristocrat?

The note reveals that Citi believes Aristocrat would be a great long term option for investors thanks to its mobile game business and new market opportunities. The latter includes real money gaming, which the company attempted to enter with the failed acquisition of Playtech.

Citi commented:

“Aristocrat represents a compelling long-term growth story, with exposure to ongoing growth in mobile game penetration and potential to grow into new markets. The Gaming business offers annuity like earnings through its Class III gaming operations.

In Digital, we believe the market is implying at least three new hit titles across the RPG, Action, Strategy, and Social Casual genres by FY24e, putting pressure on recent releases to be successful. In contrast, expectations appear reasonable for the higher margin Social Casino genre where Aristocrat is a market leader.

Despite the Playtech acquisition not proceeding, the immense opportunity in Real Money Gaming remains. We initiate with a Buy rating and a $44.00 target price.”

All in all, this could make Aristocrat one to consider right now.

The post Jackpot! Citi tips Aristocrat share price to surge 30% higher appeared first on The Motley Fool Australia.

More reading

• The next ASX share ready to join the 20-bagger club: expert
• 3 ASX shares going for way cheaper than they’re worth: Wilsons
• Analysts name 2 ASX growth shares to buy with 40%+ upside
• 3 ASX growth shares brokers rate as buys

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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ASX uranium shares are launching higher in Friday’s session following a similar surge in the energy commodity’s price overnight.

The S&P/ASX Energy Index (ASX: XEJ) is Friday’s best performing sector. That’s likely also helping push the share prices of ASX uranium producers higher.  

Let’s take a closer look at what’s going on with the energy commodity producers on Friday.

ASX uranium shares take off on Friday

ASX uranium shares are in the green today amid reports the commodity’s price has hit a new multi-year high.

At the time of writing, the Paladin Energy Ltd (ASX: PDN) share price is leading the S&P/ASX 200 Index (ASX: XJO), gaining 10.62%.

Meanwhile, the share prices of Deep Yellow Limited (ASX: DYL), Boss Energy Ltd (ASX: BOE), Peninsula Energy Ltd (ASX: PEN), and Bannerman Energy Ltd (ASX: BMN) are all taking off.

They’ve gained 9.7%, 9.4%, 14.89%, and 15.74% respectively.

For context, the ASX 200 is currently up 0.5%, as is the All Ordinaries Index (ASX: XAO). The ASX energy sector is also recording a 1.1% gain right now.

The Boss Energy share price is likely also rising on news of the early completion of the company’s share purchase plan.

The capital raise – which aimed to raise up to $5 million by issuing new shares for $2.15 apiece – received applications totalling $17.6 million. As a result, the company has scaled back the offer.

What’s going on with uranium prices?

ASX uranium shares are gaining amid news the price of uranium reached its highest point in more than a decade overnight.

Uranium futures reached US$61.60 per pound in Thursday’s session overseas, according to data from Trading Economics.

It comes as the United States Congress passed legislation to remove Russia’s preferential trade status and to ban Russian oil and gas imports, according to reporting by the New York Times.

It’s yet another move to financially punish the former-soviet nation for its invasion of Ukraine.

While the legislation still needs the approval of US President Joe Biden, the publication said it was expected to be instigated.

The United States relies on nuclear energy for a significant chunk of its electricity. It also imports much of its uranium from Russia and its allies.

Thus, a potentially changed trade relationship – and resulting tariffs – could impact the supply of the nuclear fuel, boosting its value.

Additionally, the United Kingdom recently announced it’s planning to build up to eight nuclear reactors as part of its energy security strategy.

The plan will help the nation phase out its use of Russian oil and coal this year. It’s also aiming to ditch Russian gas as soon as possible.

The post Why are ASX uranium shares having such a stellar end to the week? appeared first on The Motley Fool Australia.

