What’s Next for American Express Company (AXP) After Forming Bullish Multiple Top Chart Pattern?

April 25, 2018 - By Dolores Ford

American Express Company (NYSE:AXP) Logo

Investors sentiment increased to 0.89 in Q4 2017. Its up 0.06, from 0.83 in 2017Q3. It improved, as 42 investors sold American Express Company shares while 442 reduced holdings. 122 funds opened positions while 311 raised stakes. 701.90 million shares or 1.01% less from 709.03 million shares in 2017Q3 were reported.
Captrust Advsrs invested in 28,022 shares or 0.17% of the stock. Wellington Mgmt Group Ltd Liability Partnership has 19.30 million shares for 0.42% of their portfolio. Stock Yards National Bank & Trust holds 0.05% or 4,232 shares in its portfolio. Ronna Sue Cohen has 2,504 shares for 0.18% of their portfolio. Gardner Russo Gardner Limited Liability holds 164,801 shares. First Pacific Advisors Limited Liability reported 1.96% stake. The New York-based Mufg Americas has invested 0.57% in American Express Company (NYSE:AXP). The Maryland-based Montgomery Invest has invested 0.12% in American Express Company (NYSE:AXP). Stewart West Indies Trading invested in 210,000 shares. Whitnell stated it has 1,888 shares. Hodges Management holds 16,007 shares. Tirschwell Loewy accumulated 0.04% or 2,800 shares. Alps Advsrs holds 0% in American Express Company (NYSE:AXP) or 4,881 shares. Granite Invest Prtn Ltd Liability Corporation owns 2,100 shares or 0.01% of their US portfolio. Ashfield Prtnrs Ltd Com reported 14,334 shares.

Since October 25, 2017, it had 0 insider buys, and 6 selling transactions for $30.72 million activity. 96,440 shares were sold by CHENAULT KENNETH I, worth $9.38 million on Thursday, December 14. Buckminster Douglas E. sold $8.79M worth of stock or 88,930 shares. 56,680 shares were sold by Gupta Ashwini, worth $5.63 million on Tuesday, December 12. Williams Anre D also sold $2.87M worth of American Express Company (NYSE:AXP) shares. Zukauckas Linda had sold 3,196 shares worth $304,962 on Friday, October 27. Shares for $4.32M were sold by O’Neill Michael John on Monday, December 11.

The stock of American Express Company (AXP) shows a multiple tops pattern with $108.43 target or 9.00 % above today’s $99.48 share price. The 9 months chart pattern indicates low risk for the $85.55B company. It was reported on Apr, 25 by Finviz.com. If the $108.43 price target is reached, the company will be worth $7.70 billion more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 0.96% or $0.96 during the last trading session, reaching $99.48. About 1.39 million shares traded. American Express Company (NYSE:AXP) has risen 17.81% since April 25, 2017 and is uptrending. It has outperformed by 6.26% the S&P500.

American Express Company (NYSE:AXP) Ratings Coverage

Among 23 analysts covering American Express (NYSE:AXP), 11 have Buy rating, 2 Sell and 10 Hold. Therefore 48% are positive. American Express had 38 analyst reports since December 5, 2017 according to SRatingsIntel. The rating was maintained by Wells Fargo on Friday, January 19 with “Buy”. RBC Capital Markets maintained the shares of AXP in report on Friday, January 19 with “Sell” rating. The rating was maintained by Stephens with “Hold” on Tuesday, January 2. Oppenheimer maintained American Express Company (NYSE:AXP) on Tuesday, February 20 with “Buy” rating. The rating was maintained by Wells Fargo on Tuesday, January 9 with “Buy”. The stock has “Sell” rating by Credit Suisse on Tuesday, December 5. The company was maintained on Thursday, April 19 by Barclays Capital. As per Thursday, April 12, the company rating was maintained by Oppenheimer. Jefferies maintained the stock with “Hold” rating in Wednesday, April 11 report. Guggenheim maintained American Express Company (NYSE:AXP) rating on Thursday, April 19. Guggenheim has “Hold” rating and $10400 target.

American Express Company (NYSE:AXP) Institutional Positions Chart

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