Todays Report: The Bank of New York Mellon Corp Reduces stake in Arctic Cat Inc. (ACAT)

The Bank of New York Mellon Corp Reduces stake in Arctic Cat Inc. (ACAT)

Bank of New York Mellon Corp decreased its stake in Arctic Cat Inc. (NASDAQ:ACAT) by 14.4% during the second quarter, Holdings Channel reports. The institutional investor owned 104,282 shares of the company’s stock after selling 17,599 shares during the period. Bank of New York Mellon Corp owned about 0.80% of Arctic Cat worth $1,772,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Kempen Capital Management N.V. boosted its stake in Arctic Cat by 77.8% in the first quarter. Kempen Capital Management N.V. now owns 9,883 shares of the company’s stock valued at $166,000 after buying an additional 4,323 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in Arctic Cat by 2.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 10,144 shares of the company’s stock valued at $170,000 after buying an additional 277 shares in the last quarter. Nisa Investment Advisors L.L.C. acquired a new stake in Arctic Cat during the first quarter valued at approximately $412,000. Virginia Retirement System acquired a new stake in Arctic Cat during the first quarter valued at approximately $487,000. Finally, Prudential Financial Inc. boosted its stake in Arctic Cat by 4.1% in the first quarter. Prudential Financial Inc. now owns 30,685 shares of the company’s stock valued at $516,000 after buying an additional 1,200 shares in the last quarter. 99.61% of the stock is owned by institutional investors and hedge funds.

Arctic Cat Inc. (NASDAQ:ACAT) traded down 0.99% on Friday, hitting $14.96. The stock had a trading volume of 122,583 shares. The company’s market cap is $195.18 million. The stock has a 50 day moving average price of $14.66 and a 200 day moving average price of $15.74. Arctic Cat Inc. has a 1-year low of $8.90 and a 1-year high of $25.60.

Arctic Cat (NASDAQ:ACAT) last announced its quarterly earnings results on Friday, July 29th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by $0.45. Arctic Cat had a negative net margin of 3.10% and a negative return on equity of 10.63%. The business had revenue of $104.90 million for the quarter, compared to analysts’ expectations of $117.81 million. During the same quarter in the prior year, the firm earned ($0.08) EPS. The firm’s revenue for the quarter was down 22.0% on a year-over-year basis. On average, equities research analysts expect that Arctic Cat Inc. will post ($0.92) EPS for the current fiscal year.

Several equities research analysts recently commented on the company. Zacks Investment Research cut Arctic Cat from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 3rd. Northcoast Research cut Arctic Cat from a “buy” rating to a “neutral” rating in a research note on Thursday, June 16th. KeyCorp reaffirmed a “buy” rating and set a $22.00 target price on shares of Arctic Cat in a research note on Thursday. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Arctic Cat in a research note on Tuesday, September 20th. Finally, Wunderlich raised Arctic Cat from a “sell” rating to a “hold” rating and set a $13.00 target price for the company in a research note on Wednesday, September 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. Arctic Cat currently has an average rating of “Hold” and an average target price of $16.57.

In other Arctic Cat news, Director Andrew S. Duff purchased 5,000 shares of Arctic Cat stock in a transaction that occurred on Wednesday, August 3rd. The shares were bought at an average price of $14.89 per share, for a total transaction of $74,450.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.70% of the company’s stock.

Arctic Cat Company Profile

Arctic Cat Inc (Arctic Cat) designs, engineers, manufactures and markets snowmobiles and all-terrain vehicles (ATVs) and recreational off-highway vehicles (side-by-sides or ROVs), as well as related parts, garments and accessories (PG&A). The Company offers its products under the Arctic Cat and MotorFist brand names.

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