More reading

• ASX 200 lunch update: GrainCorp jumps on earnings upgrade, Pro Medicus signs $32m deal
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why Andromeda Metals, Block, Paladin Energy, and Zip shares are dropping
• ASX 200 (ASX:XJO) midday update: Block and Zip sink, Paladin Energy raises $200m
• Here’s why the Paladin Energy share price is sliding today

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The BHP Group Ltd (ASX: BHP) share price has registered strong gains over the past few years. This comes despite the world’s largest miner suffering a few hiccups along the way, such as the COVID-19 pandemic.

Nonetheless, BHP shares have created wealth for investors who bought and held their shares over the long term.

Below, we calculate how much you would have made If you bought $10,000 worth of BHP shares 5 years ago.

What’s happening with BHP in 2022?

Since the start of the year, the BHP share price has posted a return of almost 25%.

The accent of iron ore prices is providing a strong support base for the company’s margins. Regarded as a key commodity in BHP’s portfolio, this is particularly important given a majority of its revenues come from the steelmaking ingredient.

Currently, the price of iron ore is fetching for US$151.50 a tonne, up 30.64% in the past 4 months.

It’s worth noting that in the financial year ending 31 December 2021, iron ore accounted for more than half of the total group revenue from BHP.

So, how much would you have if you invested $10,000 from 5 years ago?

If you invested $10,000 into BHP shares in 2017, you would have picked them up for approximately $25.73 a piece. This equates to about 388 shares without topping up along the way during the down periods.

Fast-forward to today, the current BHP share price is $51.45. This means those 388 shares would be worth $19,962.60.

Not a bad effort for almost doubling your initial investment in one of the ASX’s most safe and reliable companies. 

When looking at percentage terms, this implies an average yearly return of 14.83%. In comparison, the S&P/ASX 200 Index (ASX: XJO) has given back roughly 4.89% over the same timeframe.

What about the dividends?

Over the course of the last five years, BHP has made a total of 12 dividend payments from March 2017 to March 2022.

Adding those 12 dividends payments gives us an amount of $13.8421 per share. Calculating the number of shares owned against the total dividend payment gives us a figure of $5,370.73.

When putting both the initial investment gains and dividend distribution, an investor would have $25,333.33 worth of BHP shares.

In comparison, investing the same amount in the ASX 200 would have netted you a total figure of $12,649.63.

BHP share price summary

Over the past 12 months, BHP shares have stormed 10% higher following a rollercoaster ride for investors.

The company’s shares were heavily sold off in August 2021 after reaching an all-time high of $54.55. Since then, its shares hit a 52-week low of $35.56, before surging back up again near its record high.

Based on today’s price, BHP presides a market capitalisation of roughly $261.62 billion and has approximately 5.06 billion shares outstanding.

The post If you’d bought $10,000 of BHP shares 5 years ago, here’s what you’d have now appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Friday
• 3 more of the ‘best’ ASX 200 shares to buy this month: Morgans
• Why Macquarie says the BHP share price can gain another 19%
• 2 buy-rated ASX 200 dividend shares analysts are recommending
• What sent ASX mining shares flaming higher in March?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The 88 Energy Ltd (ASX: 88E) share price is on fire today, up 14.3% at the time of writing.

88 Energy shares closed yesterday at 1.4 cents and are currently trading at 1.6 cents.

That gives the ASX oil and gas company a market cap north of $238 million.

So, what’s driving investor interest today?

What resource update was announced?

The 88 Energy share price is charging higher after the company updated the market on the ongoing assessment of its Project Icewine acreage.

Project Icewine, located on the central North Slope of Alaska, covers some 195,000 acres of highly prospective oil and gas territory.

The ASX energy share said that preliminary third-party mapping of 88 Energy’s Shelf Margin Delta (SMD) play “indicates extension of the SMD play fairway”, onto its Project Icewine leases. The company noted that Pantheon Resources has had “significant success” on its neighbouring lease over the past few months.

According to the release:

The source rocks (GRZ/HRZ) for the Brookian plays within the Project Icewine area are modelled to be within the oil mature window, with historical wells reporting abundant oil shows and interpreted oil saturations from electric log data.

