Tag: Motley Fool

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had one of its worst days of the year. The benchmark index sank 1.4% to 7,008.9 points.

Will the market be able to bounce back from this on Wednesday? Here are five things to watch:

ASX 200 expected to rebound

The Australian share market looks set to rebound on Wednesday following a solid night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 28 points or 0.4% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.5%, the S&P 500 is up 1.15% and the Nasdaq is 1.5% higher.

Oil prices crash

Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a difficult session after oil prices crashed overnight. According to Bloomberg, the WTI crude oil price is down 4.7% to US$71.29 a barrel and the Brent crude oil price has dropped 4.2% to US$77.39 a barrel. Traders were selling oil after an in-line US inflation reading reignited fears over rate hikes and a potential financial crisis.

Qantas shares are a buy

The team at Goldman Sachs has reiterated its bullish view on Qantas Airways Limited (ASX: QAN) shares. The broker said: “We believe that the -7% share price reaction on results day (and the current share price) does not reflect the group’s improved earnings capacity.” It has a conviction buy rating and $8.30 price target on the airline operator’s shares.

Gold price softens

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued session after the gold price ran out of steam and edged lower overnight. According to CNBC, the spot gold price is down 0.35% to US$1,909.8 an ounce. Rising bond yields halted gold’s recent surge.

ASX 200 shares going ex-div

A number of ASX 200 shares are going ex-dividend on Wednesday and could trade lower. This includes appliance manufacturer Breville Group Ltd (ASX: BRG), auto retailer Eagers Automotive Ltd (ASX: APE), poultry producer Inghams Group Ltd (ASX: ING), and telco TPG Telecom Ltd (ASX: TPG). In respect to Eagers Automotive, last month it declared a record fully franked final dividend of 49 cents per share. This will now be paid at the end of the month on 31 March.

The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Qantas shares have dumped 7% in 3 days. Should I buy?
• Why has the Newcrest share price leapt 7% in under a week?
• Down 12% in a week, has the Woodside share price got further to fall?
• ASX 200 dives 2%, wiping out last of 2023 gains

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 Tpg Telecom. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Are you looking for dividend shares to buy this week? If you are, then the two listed below could be worth checking out.

Both are in the banking sector but operate in very different ways. Here’s what you need to know about these ASX dividend shares:

Macquarie Group Ltd (ASX: MQG)

The first ASX 200 dividend share that could be in the buy zone is this investment bank.

Morgans is a fan and has an add rating and $214.51 price target on the company’s shares.

The broker likes Macquarie due to its strong performance in FY 2023 and its structural growth opportunities. It commented:

MQG is a quality franchise, exposed to structural growth areas, and the company has performed exceptionally well in a more difficult FY23 environment. MQG has also consistently delivered attractive returns over time (~15% average ROE) and with >10% share price upside to our price target (A$214), we maintain our ADD recommendation.

In respect to dividends, the broker is expecting partially franked dividends of $7.41 per share in FY 2023 and $7.13 per share in FY 2024. Based on the current Macquarie share price of $176.53, this will mean yields of 4.2% and 4%, respectively.

National Australia Bank Ltd (ASX: NAB)

Goldman Sachs is a fan of this big four bank and sees it as an ASX 200 dividend share to buy.

Its analysts currently have a buy rating and $35.42 price target on its shares.

The broker is positive on NAB due partly to its exposure to commercial lending, which it expects to outperform in the current environment. The broker commented:

We are Buy rated on NAB given: i) we see volume momentum over the next 12 months as favouring commercial volumes over housing volumes and NAB provides the best exposure to this thematic, ii) NAB has delivered the highest levels of productivity over the last three years, which we think leaves it well positioned for an environment of elevated inflationary pressure

As for dividends, Goldman is expecting NAB to pay fully franked dividends of $1.73 per share in FY 2023 and $1.76 per share in FY 2024. Based on the current NAB share price of $28.10, this means yields of 6.15% and 6.25%.

The post Buy Macquarie and this ASX 200 passive income share: analysts appeared first on The Motley Fool Australia.

