State of New Jersey Common Pension Fund D Purchases 758,045 Shares of Arcos Dorados Holdings Inc. $ARCO

State of New Jersey Common Pension Fund D increased its holdings in shares of Arcos Dorados Holdings Inc. (NYSE:ARCO) by 104.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,486,822 shares of the restaurant operator’s stock after acquiring an additional 758,045 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Arcos Dorados were worth $10,036,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC bought a new stake in Arcos Dorados during the 2nd quarter worth about $117,349,000. Brightlight Capital Management LP acquired a new position in Arcos Dorados during the second quarter valued at approximately $14,972,000. Franklin Resources Inc. grew its stake in Arcos Dorados by 50.9% in the second quarter. Franklin Resources Inc. now owns 3,907,929 shares of the restaurant operator’s stock valued at $30,834,000 after purchasing an additional 1,319,031 shares in the last quarter. Emeth Value Capital LLC increased its position in shares of Arcos Dorados by 29.0% during the 3rd quarter. Emeth Value Capital LLC now owns 1,973,667 shares of the restaurant operator’s stock worth $13,322,000 after purchasing an additional 443,327 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Arcos Dorados by 50.5% in the second quarter. Bank of America Corp DE now owns 976,749 shares of the restaurant operator’s stock valued at $7,707,000 after buying an additional 327,566 shares in the last quarter. 55.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ARCO has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut their price target on shares of Arcos Dorados from $8.80 to $8.70 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Arcos Dorados in a report on Monday, December 29th. Wall Street Zen raised Arcos Dorados from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Finally, Zacks Research raised Arcos Dorados from a “strong sell” rating to a “hold” rating in a research report on Friday, November 21st. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Arcos Dorados has an average rating of “Hold” and an average target price of $8.70.

Arcos Dorados Price Performance

NYSE ARCO opened at $8.38 on Wednesday. The business has a fifty day moving average price of $7.77 and a two-hundred day moving average price of $7.32. Arcos Dorados Holdings Inc. has a fifty-two week low of $6.51 and a fifty-two week high of $8.97. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.81 and a current ratio of 0.89.

About Arcos Dorados

Arcos Dorados Holdings Inc is the largest independent McDonald’s franchisee in the world, operating under an exclusive license agreement with McDonald’s Corporation. The company develops, owns and operates quick-service restaurants, offering the full McDonald’s menu, including hamburgers, chicken sandwiches, salads, sides, desserts and McCafé beverages. In addition to restaurant operations, Arcos Dorados manages supply chain logistics, property development, training and support services for its franchise network.

Headquartered in Montevideo, Uruguay, Arcos Dorados serves 20 markets across Latin America and the Caribbean, including Argentina, Brazil, Chile, Colombia, Mexico, Puerto Rico and Uruguay.