Bank of America Corp DE Purchases New Shares in Arcosa, Inc. $ACA

Key Points

• Bank of America initiated a position in Arcosa by purchasing 265,347 shares valued at approximately $38.6 million, representing about 0.54% of the company. Institutional investors and hedge funds collectively own 90.66% of Arcosa.
• Analyst sentiment remains mixed, with recent rating changes generally moving toward “Hold.” Arcosa has a consensus rating of Hold and an average price target of $141.25, below its reported share price of $146.18.
• Arcosa’s latest quarterly results fell short of expectations: EPS was $1.13 versus the $1.18 consensus, while revenue declined 10.6% year over year to $658.7 million. The company declared a quarterly dividend of $0.05 per share, implying a 0.1% annual yield.

Bank of America Corp DE bought a new position in shares of Arcosa, Inc. (NYSE:ACA - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 265,347 shares of the company's stock, valued at approximately $38,552,000. Bank of America Corp DE owned about 0.54% of Arcosa as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. PNC Financial Services Group Inc. increased its holdings in shares of Arcosa by 1.7% in the first quarter. PNC Financial Services Group Inc. now owns 5,268 shares of the company's stock valued at $559,000 after purchasing an additional 90 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Arcosa by 10.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,367 shares of the company's stock worth $199,000 after buying an additional 129 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Arcosa by 15.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,025 shares of the company's stock worth $149,000 after buying an additional 135 shares in the last quarter. Bessemer Group Inc. boosted its position in Arcosa by 0.4% in the 1st quarter. Bessemer Group Inc. now owns 40,895 shares of the company's stock valued at $4,340,000 after buying an additional 143 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its position in Arcosa by 7.0% in the 1st quarter. QRG Capital Management Inc. now owns 3,240 shares of the company's stock valued at $344,000 after buying an additional 212 shares during the last quarter. 90.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ACA shares. Texas Capital cut Arcosa from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Wall Street Zen raised Arcosa from a "sell" rating to a "hold" rating in a research note on Saturday, May 30th. Oppenheimer cut Arcosa from an "outperform" rating to a "market perform" rating in a report on Friday, June 26th. Weiss Ratings upgraded Arcosa from a "hold (c+)" rating to a "buy (b)" rating in a research report on Friday, August 21st. Finally, Citigroup cut Arcosa to a "hold" rating in a report on Tuesday, June 23rd. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $141.25.

Arcosa Price Performance

NYSE ACA opened at $146.18 on Tuesday. The business has a 50 day simple moving average of $145.25 and a 200 day simple moving average of $130.37. Arcosa, Inc. has a 52-week low of $89.03 and a 52-week high of $146.92. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.31 and a current ratio of 3.12. The stock has a market cap of $7.18 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 2.19 and a beta of 1.07.

Arcosa (NYSE:ACA - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.05). Arcosa had a net margin of 17.90% and a return on equity of 7.90%. The company had revenue of $658.70 million during the quarter, compared to analyst estimates of $687.50 million. During the same quarter last year, the company earned $1.27 EPS. The firm's quarterly revenue was down 10.6% compared to the same quarter last year. Analysts anticipate that Arcosa, Inc. will post 4.16 earnings per share for the current fiscal year.

Arcosa Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Thursday, October 15th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend is Thursday, October 15th. Arcosa's dividend payout ratio (DPR) is currently 2.00%.

Arcosa Profile

Arcosa, Inc NYSE: ACA is an infrastructure-related products and solutions company headquartered in Dallas, Texas. The company serves customers in the construction, utility, transportation and industrial markets, with operations primarily in the United States and a presence in selected international markets.

Arcosa operates through businesses that provide construction products, engineered structures and transportation products. Its offerings include aggregates and other construction materials, concrete and drainage products, utility and communication structures, wind towers, traffic structures, inland barges and rail transportation components.

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