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More reading

• ASX 200 bank shares punished again on US bank fallout
• 5 things to watch on the ASX 200 on Tuesday
• ASX 200 bank shares: Are they better prepared than Silicon Valley Bank?
• S&P 500 futures lift as regulators shore up SVB deposits
• 3 reasons the 8% NAB dividend yield looks safe to me

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 positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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There are a lot of options for investors in the mining sector. But with so much choice, it can be hard to decide which ones to buy over others.

Don’t worry, because the team at Morgans has been busy picking out the best ASX shares to buy this month. Two ASX mining shares that the broker has on its list are named below.

Here’s why they could be top mining options for investors:

Mineral Resources Ltd (ASX: MIN)

This mining and mining services company is on Morgans’ list again in March. The broker continues to believe that Mineral Resources is the perfect option for investors looking for exposure to China’s reopening from the pandemic. The broker explained:

MIN is a founder-led business and top tier miner and crusher that has grown consistently despite barely issuing a share over the last decade. Also helping our investment view is that MIN’s diversification leaves it far more capable of tolerating volatility in lithium markets than its peers in the sector. We see MIN’s lithium / iron ore market exposures as an ideal combination to benefit from the China re-opening increase in demand during 1H’CY23. We also see MIN as well placed to grow into its valuation, even if we see unexpected metal price volatility, given the magnitude of organic growth in the pipeline.

Morgans has an add rating and $102.00 price target on Mineral Resources’ shares. The broker is also forecasting a double digit dividend yield next year.

South32 Ltd (ASX: S32)

The other ASX 200 mining share that makes the list this month is South32. Morgans is bullish on the diversified mining giant due to its belief that it is well-placed for the future thanks to its portfolio transformation. It commented:

S32 has transformed its portfolio by divesting South African thermal coal and acquiring an interest in Chile copper, substantially boosting group earnings quality, as well as S32’s risk and ESG profile. Unlike its peers amongst ASX-listed large-cap miners, S32 is not exposed to iron ore. Instead offering a highly diversified portfolio of base metals and metallurgical coal (with most of these metals enjoying solid price strength). We see attractive long-term value potential in S32 from de-risking of its growth portfolio, the potential for further portfolio changes, and an earnings-linked dividend policy.

Morgans currently has an add rating and $5.60 price target on South32’s shares. The broker expects an almost 5% dividend yield this year.

The post These are the best ASX 200 mining shares to buy in March: Morgans appeared first on The Motley Fool Australia.

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More reading

• Why are ASX 200 lithium shares falling so hard today?
• Investing $10k in this ASX stock could generate passive income of over $1k per year
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Here’s why the South32 share price is being hammered today
• Forget high interest savings accounts and buy these ASX 200 dividend shares with huge yields: analysts

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 Scott Phillips.

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There are plenty of exchange traded funds (ETFs) for investors to choose from on the Australian share market. But which ETFs could be top options right now?

Listed below are three excellent ETFs from very different sides of the market that could be worth considering. Here’s what you need to know about them:

BetaShares Global Cybersecurity ETF (ASX: HACK)

The first ETF for investors to look at is the BetaShares Global Cybersecurity ETF. This fund provides investors with the opportunity to invest in the rapidly growing cybersecurity sector. This means you’ll be buying companies such as Accenture, Cisco, Cloudflare, Crowdstrike, and Palo Alto Networks. As we saw countless times last year, cyber attacks are on the rise and demand for cybersecurity services is growing. This bodes well for the companies included in this ETF.

BetaShares Global Energy Companies ETF (ASX: FUEL)

If you’re keen to gain exposure to the booming energy market, then the BetaShares Global Energy Companies ETF could be the way to do it. This ETF allows investors to invest in many of the largest energy producers in the world through a single investment. Through this ETF you’ll be owning a slice of the likes of BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell.

BetaShares NASDAQ 100 ETF (ASX: NDQ)

A final ETF for investors to look at buying is the BetaShares NASDAQ 100 ETF. This incredibly popular ETF gives investors access to some of the highest quality companies in the world. Among the companies you’ll be investing in are Alphabet (Google), Amazon, Apple, Meta (Facebook), Microsoft, Netflix, and Tesla. With the NASDAQ still down 11% over the last 12 months, then it could be a good time to make a long term investment.

