Tuttle Tactical Management acquired a new stake in Arch Capital Group Ltd. (NASDAQ:ACGL) in the third quarter, Holdings Channel reports. The firm acquired 6,146 shares of the insurance provider’s stock, valued at approximately $243,000.
Several other hedge funds have also made changes to their positions in ACGL. First Trust Advisors LP grew its holdings in shares of Arch Capital Group by 33.4% in the first quarter. First Trust Advisors LP now owns 466,502 shares of the insurance provider’s stock valued at $15,077,000 after purchasing an additional 116,900 shares in the last quarter. Denali Advisors LLC acquired a new position in shares of Arch Capital Group in the second quarter valued at approximately $2,914,000. TrimTabs Asset Management LLC acquired a new position in shares of Arch Capital Group in the second quarter valued at approximately $1,250,000. Scout Investments Inc. grew its holdings in shares of Arch Capital Group by 69.6% in the second quarter. Scout Investments Inc. now owns 891,841 shares of the insurance provider’s stock valued at $33,069,000 after purchasing an additional 365,924 shares in the last quarter. Finally, Chesley Taft & Associates LLC acquired a new position in shares of Arch Capital Group in the second quarter valued at approximately $396,000. Hedge funds and other institutional investors own 79.79% of the company’s stock.
A number of research analysts recently weighed in on the stock. Barclays set a $47.00 price objective on shares of Arch Capital Group and gave the company a “buy” rating in a report on Monday, August 12th. BidaskClub cut shares of Arch Capital Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 10th. Deutsche Bank upgraded shares of Arch Capital Group from a “hold” rating to a “buy” rating and set a $35.35 price target for the company in a report on Wednesday, June 26th. MKM Partners set a $45.00 price target on shares of Arch Capital Group and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, UBS Group boosted their price target on shares of Arch Capital Group from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $39.04.
Arch Capital Group (NASDAQ:ACGL) last posted its quarterly earnings results on Monday, July 29th. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.69 by $0.08. Arch Capital Group had a net margin of 20.48% and a return on equity of 10.58%. The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the business posted $0.59 EPS. The firm’s revenue was up 11.2% on a year-over-year basis. On average, equities research analysts expect that Arch Capital Group Ltd. will post 2.82 earnings per share for the current fiscal year.
In other news, CFO Francois Morin sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $39.42, for a total transaction of $315,360.00. Following the completion of the sale, the chief financial officer now owns 37,815 shares in the company, valued at approximately $1,490,667.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John D. Vollaro sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $40.01, for a total transaction of $400,100.00. The disclosure for this sale can be found here. Insiders have sold a total of 141,300 shares of company stock valued at $5,619,725 in the last 90 days. Insiders own 5.20% of the company’s stock.
About Arch Capital Group
Arch Capital Group Ltd., together with its subsidiaries, provides property, casualty, and mortgage insurance and reinsurance products worldwide. The company's Insurance segment offers primary and excess casualty coverages; loss sensitive primary casualty insurance programs; collateral protection, debt cancellation, and service contract reimbursement products; directors' and officers' liability, errors and omissions liability, employment practices and fiduciary liability, crime, professional indemnity, and other financial related coverages; medical professional and general liability insurance coverages; and workers' compensation and umbrella liability, as well as commercial automobile and inland marine products.
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