Arch Capital Group Ltd. (NASDAQ:ACGL) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 3,130,000 shares, an increase of 15.1% from the September 15th total of 2,720,000 shares. Based on an average trading volume of 1,290,000 shares, the days-to-cover ratio is presently 2.4 days. Currently, 0.8% of the shares of the stock are short sold.
In other Arch Capital Group news, CEO Marc Grandisson sold 78,300 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $40.05, for a total value of $3,135,915.00. Following the completion of the sale, the chief executive officer now owns 92,309 shares of the company’s stock, valued at $3,696,975.45. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Maamoun Rajeh sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.08, for a total value of $781,600.00. The disclosure for this sale can be found here. In the last three months, insiders sold 141,300 shares of company stock valued at $5,619,725. 5.20% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the company. World Asset Management Inc increased its position in Arch Capital Group by 2.5% during the 3rd quarter. World Asset Management Inc now owns 12,273 shares of the insurance provider’s stock worth $515,000 after purchasing an additional 305 shares in the last quarter. Commonwealth Bank of Australia increased its position in Arch Capital Group by 0.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 38,525 shares of the insurance provider’s stock worth $1,423,000 after purchasing an additional 309 shares in the last quarter. Financial Advantage Inc. increased its position in Arch Capital Group by 0.3% during the 3rd quarter. Financial Advantage Inc. now owns 119,263 shares of the insurance provider’s stock worth $5,006,000 after purchasing an additional 310 shares in the last quarter. LS Investment Advisors LLC increased its position in Arch Capital Group by 4.3% during the 2nd quarter. LS Investment Advisors LLC now owns 7,780 shares of the insurance provider’s stock worth $288,000 after purchasing an additional 318 shares in the last quarter. Finally, IFM Investors Pty Ltd increased its position in Arch Capital Group by 1.2% during the 2nd quarter. IFM Investors Pty Ltd now owns 28,017 shares of the insurance provider’s stock worth $1,039,000 after purchasing an additional 336 shares in the last quarter. Institutional investors and hedge funds own 79.79% of the company’s stock.
A number of research firms have commented on ACGL. Buckingham Research raised their target price on Arch Capital Group from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. UBS Group raised their target price on Arch Capital Group from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Barclays set a $47.00 price target on Arch Capital Group and gave the company a “buy” rating in a research report on Monday, August 12th. BidaskClub cut Arch Capital Group from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 10th. Finally, MKM Partners set a $45.00 price target on Arch Capital Group and gave the company a “buy” rating in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $39.04.
Shares of ACGL stock opened at $40.70 on Tuesday. Arch Capital Group has a fifty-two week low of $24.79 and a fifty-two week high of $42.86. The stock has a market cap of $16.76 billion, a P/E ratio of 18.50, a P/E/G ratio of 1.47 and a beta of 0.64. The business has a fifty day simple moving average of $41.37 and a 200-day simple moving average of $37.65. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.27.
Arch Capital Group (NASDAQ:ACGL) last announced its quarterly earnings results on Monday, July 29th. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.08. Arch Capital Group had a return on equity of 10.58% and a net margin of 20.48%. The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the business posted $0.59 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, sell-side analysts anticipate that Arch Capital Group will post 2.81 earnings per share for the current year.
Arch Capital Group Company Profile
Arch Capital Group Ltd., together with its subsidiaries, provides property, casualty, and mortgage insurance and reinsurance products worldwide. The company's Insurance segment offers primary and excess casualty coverages; loss sensitive primary casualty insurance programs; collateral protection, debt cancellation, and service contract reimbursement products; directors' and officers' liability, errors and omissions liability, employment practices and fiduciary liability, crime, professional indemnity, and other financial related coverages; medical professional and general liability insurance coverages; and workers' compensation and umbrella liability, as well as commercial automobile and inland marine products.
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