The post 3 excellent ETFs for ASX investors to buy for the long term appeared first on The Motley Fool Australia.

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More reading

• 2 top ETFs for ASX growth investors to buy next week
• 3 ETFs for investors to buy and hold for a decade
• How I’d aim to replace an entire salary with passive income from ASX dividend shares
• Top ASX ETFs to buy in March 2023
• 3 excellent ETFs for ASX investors to sink their money into this month

Motley Fool contributor James Mickleboro has positions in BetaShares Nasdaq 100 ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended BetaShares Global Cybersecurity ETF and BetaShares Nasdaq 100 ETF. The Motley Fool Australia has positions in and has recommended BetaShares Global Cybersecurity ETF and BetaShares Nasdaq 100 ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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ANZ Group Holdings Ltd (ASX: ANZ) shares have taken a bit of a beating recently.

Concerns over the Silicon Valley Bank collapse have sent many investors to the exits, driving the bank’s shares deep into the red.

The good news is that if you have confidence in the Australian banking sector, then this may have created a mouth-watering opportunity for investors.

ANZ shares could have huge upside

According to a recent note out of Citi, its analysts believe that ANZ is the best bank to buy right now.

Citi was pleased with ANZ’s first-quarter update and believes its earnings are currently ahead of expectations.

As a result, the broker has named it as its top pick in the sector with a buy rating and $29.25 price target on its shares. Based on the current share price, this implies potential upside of 27% over the next 12 month for ANZ shares.

Citi commented:

ANZ’s 1Q23 disclosures exhibited strong trends in both lending growth and asset quality. No earnings disclosure was provided, but we think that after backing out RWA movements from capital, it comfortably implies above market earnings, although subject to movements in deductions/reserves.

Citi also highlights that ANZ’s asset quality remains strong despite the current environment. It adds:

Despite fears of deteriorating asset quality, impaired assets declined again in the quarter, although this could be the bottom as seasonally mortgages and personal credit arrears tick higher in the March quarter.

The broker concludes:

Institutional lending momentum continued and accelerated in the Dec qtr, which we expect was driven by more available liquidity and pricing vs debt markets. ANZ remains our top pick in the sector, and we expect the lending momentum, particularly in institutional, to continue to differentiate vs peers.

Don’t forget the dividends

But there’s more than just upside on offer with ANZ shares. The broker is also expecting some big dividend yields in the near term.

Citi is forecasting fully franked dividends of 166 cents per share in FY 2023 and then 176 cents per share in FY 2024. This would mean yields of 7.2% and 7.6%, respectively, for investors.

The post Here’s why this top broker is tipping 27% upside for ANZ shares appeared first on The Motley Fool Australia.

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More reading

• ASX 200 bank shares punished again on US bank fallout
• ASX 200 bank shares: Are they better prepared than Silicon Valley Bank?
• S&P 500 futures lift as regulators shore up SVB deposits
• How to make $50,000 of retirement income with ASX shares
• Why are ASX 200 bank shares like CBA being annihilated today?

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 Scott Phillips.

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The Zip Co Ltd (ASX: ZIP) share price closed 4.95% lower today amid rumours that a listed buy now, pay later (BNPL) company has been asking banks for extra funds.

The rumours were reported by The Australian today.

Zip has not formally responded to the article via an ASX lodgement, and there is no other news out from the company today.

Meanwhile, it’s been a crummy day for the market all round, with the S&P/ASX 300 Index (ASX: XKO) finishing 1.45% in the red on Tuesday afternoon.

Let’s look into the rumours possibly affecting the Zip share price today.

Is gossip causing the Zip share price to fall?

The Australian cites unnamed sources claiming that a listed BNPL provider “has recently been approaching banks for additional funding, which some believe could signal that further efforts could be afoot to raise equity if funding cannot be sought elsewhere”.

