Arrowstreet Capital Limited Partnership Lowers Holdings in ICL Group Ltd. $ICL

Key Points

• Arrowstreet Capital cut its ICL Group stake by 97.9% in the first quarter, selling 5.22 million shares and retaining 113,014 shares worth approximately $580,000.
• Analysts remain cautious, with an overall “Hold” rating and a consensus price target of $6.00 after Barclays lowered its target from $7.00 to $6.00.
• ICL reported quarterly revenue of $2.13 billion and EPS of $0.12, exceeding estimates, while raising its quarterly dividend to $0.0581 per share, equivalent to a 4.4% annualized yield.

Arrowstreet Capital Limited Partnership trimmed its stake in shares of ICL Group Ltd. (NYSE:ICL - Free Report) by 97.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 113,014 shares of the basic materials company's stock after selling 5,221,269 shares during the period. Arrowstreet Capital Limited Partnership's holdings in ICL Group were worth $580,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Meitav Investment House Ltd. grew its stake in shares of ICL Group by 3.8% during the 1st quarter. Meitav Investment House Ltd. now owns 29,770,104 shares of the basic materials company's stock worth $152,333,000 after purchasing an additional 1,081,641 shares during the period. Vanguard Group Inc. increased its holdings in ICL Group by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 29,066,383 shares of the basic materials company's stock valued at $167,132,000 after buying an additional 382,780 shares in the last quarter. Altshuler Shaham Ltd increased its holdings in ICL Group by 96.6% in the fourth quarter. Altshuler Shaham Ltd now owns 26,349,667 shares of the basic materials company's stock valued at $151,160,000 after buying an additional 12,946,737 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd raised its position in shares of ICL Group by 12.8% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 22,040,479 shares of the basic materials company's stock worth $112,812,000 after acquiring an additional 2,502,702 shares during the period. Finally, Norges Bank acquired a new position in shares of ICL Group in the fourth quarter worth about $122,297,000. 13.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ICL has been the topic of a number of analyst reports. Wall Street Zen cut ICL Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Weiss Ratings reiterated a "hold (c)" rating on shares of ICL Group in a research report on Friday, July 31st. Finally, Barclays dropped their price objective on ICL Group from $7.00 to $6.00 and set an "equal weight" rating on the stock in a report on Monday, July 27th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $6.00.

ICL Group Stock Up 0.9%

Shares of NYSE:ICL opened at $5.32 on Friday. The firm has a 50 day simple moving average of $5.27 and a 200-day simple moving average of $5.44. ICL Group Ltd. has a twelve month low of $4.76 and a twelve month high of $6.97. The company has a current ratio of 1.58, a quick ratio of 0.80 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $6.86 billion, a PE ratio of 22.15 and a beta of 0.96.

ICL Group (NYSE:ICL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of $0.11 by $0.01. ICL Group had a net margin of 3.95% and a return on equity of 8.40%. The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.01 billion. On average, equities analysts predict that ICL Group Ltd. will post 0.43 EPS for the current fiscal year.

ICL Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a $0.0581 dividend. This represents a $0.23 dividend on an annualized basis and a yield of 4.4%. This is a boost from ICL Group's previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Wednesday, September 2nd. ICL Group's dividend payout ratio is 80.00%.

ICL Group Profile

ICL Group is a global specialty minerals and chemicals company headquartered in Tel Aviv, Israel. Established in its current form through the consolidation of Israeli government–owned chemical operations, ICL has evolved into a publicly traded entity on the New York Stock Exchange NYSE: ICL. The company's origins date back to state-driven mineral extraction in the Negev and the Dead Sea region, and over the decades it has grown through strategic acquisitions, technological innovation and a gradual privatization process completed in the early 2010s.

ICL's core operations are organized into three principal business areas.

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