Bank of America Corp DE Sells 100,610 Shares of Arcosa, Inc. $ACA

Key Points

• Bank of America reduced its Arcosa stake by 27.9%, selling 100,610 shares and retaining 260,530 shares valued at approximately $27.7 million. Institutional investors collectively owned 90.66% of the company.
• Arcosa’s latest quarterly results fell short of expectations, with EPS of $1.13 versus the $1.18 consensus and revenue of $658.7 million versus $687.5 million expected. Revenue declined 10.6% year over year.
• Arcosa shares opened at $145.37, near their 52-week high of $146.92. Analysts have a consensus “Hold” rating and an average price target of $141.25.

Bank of America Corp DE decreased its position in Arcosa, Inc. (NYSE:ACA - Free Report) by 27.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 260,530 shares of the company's stock after selling 100,610 shares during the period. Bank of America Corp DE owned approximately 0.53% of Arcosa worth $27,653,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Franklin Resources Inc. increased its stake in Arcosa by 2,770.5% during the 4th quarter. Franklin Resources Inc. now owns 736,018 shares of the company's stock valued at $78,253,000 after purchasing an additional 710,377 shares in the last quarter. Norges Bank purchased a new position in Arcosa in the 4th quarter worth approximately $68,225,000. T. Rowe Price Investment Management Inc. raised its holdings in Arcosa by 25.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,707,884 shares of the company's stock worth $181,583,000 after acquiring an additional 342,242 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Arcosa by 25.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 763,557 shares of the company's stock valued at $66,208,000 after acquiring an additional 154,172 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in Arcosa by 29.1% in the 1st quarter. First Trust Advisors LP now owns 530,455 shares of the company's stock valued at $56,302,000 after acquiring an additional 119,687 shares in the last quarter. 90.66% of the stock is owned by hedge funds and other institutional investors.

Arcosa Stock Performance

NYSE:ACA opened at $145.37 on Monday. The stock's 50 day simple moving average is $141.94 and its two-hundred day simple moving average is $125.89. Arcosa, Inc. has a 1 year low of $89.03 and a 1 year high of $146.92. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.12 and a quick ratio of 2.31. The company has a market cap of $7.14 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 2.18 and a beta of 1.05.

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

Analyst Upgrades and Downgrades

A number of analysts have commented on ACA shares. Oppenheimer lowered Arcosa from an "outperform" rating to a "market perform" rating in a report on Friday, June 26th. Citigroup downgraded Arcosa to a "hold" rating in a report on Tuesday, June 23rd. Barclays increased their price objective on Arcosa from $115.00 to $140.00 and gave the company an "overweight" rating in a research report on Monday, May 4th. Wall Street Zen raised Arcosa from a "sell" rating to a "hold" rating in a research report on Saturday, May 30th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Arcosa in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $141.25.

Arcosa Company Profile

Arcosa, Inc NYSE: ACA is a Dallas‐based industrial company that was formed through the spin‐off of Trinity Industries' construction products business in 2018. Since its inception, Arcosa has focused on the manufacture and sale of critical infrastructure components, serving a diverse set of end markets including transportation, construction and energy.

The company's Construction Products segment produces a broad range of highway safety products, such as guardrail systems, sign supports and crash cushions, as well as aggregates and ready‐mix concrete.

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