According to the article:

Zip has said it was part of its normal course of business to be engaged with numerous banks, regarding its securitisation and debt funding programs – and based on its path to positive earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the first half of the 2024 financial year, it did not see a need to raise more capital.

The Australian says Zip made a $241 million statutory loss in 1H FY23 with cash losses of $33 million. This left it with $78.5 million of total cash and liquidity at 31 December, according to the article.

In its 1H FY23 results presentation on 23 February, Zip stated it “remains well funded with sufficient available cash and liquidity to deliver on positive group cash EBTDA during HY24”.

In an investor presentation released the same day, Zip said it expects its “RoW cash burn to be neutralised in 2H FY23” following a strategic review of its operations.

The review led to a decision to exit 10 out of 14 international markets. This will allow Zip to focus on the core markets of Australia, New Zealand, the United States, and Canada.

Zip’s Australia business has been cash flow positive for four years.

The company said its US and New Zealand businesses delivered positive cash EBTDA in November and December 2022. They “remain on track to exit FY23 with positive cash EBTDA on a sustainable basis”.

Global asset sale to boost liquidity

As we reported recently, Zip is now undertaking a global asset sale as it exits those 10 regions.

Zip CEO Larry Diamond said he expects “significant inflows from those regional sales”.

He expects them to be completed by the end of FY23.

Diamond said:

[The asset sales will] deliver cash inflows during the second half of FY23 and neutralise the cash burn in these markets. With these proceeds and the improvements we are seeing in the core business, we have sufficient cash and liquidity to deliver on our target of group positive cash EBTDA during HY24.

According to Bloomberg, Zip is working with advisory firms to arrange the asset sales.

Zip remains one of the most shorted stocks on the ASX, with 9.3% of its capital shorted by the experts.

Other news in the BNPL space today

As my colleague James reported this morning, Zip rival Sezzle Inc (ASX: SZL) has announced it is planning to list on the NASDAQ exchange in the United States.

Sezzle said it is not seeking to raise capital by listing on the NASDAQ.

However, the company does hope the listing will expand its investor base.

The post Zip share price dips amid cap raise rumours appeared first on The Motley Fool Australia.

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More reading

• Here are the 10 most shorted ASX shares this week
• Broker tips 280% upside for Zip share price
• Here are the 10 most shorted ASX shares this week
• Zip share price gains amid global asset sale
• Why did the Zip share price crash 26% in February?

Motley Fool contributor Bronwyn Allen has positions in Zip Co. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Zip Co. 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 Scott Phillips.

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The Westpac Banking Corp (ASX: WBC) share price is down 1.2% in afternoon trading, having recovered from earlier intraday losses of more than 2.5%.

Shares in the S&P/ASX 200 Index (ASX: XJO) bank stock closed yesterday trading for $21.49 each. They are currently changing hands for $21.23 apiece.

Like the other ASX-listed banks, and indeed bank stocks the world over, the Westpac share price has been under selling pressure since Thursday’s close.

Investors have been lightening their holdings of financial shares in the wake of last week’s collapse of United States-based SVB Financial Group (NASDAQ: SIVB).

With Westpac shares now trading below $22, is the ASX bank 200 bank a buy?

Is the ASX 200 bank stock a buy?

Financial shares may remain under some short-term selling pressure as investors eye other potential global bank collapses.

But this week’s retrace in the Westpac share price to $21.23 could well represent a good buying opportunity.

Indeed, Morgans’ analysts are bullish on the stock.

“We view WBC as having the greatest potential for return on equity [ROE] improvement amongst the major banks if its business transformation initiatives prove successful,” the analysts note.

Morgans said the sources of that ROE improvement include “improved loan origination and processing capability, cost reductions (including from divestments and cost-out), rapid leverage to higher rates environment, and reduced regulatory credit risk intensity of non-home loan book”.

The broker has an add rating on Westpac shares with a $25.80 price target. That’s almost 21% above the current share price.

Morgans also has high dividend expectations from the big bank. Its analysts forecast a fully franked FY23 dividend of $1.53 per share.

At the current Westpac share price, that works out to a heady yield of 7.2%.

