Fred Alger Management LLC Trims Position in Arcos Dorados Holdings Inc. (NYSE:ARCO)

Fred Alger Management LLC lessened its holdings in shares of Arcos Dorados Holdings Inc. (NYSE:ARCO) by 76.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 52,704 shares of the restaurant operator’s stock after selling 168,827 shares during the quarter. Fred Alger Management LLC’s holdings in Arcos Dorados were worth $474,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Marshall Wace LLP purchased a new position in shares of Arcos Dorados during the 2nd quarter worth $7,128,000. Magnetar Financial LLC purchased a new position in shares of Arcos Dorados during the 2nd quarter worth $150,000. MQS Management LLC purchased a new position in shares of Arcos Dorados during the 2nd quarter worth $116,000. XTX Topco Ltd lifted its stake in shares of Arcos Dorados by 54.9% during the 2nd quarter. XTX Topco Ltd now owns 44,843 shares of the restaurant operator’s stock worth $404,000 after purchasing an additional 15,888 shares during the period. Finally, Fourth Sail Capital LP purchased a new position in shares of Arcos Dorados during the 2nd quarter worth $16,463,000. Hedge funds and other institutional investors own 55.91% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. reduced their price target on Arcos Dorados from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, September 13th.

Arcos Dorados Trading Up 2.7 %

ARCO stock opened at $8.86 on Friday. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 10.94, a PEG ratio of 2.47 and a beta of 1.17. The company has a quick ratio of 0.57, a current ratio of 0.63 and a debt-to-equity ratio of 1.52. The business has a fifty day simple moving average of $9.04 and a 200-day simple moving average of $9.85. Arcos Dorados Holdings Inc. has a 52 week low of $8.08 and a 52 week high of $13.20.

Arcos Dorados (NYSE:ARCO) last released its quarterly earnings data on Wednesday, August 14th. The restaurant operator reported $0.13 EPS for the quarter, hitting analysts’ consensus estimates of $0.13. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.06 billion. Arcos Dorados had a return on equity of 36.55% and a net margin of 3.80%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.14 EPS. On average, equities research analysts expect that Arcos Dorados Holdings Inc. will post 0.7 EPS for the current year.

Arcos Dorados 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.