Allspring Global Investments Holdings LLC, an investment firm based in New York, has reduced its stake in Arch Resources, Inc. (NYSE:ARCH) by 54.9% during the fourth quarter of last year, as per its most recent filing with the Securities and Exchange Commission (SEC). The company now has a mere 2,242 shares of the energy giant’s stock after selling 2,727 shares, which were worth $320,000 as of its latest SEC report.
Despite the dip in Allspring Global Investments’ holdings in Arch Resources Inc., it remains one of the favorite picks among industry analysts. In particular, B. Riley set a “buy” rating for the company and lowered its price target from $207.00 to $204.00 in February this year. StockNews.com on the other hand downgraded its recommendation for Arch Resources from a “buy” rating to a “hold” rating just this month.
In terms of share performance, ARCH opened at $133.75 yesterday; its 12-month low is $110.97 while its 12-month high is at $183.53 respectively. The business currently holds an attractive PE ratio of just 2.09 and a beta value of 0.69 which investors also find highly favorable.
The Missouri-based mining company has managed to maintain good standing despite suffering losses during the pandemic-stricken year but with positive indications from analysts and market trends, it appears that brighter days await both Arch Resources Inc., and prospective investors alike.
Institutional Investors Show Interest in Arch Resources Amidst Positive Earnings Report and Shareholder Changes
Arch Resources, Inc. has recently caught the attention of institutional investors who have shown a massive surge in their holdings. These investors include Point72 Hong Kong Ltd, Capital Growth Management LP, Teacher Retirement System of Texas, Connor Clark & Lunn Investment Management Ltd., and Insight Wealth Strategies LLC, which all increased their holdings during the third and fourth quarters of 2022. Currently, institutional investors own 88.71% of Arch Resources stock.
In addition to these increases in holdings, Arch Resources Vice President Rosemary L. Klein sold shares of the company’s stock on three separate occasions between February 16th and March 3rd. She sold a total of 9,337 shares for a value exceeding $1.4 million.
Arch Resources has also been the subject of several research analyst reports, including one from BMO Capital Markets that set a price target of $200 for the company.
On Thursday, February 16th, Arch Resources released its quarterly earnings report which showed an EPS of $23.18 per share – surpassing analysts’ expectations by more than $12 per share. The company had revenue earnings exceeding $859 million for the quarter despite lower than expected revenue forecasts from analysts.
Despite the positive earnings report and increased interest from institutional investors, Arch Resources announced a None dividend payment to shareholders on Wednesday, March 15th. The payout ratio currently stands at 1.56%.
Overall, these recent developments highlight significant changes in shareholder behavior regarding Arch Resources as well as optimism surrounding its future potential growth prospects within the energy industry.
