Bearish investor pressure is drowning out ACS in a bag. Despite the fact that many analysts see value as a great buying opportunity, their titles do not finish taking off. In fact, it is the Spanish construction company that registers the worst performance on the parquet since the beginning of 2020, with a decline of more than 42%.
Earlier this week it was London fund Marshall Wace who again bet against ACS, increasing its bearish participation to 1.8%, through two companies, according to the records of the National Securities Market Commission (CNMV). This entity is joined by AKO Capital LLP, which since mid-August has a short position of 1.11%. This type of investor, who is described as bearish, intends to make money from falls in the stock market.
At the moment, this bet is going out to ask of mouth. Just the opposite of what institutional investors who have high percentages of the company's shareholders must be thinking. The highest participation is the president of ACS, Florentino Pérez, which controls 12.52% of the capital. Behind are the Albertos (Alberto Cortina and Alberto Alcocer), who add up to just over 9% through Corporación Financiera Alcor. Invernelin Patrimonio (8.67%), Blackrock (4.71%) and Société Générale (3.03%) must also be taken into account.
Compared with the stock market behavior of the rest of Spanish construction companies so far this year, the 42% falls suffered by ACS can be considered quite large. Only OHL, with a decrease of 39%, after falling more than 6% this Friday, is close to this company. All the others (Ferrovial, FCC and Sacyr), leave less than 25%. However, the most outstanding value in the sector is Acciona, which is the only positive with a 4% increase.
Despite this situation, for the technical analyst of 'Bolsamanía, José María Rodríguez, "ACS is a security that today can be kept in the portfolio, with an eye on the support of 19.13 euros (last rising minimum)". This expert explains that "the perforation of this support would leave the door open to the possibility of a major correction, since the price would be shaping a small 'head and shoulders'".
"Above, on the resistance side, the title presents one at 25.60 euros. And above we have the downward guideline, at 28.60 euros. In terms of medium and long term it can be said that in this At the moment, the trend is rather lateral. Which is not bad considering that the bulk of our market shows a clear downward trend in the background, "adds Rodríguez.
At the close of the session this Friday, ACS shares have closed at 20.68 euros. For the consensus of FactSet analysts, the company's target price is 29.37 euros, which gives it an upside potential of 42%. Thus, 79% of these experts recommend buying, 14% keeping and only 7% advising selling.
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