691,607 Arcos Dorados Holdings Inc. $ARCO Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC lowered its position in shares of Arcos Dorados Holdings Inc. (NYSE:ARCO) by 6.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 10,112,751 shares of the restaurant operator’s stock after selling 691,607 shares during the period. Pzena Investment Management LLC’s holdings in Arcos Dorados were worth $72,306,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Sei Investments Co. increased its position in Arcos Dorados by 132.8% in the 1st quarter. Sei Investments Co. now owns 3,483,732 shares of the restaurant operator’s stock valued at $28,741,000 after acquiring an additional 1,987,271 shares during the period. Lazard Asset Management LLC increased its holdings in shares of Arcos Dorados by 7.9% in the first quarter. Lazard Asset Management LLC now owns 23,174,841 shares of the restaurant operator’s stock valued at $191,192,000 after buying an additional 1,703,169 shares in the last quarter. Globeflex Capital L P acquired a new stake in shares of Arcos Dorados during the second quarter worth $6,574,000. Moerus Capital Management LLC lifted its stake in Arcos Dorados by 19.9% during the first quarter. Moerus Capital Management LLC now owns 4,263,589 shares of the restaurant operator’s stock valued at $35,175,000 after buying an additional 706,683 shares in the last quarter. Finally, ABS Direct Equity Fund LLC acquired a new position in Arcos Dorados in the 1st quarter worth approximately $907,000. Institutional investors own 55.91% of the company’s stock.

Arcos Dorados Trading Up 4.0%

Shares of NYSE ARCO opened at $7.08 on Thursday. The business has a 50 day simple moving average of $7.66 and a 200 day simple moving average of $8.19. Arcos Dorados Holdings Inc. has a 52 week low of $6.67 and a 52 week high of $9.75. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 5.81 and a beta of 0.54. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.81 and a current ratio of 0.88.

Arcos Dorados (NYSE:ARCO) last posted its earnings results on Friday, August 14th. The restaurant operator reported $0.22 EPS for the quarter, topping the consensus estimate of $0.15 by $0.07. Arcos Dorados had a net margin of 5.15% and a return on equity of 12.50%. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.28 billion. On average, research analysts predict that Arcos Dorados Holdings Inc. will post 0.80 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ARCO shares. Bank of America cut Arcos Dorados from a “buy” rating to a “neutral” rating and set a $9.00 target price for the company. in a research report on Monday, October 26th. Wall Street Zen downgraded Arcos Dorados from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Weiss Ratings raised Arcos Dorados from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 8th. JPMorgan Chase & Co. upgraded Arcos Dorados from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $9.00 to $10.50 in a research report on Friday, July 17th. Finally, Zacks Research raised Arcos Dorados from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Arcos Dorados has a consensus rating of “Moderate Buy” and an average target price of $9.75.

About Arcos Dorados

Arcos Dorados Holdings Inc (NYSE: ARCO) is the largest independent McDonald’s franchisee in the world. The company operates and franchises McDonald’s restaurants across Latin America and the Caribbean under a master franchise agreement with McDonald’s Corporation.

Its restaurants offer McDonald’s products, including hamburgers, chicken items, french fries, breakfast products, beverages, desserts and other menu offerings. Arcos Dorados also provides services such as McCafé, McDelivery, digital ordering and drive-thru operations, depending on the market.

Headquartered in Buenos Aires, Argentina, Arcos Dorados serves customers in approximately 20 countries and territories, including Argentina, Brazil, Chile, Colombia, Mexico, Peru, Puerto Rico, Uruguay and Venezuela.