Bank of New York Mellon Corp Takes $6.14 Million Position in ARKO Corp. $ARKO

Key Points

• Bank of New York Mellon initiated a roughly $6.14 million position in ARKO, purchasing 765,197 shares, while institutional investors collectively own 78.29% of the company.
• ARKO reported quarterly revenue of $2.35 billion, exceeding estimates, but earnings per share of $0.04 fell short of the $0.15 consensus forecast.
• The stock opened at $4.89, well below its 50-day and 200-day moving averages near $6.55. Analysts hold a consensus “Hold” rating, with a $14.50 average price target, while ARKO maintains a quarterly dividend of $0.03 per share.

Bank of New York Mellon Corp purchased a new position in shares of ARKO Corp. (NASDAQ:ARKO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 765,197 shares of the company's stock, valued at approximately $6,145,000. Bank of New York Mellon Corp owned about 0.68% of ARKO as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. grew its stake in ARKO by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 3,795,048 shares of the company's stock valued at $17,343,000 after acquiring an additional 22,532 shares during the last quarter. Dimensional Fund Advisors LP raised its position in ARKO by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,021,751 shares of the company's stock worth $16,800,000 after acquiring an additional 206,716 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of ARKO by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 1,903,496 shares of the company's stock valued at $8,644,000 after purchasing an additional 7,735 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of ARKO in the first quarter valued at about $8,220,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of ARKO by 18.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,448,758 shares of the company's stock valued at $6,577,000 after purchasing an additional 226,591 shares during the last quarter. 78.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ARKO

In related news, General Counsel Maury Bricks sold 10,000 shares of the firm's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $8.50, for a total transaction of $85,000.00. Following the completion of the transaction, the general counsel owned 162,841 shares of the company's stock, valued at $1,384,148.50. This trade represents a 5.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 21.90% of the company's stock.

ARKO Stock Performance

Shares of ARKO opened at $4.89 on Friday. The business's fifty day moving average price is $6.55 and its 200 day moving average price is $6.56. ARKO Corp. has a 12-month low of $3.71 and a 12-month high of $8.76. The stock has a market capitalization of $548.61 million, a PE ratio of 69.86 and a beta of 0.91. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.60 and a quick ratio of 1.15.

ARKO (NASDAQ:ARKO - Get Free Report) last released its earnings results on Friday, August 7th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.11). ARKO had a net margin of 0.19% and a return on equity of 4.02%. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $1.99 billion. Equities research analysts forecast that ARKO Corp. will post 0.11 EPS for the current year.

ARKO Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Thursday, August 20th were issued a $0.03 dividend. The ex-dividend date was Thursday, August 20th. This represents a $0.12 annualized dividend and a dividend yield of 2.5%. ARKO's dividend payout ratio (DPR) is 171.43%.

Analyst Ratings Changes

A number of research firms recently issued reports on ARKO. Mizuho set a $22.00 target price on ARKO in a research note on Tuesday, July 28th. Weiss Ratings raised ARKO from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Wall Street Zen downgraded ARKO from a "buy" rating to a "hold" rating in a research report on Saturday, May 30th. Zacks Research lowered ARKO from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 11th. Finally, Raymond James Financial cut ARKO from a "strong-buy" rating to an "outperform" rating and dropped their price objective for the stock from $8.00 to $7.00 in a research report on Monday, August 10th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ARKO has an average rating of "Hold" and a consensus price target of $14.50.

About ARKO

ARKO Corp NASDAQ: ARKO is a downstream energy and convenience retail company based in Matthews, North Carolina. The company's core operations encompass fuel supply, distribution and retailing through a network of terminals, independent dealer locations and company-operated convenience stores. ARKO's fuel offerings include branded and unbranded gasoline and diesel, as well as lubricants and other petroleum products marketed under various regional and private labels.

In its retail segment, ARKO operates a portfolio of convenience stores under the Kangaroo Express banner, serving on-site customers with fuel, grab-and-go food items, beverages and everyday household essentials.

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