Now, not everyone is equally bullish on Westpac.

CEO of Fat Prophets Angus Geddes has a hold recommendation on the bank’s shares.

However, Geddes noted that Westpac could benefit from further Reserve Bank of Australia rate hikes (courtesy of The Bull):

The bank’s mortgage portfolio is delivering higher yields from increasing interest rates. The company’s total Australian mortgage portfolio marginally grew between September 2022 and December 2022. We expect the bank’s net interest margin to benefit from any further increases in interest rates.

Westpac share price snapshot

As you can see in the chart below, with the past days’ losses factored in, the Westpac share price is now down 9% in 2023.

The post Is the Westpac share price a buy below $22? appeared first on The Motley Fool Australia.

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More reading

• ASX 200 dives 2%, wiping out last of 2023 gains
• ASX 200 bank shares punished again on US bank fallout
• ASX 200 bank shares: Are they better prepared than Silicon Valley Bank?
• S&P 500 futures lift as regulators shore up SVB deposits
• Understanding the collapse of Silicon Valley Bank

SVB Financial provides credit and banking services to The Motley Fool. Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended SVB Financial. The Motley Fool Australia has recommended SVB Financial and Westpac Banking. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It’s been another calamitous day for the S&P/ASX 200 Index (ASX: XJO) so far this Tuesday. After a rough start to the week yesterday, sellers have stepped on the gas today, sending the ASX 200 down by a nasty 1.67% at the time of writing to just under 7,000 points.

The ASX 200 has now wiped out its gains for the entire 2023 year to date.

But let’s not let that sobering statistic ruin our Tuesday. So instead, let’s turn to an analysis of the ASX 200 shares that are presently at the top of the share market’s trading volume charts, according to investing.com. 

The 3 most traded ASX 200 shares by volume this Tuesday

Pilbara Minerals Ltd (ASX: PLS)

First up this Tuesday we have the ASX 200 lithium leader Pilbara Minerals. So far today, a sizeable 28.12 million Pilbara shares have made their way across the ASX boards. There hasn’t been any fresh news out of Pilbara itself today.

But we don’t have to look too much further to see where this volume might be coming from. The Pilbara share price has collapsed today, currently down by a depressing 6.56% at $3.64 a share. Lithium shares have been particularly hard hit in this sell-off, so this seems to be the cause of the high trading volumes we are seeing.

Medibank Private Ltd (ASX: MPL)

Next up we have ASX 200 health insurer Medibank Private. So far this session, a chunky 27.87 million Medibank shares have been exchanged on the ASX. We haven’t had any news out of Medibank today either, or indeed this month so far.

So it looks like another share price fall is to blame. Medibank hasn’t copped it as badly as Pilbara today. But this ASX 200 share is still down by a hefty 2% at $3.20 each. That puts its losses in March so far at just over 4%.

Sayona Mining Ltd (ASX: SYA)

Finally, this Tuesday, let’s take a look at another ASX 200 lithium stock in Sayona Mining. This trading session hasn’t been kind to Sayona shares. Despite a lack of news from the company itself, the Sayona share price has fallen by a nasty 6.7% and is now going for just 21 cents each.

Since last Thursday, the Sayona share price has lost more than 17% of its value. It’s this sizeable sell-off that seems to have placed Sayona at the top of the most traded stocks pile today, with a whopping 40.89 million shares traded thus far.

The post Here are the 3 most heavily traded ASX 200 shares on Tuesday appeared first on The Motley Fool Australia.

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More reading

• Down 24% in a month, is the Pilbara Minerals share price now a bargain buy?
• Why Bank of Queensland, Brainchip, Pilbara Minerals, and Yancoal shares are sinking today
• Why has the Newcrest share price leapt 7% in under a week?
• ASX 200 dives 2%, wiping out last of 2023 gains
• Top ASX 200 tech shares to buy right now: Morgans

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. 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 Scott Phillips.

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Trading in ASX 300 cannabis stock Incannex Healthcare Ltd (ASX: IHL) has been suspended at the company’s request today.