88 Energy also noted that testing undertaken by Pantheon in a well drilled only 2.8 miles (4.5km) north of the Project Icewine “confirmed reservoir deliverability of light, sweet oil”.

Also potentially spurring ASX investor interest today, and helping send up the 88 Energy share price, was the report that mapping of the company’s Seabee Lower Basin Floor Fan and Slope Fan System are close to complete.

Shareholders awaiting the independent resource update for Project Icewine were informed this is expected to be done in Q2.

88 Energy share price snapshot

Despite today’s big boost, the 88 Energy share price remains down 47% in 2022. By comparison, the All Ordinaries Index (ASX: XAO) is down 2% year-to-date.

The post Here’s why the 88 Energy share price is rocketing 14% today appeared first on The Motley Fool Australia.

More reading

• Guess which 2 ASX shares were the best and worst All Ordinaries performers in March
• Why 88 Energy, Gold Road, Sigma, and Star shares are dropping
• This ASX energy share just plunged 52%. Here’s why

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to snap its losing streak and end the week on a positive note. The benchmark index is up 0.6% to 7,489.1 points.

Here’s what is happening on the ASX 200 today:

GrainCorp upgrades guidance

The GrainCorp Ltd (ASX: GNC) share price hit a record high this morning following an earnings guidance update. The release notes that the company has been benefiting from significant ongoing global demand for Australian grain and oilseeds. It also notes that planting conditions for the upcoming east coast Australian winter crop are favourable. All in all, this has led to management upgrading its earnings guidance for FY 2022.

Pro Medicus signs major contract

The Pro Medicus Limited (ASX: PME) share price is rising today. This has been driven by news that the health imaging technology company has won a major new contract. According to the release, the company’s US business, Visage Imaging, has signed a $32 million, eight-year contract with Inova Health System.

Ampol update

The Ampol Ltd (ASX: ALD) share price is pushing higher on Friday. This follows news that the New Zealand Commerce Commission has approved the sale of its Gull NZ business to Allegro. This paves the way for Ampol to complete the acquisition of Z Energy Ltd (ASX: ZEL).

Best and worst ASX 200 performers

The best performer on the ASX 200 has been the Paladin Energy Ltd (ASX: PDN) share price with a 10% gain. Paladin and other uranium shares are charging higher today. Going the other way, the worst performer on the ASX 200 has been the IGO Ltd (ASX: IGO) share price with a 2.5% decline. This morning UBS initiated coverage on IGO with a sell rating and $12.65 price target.

The post ASX 200 lunch update: GrainCorp jumps on earnings upgrade, Pro Medicus signs $32m deal appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to sell today
• Ampol share price nears a new 52-week high following milestone approval
• Pro Medicus share price jumps on $32m contract news
• GrainCorp share price jumps 9% to record high on guidance upgrade amid ‘significant’ demand
• Worried about current ASX share market uncertainty? Read this

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Pro Medicus Ltd. The Motley Fool Australia owns and has recommended Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Things aren’t looking too rosy for the Zip Co Ltd (ASX: Z1P) share price these days. At the time of writing, Zip shares are trading at $1.44 each, down 1.23% for the day thus far. That’s only a whisker away from the company’s 52-week low of $1.40 a share that we saw only last month.

But some big changes are coming to Zip shares next week, changes that all shareholders should be aware of. Earlier this week, the buy now, pay later (BNPL) company announced the results of its recent share purchase plan (SPP). This SPP was offered to retail shareholders, who were given the option of purchasing up to $30,000 additional Zip shares.

This was offered at either the lesser price of $1.90 per share, or at “a 2% discount to the volume-weighted average price of Zip’s shares traded on the ASX during the five trading days up to and including Friday, 1 April 2022 (being the date the offer closed), rounded to the nearest cent”.

The latter option ended up being the lesser of these two, so Zip confirmed the share price offered would be $1.48.

Zip share purchase plan leads to 16 million new shares

Unfortunately for any investor who subscribed to this plan, the company is today trading below that value. So it’s perhaps no surprise that Zip only managed to raise $23.99 million of the $50 million that it had on the table.

