Diligent Investors LLC increased its position in Arcos Dorados Holding Inc (NYSE:ARCO) by 83.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,700 shares of the restaurant operator’s stock after acquiring an additional 16,700 shares during the quarter. Diligent Investors LLC’s holdings in Arcos Dorados were worth $247,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Citadel Advisors LLC purchased a new stake in Arcos Dorados in the second quarter valued at approximately $85,000. Susquehanna Fundamental Investments LLC purchased a new stake in Arcos Dorados in the second quarter valued at approximately $87,000. Virginia Retirement Systems ET AL purchased a new stake in Arcos Dorados in the second quarter valued at approximately $100,000. Campbell & CO Investment Adviser LLC purchased a new stake in Arcos Dorados in the third quarter valued at approximately $139,000. Finally, Moors & Cabot Inc. raised its stake in Arcos Dorados by 5.4% in the third quarter. Moors & Cabot Inc. now owns 29,298 shares of the restaurant operator’s stock valued at $197,000 after purchasing an additional 1,511 shares in the last quarter. Institutional investors own 38.09% of the company’s stock.
Several research analysts have commented on ARCO shares. ValuEngine raised shares of Arcos Dorados from a “sell” rating to a “hold” rating in a research note on Monday, October 7th. Bradesco Corretora raised shares of Arcos Dorados from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $9.00 to $11.00 in a research note on Friday, July 26th. Zacks Investment Research raised shares of Arcos Dorados from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Bank of America raised shares of Arcos Dorados from an “underperform” rating to a “buy” rating in a research note on Monday. Finally, JPMorgan Chase & Co. started coverage on shares of Arcos Dorados in a research note on Wednesday, July 10th. They set an “overweight” rating and a $8.50 price target on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $9.75.
Arcos Dorados (NYSE:ARCO) last issued its earnings results on Wednesday, August 7th. The restaurant operator reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01). The firm had revenue of $723.75 million during the quarter, compared to the consensus estimate of $736.28 million. Arcos Dorados had a return on equity of 14.97% and a net margin of 1.97%. On average, research analysts predict that Arcos Dorados Holding Inc will post 0.31 EPS for the current year.
About Arcos Dorados
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, Curaçao, Ecuador, French Guiana, Guadeloupe, Martinique, Mexico, Panama, Peru, Puerto Rico, Trinidad and Tobago, Uruguay, the United States Virgin Islands of St.
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