This follows Incannex shares going into a trading halt shortly after the market open on Friday.

The Incannex share price was frozen on Friday at 14 cents per share.

Let’s find out what’s happening with this ASX 300 cannabis stock.

ASX 300 cannabis stock on hold…

According to a statement, Incannex asked for a voluntary suspension in trading “pending the release of a material update regarding the company’s psychedelic program”.

Incannex asked the ASX to suspend trading until the earlier of either its announcement or the start of trading tomorrow.

What’s the latest news from Incannex?

Incannex develops medicinal cannabinoid pharmaceutical products.

The last lot of news from the ASX 300 cannabis stock came earlier this month.

Incannex announced it is going to develop and manufacture its own cGMP-grade psilocybin drug for clinical trials.

Investors loved the news and pushed the ASX 300 cannabis stock 12% higher on the day.

Last Thursday, my colleague Bernd reported that the Victorian government is considering amending state drug-driving laws to reflect the legality of medicinal marijuana.

Victoria was the first state to legalise medicinal cannabis in 2016.

Medicinal cannabis comes in a variety of forms. One form is plain cannabidiol oil, or CBD oil, which contains no psychedelic component, so it’s perfectly safe to take it and drive.

Another form of CBD oil mixes in a bit of THC, which is the active component in marijuana, and which shows up on roadside drug-driving tests.

The Victorian government is trying to work out a way to distinguish between the presence of THC in a driver’s system due to a medicinal cannabis prescription, and impairment as a result of THC ingested from the recreational use of marijuana.

The post ASX 300 cannabis stock Incannex suspended ahead of ‘material update’ appeared first on The Motley Fool Australia.

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More reading

• Buying ASX cannabis stocks? Here’s what the Victorian government is considering right now
• Why did this ASX 300 cannabis share just rocket 12%?

Motley Fool contributor Bronwyn Allen 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 Scott Phillips.

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The chair of ASX All Ordinaries stock Humm Group Ltd (ASX: HUM) appears to be taking advantage of his company’s share price slump.

The buy now, pay later (BNPL) share is down 2.04% today to 48 cents. This is broadly in line with the S&P/ASX All Ordinaries Index (ASX: XAO), which is down 1.77% today.

But the performance of the stock and its index diverge significantly when we look at the past 12 months.

The ASX All Ordinaries stock has lost 40% of its value while the All Ords has dropped by just 3.2%.

While this has, no doubt, disappointed shareholders, founding director and chair Andrew Abercrombie appears to see an opportunity for some dollar-cost averaging.

Let’s investigate.

Buying the dip on this ASX All Ordinaries stock?

A series of notices lodged with the ASX since the start of March reveal that Abercrombie made five on-market purchases of Humm shares through his super fund between 28 February and 7 March.

In total, Abercrombie spent just over $407,000 including brokerage fees purchasing 815,329 Humm shares.

This latest spending spree follows another that Abercrombie undertook in December when he made four other on-market purchases through this super fund.

The chair spent just over $174,000 on 319,453 shares that month.

He now holds almost 118.5 million shares in this ASX All Ordinaries stock.

Abercrombie isn’t the only Humm director buying shares in recent times either.

This indicates to investors that the people running the BNPL business are very confident in its future.

How is the Humm business going?

In its 1H FY23 results, Humm reported a 20% increase in total volumes to $2 billion and a statutory net profit after tax (NPAT) of $7.5 million.

This was a vast improvement on the $168.3 million loss reported in 1H FY22.

The company said it had a strong balance sheet with $103 million in unrestricted cash.

The ASX All Ordinaries stock will pay a fully franked interim dividend of 1 cent per share on 11 April.

The post This ASX All Ordinaries stock is down 40% in a year, and the chair is buying up big appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX All Ords share is rocketing 20% on lithium battery news
• Why did the Bank of Queensland share price just hit a multi-year low?
• Another ASX 200 company has been hit with a cyber incident. Here’s what we know
• Down 24% in a month, is the Pilbara Minerals share price now a bargain buy?
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor Bronwyn Allen 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 Humm Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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