Zip had told investors that it intends to use this extra capital to shore up its balance sheet. In addition, it will also use the capital to “position Zip for sustainable growth by providing more capital runway to execute on potential synergies [resulting from the proposed merger with Sezzle Inc (ASX: SZL)]“.

This means that, come Monday (11 April), 16.21 million new Zip shares will hit the ASX boards.

So what does this mean for the Zip share price? Well, additional shares are rarely a good thing for a company’s share price on a purely numerical basis. That’s because the laws of supply and demand dictate that an increase in supply results in a fall in price. If investors are enthusiastic about what a company intends to raise capital for, it can overcome this inherent weakness that new shares bring. But, unfortunately in this case, this doesn’t seem to be playing out.

At the current Zip Co share price, this BNPL share has a market capitalisation of $990.2 million.

The post 16 million new Zip shares will hit the ASX on Monday. What does this mean? appeared first on The Motley Fool Australia.

More reading

• March was a lousy month for ASX BNPL shares. Here’s why
• Why Andromeda Metals, Block, Paladin Energy, and Zip shares are dropping
• Zip share price sinks following share purchase plan results
• ASX 200 (ASX:XJO) midday update: Block and Zip sink, Paladin Energy raises $200m
• Why did the Zip share price get smashed in March?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

The cryptocurrency market has been somewhat precarious in recent weeks, with bouts of volatility resulting in surprise rallies and dips.

Today, this volatility has once again materialized, this time to the downside. Top tokens Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) have sunk 1.9%, 1.7%, and 4.6%, respectively, over the past 24 hours as of 12:15 p.m. ET.

These moves come amid the typically bullish Bitcoin conference held in Miami. Other metrics such as trading volumes and buying activity remain strong, particularly for Bitcoin and Ethereum.

That said, investors appear to be reconsidering, once again, the extent to which higher-risk assets such as digital tokens fit within their given risk parameters.

Yesterday’s release of the minutes from the Federal Open Market Committee meeting in March signaled that aggressive rate hikes could make cheap capital a thing of the past. Right now, investors attempting to digest what this means for the crypto market appear to be taking a rather bearish view of the current situation.

For more speculative meme tokens such as Dogecoin, today’s underperformance may not be surprising in this light.

So what

Both equity and crypto investors appear to be taking the view that the aggressive interest rate hikes that may have been priced into the market may not be fully reflecting the extent to which central banks may choose to hike.

A reduction of liquidity across the board could hurt asset prices broadly. However, for assets that are more difficult to value or are based more on momentum (such as cryptocurrencies), the effects of this removal of accommodative policy could be very detrimental. At least, that’s what the market appears to be pricing in today.

Now what

With cryptocurrencies moving in closer correlation to equities in recent months, many investors have simply come to the conclusion that Bitcoin, Ethereum, and even more speculative tokens like Dogecoin may represent higher-beta-risk assets.

In an environment of tightening monetary policy, it’s becoming clearer that the risk profile of these investments may not fully reflect this new status quo.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why Bitcoin, Ethereum, and Dogecoin are singing the blues today appeared first on The Motley Fool Australia.

More reading

• Bitcoin price tumbles overnight. What can crypto investors expect next in 2022?
• Own CBA shares? Here’s why the bank’s crypto rollout is facing delays
• How these top cryptos stacked up against Bitcoin and Ethereum in March
• Why Bitcoin, Ethereum, Dogecoin, and Shiba Inu are down today
• Why this crypto is the most resilient to inflation: experts

Author Chris MacDonald owns Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Bitcoin and Ethereum. The Motley Fool Australia owns and has recommended Bitcoin and Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Bailador Technology Investments Ltd (ASX: BTI) share price has shot higher in morning trading. It’s up around 17% amid a proposed deal to buy one of its portfolio holdings, Instaclustr.

For people that haven’t heard of these two businesses, Bailador is a listed technology investment fund that focuses on tech companies in the expansion stage that are demonstrating fast revenue growth and typically have a relatively high level of recurring revenue.

