Fred Alger Management LLC reduced its position in shares of Arcos Dorados Holdings Inc. (NYSE:ARCO – Free Report) by 3.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,781 shares of the restaurant operator’s stock after selling 1,923 shares during the period. Fred Alger Management LLC’s holdings in Arcos Dorados were worth $443,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of ARCO. Fourth Sail Capital LP acquired a new stake in Arcos Dorados in the 2nd quarter valued at $16,463,000. Managed Asset Portfolios LLC acquired a new stake in shares of Arcos Dorados in the third quarter valued at about $7,389,000. Marshall Wace LLP bought a new stake in Arcos Dorados during the second quarter worth about $7,128,000. Fiera Capital Corp acquired a new position in Arcos Dorados during the third quarter valued at approximately $3,743,000. Finally, Perpetual Ltd boosted its position in Arcos Dorados by 15.8% during the third quarter. Perpetual Ltd now owns 1,636,470 shares of the restaurant operator’s stock valued at $14,270,000 after purchasing an additional 223,496 shares during the last quarter. 55.91% of the stock is currently owned by institutional investors.
Arcos Dorados Stock Performance
Shares of ARCO opened at $8.09 on Monday. The company has a market cap of $1.70 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. The firm has a 50-day moving average of $8.91 and a 200-day moving average of $9.18. Arcos Dorados Holdings Inc. has a one year low of $7.86 and a one year high of $13.20. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.63 and a quick ratio of 0.57.
Wall Street Analysts Forecast Growth
Separately, JPMorgan Chase & Co. lowered their price target on Arcos Dorados from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, September 13th.
Read Our Latest Analysis on Arcos Dorados
Arcos Dorados Company Profile
Arcos Dorados Holdings Inc operates as a franchisee of McDonald’s restaurants. It has the exclusive right to own, operate, and grant franchises of McDonald’s restaurants in 20 countries and territories in Latin America and the Caribbean, including Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curacao, Ecuador, French Guiana, Guadeloupe, Martinique, Mexico, Panama, Peru, Puerto Rico, Trinidad and Tobago, Uruguay, the U.S.
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