Price T Rowe Associates Inc. MD Sells 2,929,200 Shares of Arcos Dorados Holdings Inc. $ARCO

Key Points

• Price T Rowe Associates Inc. MD reduced its stake in Arcos Dorados Holdings Inc. by 21.8%, now holding 10,534,266 shares valued at approximately $84.91 million.
• Arcos Dorados reported an EPS of $0.11 for the latest quarter, exceeding the consensus estimate, but its revenue fell short of expectations at $1.14 billion.
• JPMorgan Chase downgraded Arcos Dorados from an "overweight" to a "neutral" rating, with a revised price target of $8.80, down from $10.50.

Price T Rowe Associates Inc. MD trimmed its holdings in shares of Arcos Dorados Holdings Inc. (NYSE:ARCO - Free Report) by 21.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,534,266 shares of the restaurant operator's stock after selling 2,929,200 shares during the quarter. Price T Rowe Associates Inc. MD owned 5.00% of Arcos Dorados worth $84,907,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC bought a new stake in Arcos Dorados during the 1st quarter worth approximately $736,000. Jane Street Group LLC grew its stake in shares of Arcos Dorados by 156.6% in the fourth quarter. Jane Street Group LLC now owns 195,751 shares of the restaurant operator's stock worth $1,425,000 after purchasing an additional 119,477 shares during the last quarter. Diamond Hill Capital Management Inc. grew its stake in shares of Arcos Dorados by 27.5% in the first quarter. Diamond Hill Capital Management Inc. now owns 234,596 shares of the restaurant operator's stock worth $1,891,000 after purchasing an additional 50,557 shares during the last quarter. Janus Henderson Group PLC bought a new stake in shares of Arcos Dorados in the 4th quarter valued at about $146,000. Finally, Fourth Sail Capital LP bought a new stake in shares of Arcos Dorados in the 1st quarter valued at about $26,746,000. 55.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. lowered Arcos Dorados from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $10.50 to $8.80 in a research report on Wednesday, July 2nd. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $8.80.

Arcos Dorados Stock Down 2.2%

NYSE ARCO traded down $0.16 on Friday, hitting $7.00. 677,694 shares of the company were exchanged, compared to its average volume of 1,545,165. The company has a market cap of $1.47 billion, a PE ratio of 11.10, a PEG ratio of 1.36 and a beta of 0.63. The stock has a fifty day moving average of $7.27 and a 200-day moving average of $7.57. The company has a current ratio of 0.80, a quick ratio of 0.73 and a debt-to-equity ratio of 1.62. Arcos Dorados Holdings Inc. has a 12 month low of $6.51 and a 12 month high of $10.27.

Arcos Dorados (NYSE:ARCO - Get Free Report) last released its quarterly earnings data on Wednesday, August 13th. The restaurant operator reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.06. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.22 billion. Arcos Dorados had a net margin of 2.89% and a return on equity of 24.54%. The business's revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.13 EPS. As a group, analysts forecast that Arcos Dorados Holdings Inc. will post 0.63 earnings per share for the current year.

Arcos Dorados Company Profile

Arcos Dorados Holdings Inc operates as a franchisee of McDonald's restaurants. It has the exclusive right to own, operate, and grant franchises of McDonald's restaurants in 20 countries and territories in Latin America and the Caribbean, including Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curacao, Ecuador, French Guiana, Guadeloupe, Martinique, Mexico, Panama, Peru, Puerto Rico, Trinidad and Tobago, Uruguay, the U.S.