KeyCorp Reiterates Buy Rating for Arctic Cat Inc. (ACAT)
Arctic Cat Inc. (NASDAQ:ACAT)‘s stock had its “buy” rating reiterated by stock analysts at KeyCorp in a research report issued to clients and investors on Thursday. They currently have a $22.00 price target on the stock. KeyCorp’s price target would indicate a potential upside of 41.48% from the company’s previous close.
ACAT has been the subject of a number of other reports. Zacks Investment Research cut Arctic Cat from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 3rd. Wunderlich raised Arctic Cat from a “sell” rating to a “hold” rating and set a $13.00 target price for the company in a report on Wednesday, September 14th. Northcoast Research cut Arctic Cat from a “buy” rating to a “neutral” rating in a report on Thursday, June 16th. Jefferies Group began coverage on Arctic Cat in a report on Friday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Finally, Wells Fargo & Co. reissued a “hold” rating on shares of Arctic Cat in a report on Tuesday, September 20th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $16.57.
Shares of Arctic Cat (NASDAQ:ACAT) opened at 15.55 on Thursday. The firm’s market cap is $202.88 million. Arctic Cat has a one year low of $8.90 and a one year high of $25.60. The stock has a 50 day moving average price of $14.66 and a 200 day moving average price of $15.76.
Arctic Cat (NASDAQ:ACAT) last issued its earnings results on Friday, July 29th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.36) by $0.45. Arctic Cat had a negative return on equity of 10.63% and a negative net margin of 3.10%. The company earned $104.90 million during the quarter, compared to analyst estimates of $117.81 million. During the same period in the previous year, the company posted ($0.08) earnings per share. The company’s quarterly revenue was down 22.0% on a year-over-year basis. On average, equities research analysts forecast that Arctic Cat will post ($0.92) EPS for the current year.
In other news, Director Andrew S. Duff acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The shares were purchased at an average cost of $14.89 per share, for a total transaction of $74,450.00. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.70% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ACAT. Emerald Acquisition Ltd. purchased a new position in shares of Arctic Cat during the second quarter worth approximately $4,780,000. Addison Clark Management L.L.C. bought a new position in Arctic Cat during the second quarter valued at about $1,360,000. King Luther Capital Management Corp raised its position in Arctic Cat by 89.5% in the second quarter. King Luther Capital Management Corp now owns 145,712 shares of the company’s stock valued at $2,477,000 after buying an additional 68,807 shares in the last quarter. Netols Asset Management Inc. raised its position in Arctic Cat by 20.8% in the second quarter. Netols Asset Management Inc. now owns 399,105 shares of the company’s stock valued at $6,785,000 after buying an additional 68,644 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Arctic Cat by 9.1% in the second quarter. Dimensional Fund Advisors LP now owns 705,015 shares of the company’s stock valued at $11,985,000 after buying an additional 58,682 shares in the last quarter. Hedge funds and other institutional investors own 99.61% of the company’s stock.
About Arctic Cat
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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