215,610 Shares in Arxis, Inc. $ARXS Bought by State Street Corp

Key Points

• State Street Corp. acquired 215,610 Arxis shares in the second quarter, valued at approximately $9.95 million and representing about 0.05% of the company. Several other institutional investors also initiated positions.
• Arxis reported quarterly revenue of $500.73 million, up 25% year over year, and adjusted earnings of $0.28 per share, beating analyst estimates by $0.35.
• ARXS was recently trading at $50.12, down 2.3%. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $53.73, although one firm issued a sell rating.

State Street Corp bought a new position in Arxis, Inc. (NASDAQ:ARXS - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 215,610 shares of the company's stock, valued at approximately $9,948,000. State Street Corp owned about 0.05% of Arxis at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ARXS. The Manufacturers Life Insurance Company purchased a new position in Arxis in the second quarter worth about $207,000. Amundi bought a new position in Arxis in the 2nd quarter worth $358,000. IMC Chicago LLC bought a new position in Arxis in the 2nd quarter worth $1,146,000. Grandeur Peak Global Advisors LLC purchased a new stake in Arxis in the 2nd quarter worth $2,740,000. Finally, BlueCrest Capital Management Ltd bought a new stake in Arxis during the second quarter valued at about $7,389,000.

Arxis Stock Down 2.3%

ARXS stock opened at $50.12 on Friday. Arxis, Inc. has a twelve month low of $33.15 and a twelve month high of $61.50. The stock has a market capitalization of $20.92 billion and a price-to-earnings ratio of 626.50. The stock has a fifty day simple moving average of $51.94. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.79 and a current ratio of 5.21.

Arxis (NASDAQ:ARXS - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.35. The company had revenue of $500.73 million for the quarter. The firm's revenue for the quarter was up 25.0% compared to the same quarter last year. Research analysts expect that Arxis, Inc. will post 0.57 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ARXS. Jefferies Financial Group restated a "buy" rating and issued a $60.00 price objective on shares of Arxis in a research report on Sunday, August 2nd. Morgan Stanley reissued an "overweight" rating and set a $62.00 target price on shares of Arxis in a research note on Monday, August 3rd. Wells Fargo & Company boosted their price target on Arxis from $52.00 to $63.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. Weiss Ratings began coverage on Arxis in a research note on Monday, August 3rd. They issued a "sell (d+)" rating for the company. Finally, Royal Bank Of Canada increased their price objective on shares of Arxis from $46.00 to $50.00 and gave the company a "sector perform" rating in a report on Friday, July 31st. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Arxis has a consensus rating of "Moderate Buy" and an average target price of $53.73.

Arxis Profile

We are a leading designer and manufacturer of proprietary, mission-critical electronic and mechanical components engineered for cutting-edge performance in extreme environments. Leveraging significant intellectual property (“IP”) and world-class engineering capabilities, we design and deliver innovative solutions that address some of our customers' most complex performance needs. Arxis is the result of a deliberate and disciplined strategy executed by our sponsor, Arcline, and the Arxis management team to create a purpose-built, cohesive business through targeted acquisitions with similar product and end market characteristics.

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