Instaclustr is described as a leading platform provider of a fully managed open-source database, with workflow applications, delivered as a service.

Takeover deal for Instaclustr

Bailador said that on 7 April 2022, NetApp Inc (NASDAQ: NTAP), a global cloud-led, data-centric software company, announced that it had signed a definitive agreement to acquire Instaclustr.

As a result of this transaction, Bailador will increase its carrying value in Instaclustr to A$118 million.

The valuation uplift of $54 million is an increase of 38 cents for the net tangible assets (NTA) per share, pre-tax. The Bailador share price has gone up 22 cents at the time of writing.

The sale price is subject to normal final adjustments. Closing proceeds are subject to the payment of transaction costs and to exchange rate movements between signing and closing.

After the transaction is completed, Bailador will realise its full position in Instaclustr in cash with proceeds expected to be received in FY22.

The agreement is subject to some regulatory approvals and certain conditions to closing. Bailador said it would keep the market updated as these conditions are satisfied and provide further information at that time.

Management commentary

David Kirk, the managing partner and co-founder of Bailador, said:

Instaclustr has been a standout performer in the Bailador portfolio since investment, and the sale of the company to NetApp represents a great outcome for both Bailador and Instaclustr shareholders.

Why is NetApp buying Instaclustr?

Netapp explained modern cloud applications rely on a growing set of foundational services including multiple open-source databases, data pipelines, and workflow solutions.

The CEO of NetApp, George Kurian said:

The acquisition of Instaclustr will combine NetApp’s established leadership in continuous storage and compute optimisation with Instaclustr’s fully-managed database and data pipeline services to give customers a cloud operations platform that provides the best and most optimised foundation for their applications in the public clouds and on-premises.

Bailador share price snapshot

Despite the large rise in the Bailador Technology Investments share price today, it is still down 3% in the 2022 calendar year to date amid a widespread decline of tech shares on the ASX share market and the global share market.

The post Up almost 20%: Bailador share price goes BANANAS amid Instaclustr takeover appeared first on The Motley Fool Australia.

More reading

• Are these 2 compelling ASX growth shares buys in April 2022?

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Bailador Technology Investments Limited. The Motley Fool Australia has recommended Bailador Technology Investments Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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On Wednesday, we looked at three ASX shares that brokers have given buy ratings to this week. Unfortunately, not all shares are in favour with brokers right now.

Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why they are bearish on them:

ASX Ltd (ASX: ASX)

According to a note out of Morgans, its analysts have retained their reduce rating but lifted their price target on this stock exchange operator’s shares to $73.05. This follows the release of the company’s activity update for March, which Morgans considered to be relatively soft. In light of this, although it acknowledges ASX as a stable and quality franchise, the broker believes its shares are expensive and suggests investors wait for a better entry point. The ASX share price is trading at $82.15 on Friday.

IGO Ltd (ASX: IGO)

A note out of UBS reveals that its analysts have initiated coverage on this battery metals miner’s shares with a sell rating and $12.65 price target. While UBS highlights that IGO provides investors with exposure to an attractive area of the resources sector and is bullish on lithium and nickel, it isn’t a fan of the company’s current valuation. It also fears that current lithium and nickel prices are unsustainable. The IGO share price is fetching $13.67 today.

Magellan Financial Group Ltd (ASX: MFG)

Analysts at Macquarie have retained their underperform rating but lifted their price target on this fund manager’s shares to $13.25. This follows the release of the company’s latest funds under management update. While Macquarie was pleased to see Magellan’s fund outflows slow, it doesn’t expect the outflows to stop any time soon. Particularly given the poor investment performance of its funds. The Magellan share price is trading at $17.14 on Friday.

The post Top brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

More reading

• Why Ardent Leisure, GQG, Magellan, and Melbana shares are charging higher
• ASX 200 midday update: Magellan jumps, tech shares tumble
• Magellan share price rockets 11% despite continued FUM carnage
• Magellan share price sinks again, down 6%
• IGO share price slips amid latest takeover rumours

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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