Arch Coal Inc. (ARCH) Position Cut by Contrarius Investment Management Ltd
Contrarius Investment Management Ltd lessened its holdings in shares of Arch Coal Inc. (NYSE:ARCH) by 20.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 629,953 shares of the energy company’s stock after selling 159,177 shares during the quarter. Arch Coal comprises 2.6% of Contrarius Investment Management Ltd’s portfolio, making the stock its 14th biggest holding. Contrarius Investment Management Ltd owned 2.87% of Arch Coal worth $45,193,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Arch Coal during the 2nd quarter valued at approximately $104,000. Royal Bank of Canada raised its stake in Arch Coal by 140.6% during the 2nd quarter. Royal Bank of Canada now owns 1,655 shares of the energy company’s stock valued at $113,000 after purchasing an additional 967 shares during the period. Ameritas Investment Partners Inc. bought a new stake in Arch Coal during the 2nd quarter valued at approximately $131,000. New York State Teachers Retirement System bought a new stake in Arch Coal during the 3rd quarter valued at approximately $136,000. Finally, Meeder Asset Management Inc. bought a new stake in Arch Coal during the 3rd quarter valued at approximately $155,000.
Arch Coal Inc. (ARCH) traded up $1.16 during midday trading on Friday, hitting $79.21. The stock had a trading volume of 255,000 shares, compared to its average volume of 438,125. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.40 and a current ratio of 2.79. Arch Coal Inc. has a 52-week low of $60.13 and a 52-week high of $86.35.
Arch Coal (NYSE:ARCH) last released its earnings results on Tuesday, October 31st. The energy company reported $2.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.58 by $0.96. The company had revenue of $613.53 million for the quarter, compared to the consensus estimate of $550.35 million. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.43) EPS. equities analysts expect that Arch Coal Inc. will post 9.62 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Wednesday, November 29th.
ARCH has been the topic of a number of research reports. FBR & Co set a $96.00 price objective on Arch Coal and gave the stock a “buy” rating in a research note on Wednesday, October 11th. Macquarie initiated coverage on Arch Coal in a research note on Thursday, September 7th. They issued a “neutral” rating and a $84.00 price objective on the stock. Zacks Investment Research raised Arch Coal from a “sell” rating to a “hold” rating in a research note on Friday, October 13th. Stifel Nicolaus set a $92.00 price objective on Arch Coal and gave the stock a “buy” rating in a research note on Friday, August 25th. Finally, Jefferies Group LLC reaffirmed a “buy” rating on shares of Arch Coal in a research note on Thursday, September 21st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $93.00.
Arch Coal Profile
Arch Coal, Inc is a coal producer. The Company is engaged in the production of thermal and metallurgical coal from surface and underground mines located throughout the United States, for sale to utility, industrial and steel producers both in the United States and around the world. The Company operates mining complexes in West Virginia, Kentucky, Maryland, Virginia, Illinois, Wyoming and Colorado.
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