$5.56 Billion in Sales Expected for Arena Minerals Inc (AN) This Quarter
Analysts forecast that Arena Minerals Inc (NYSE:AN) will report sales of $5.56 billion for the current fiscal quarter, Zacks reports. Seventeen analysts have made estimates for Arena Minerals’ earnings. The lowest sales estimate is $5.40 billion and the highest is $5.84 billion. Arena Minerals reported sales of $5.48 billion in the same quarter last year, which indicates a positive year over year growth rate of 1.5%. The company is expected to issue its next quarterly earnings report on Friday, February 2nd.
According to Zacks, analysts expect that Arena Minerals will report full-year sales of $5.56 billion for the current fiscal year, with estimates ranging from $21.25 billion to $21.70 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $21.83 billion per share, with estimates ranging from $21.27 billion to $22.40 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Arena Minerals.
Arena Minerals (NYSE:AN) last announced its quarterly earnings data on Thursday, November 2nd. The company reported C$1.00 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of C$0.84 by C$0.16. The company had revenue of C$5.43 billion for the quarter, compared to the consensus estimate of C$5.58 billion. Arena Minerals had a return on equity of 14.26% and a net margin of 1.66%. Arena Minerals’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.05 EPS.
AN has been the topic of several research analyst reports. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $45.00 price objective (down previously from $48.50) on shares of Arena Minerals in a research report on Monday, July 17th. Buckingham Research dropped their price target on Arena Minerals from $44.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, August 3rd. Deutsche Bank AG dropped their price target on Arena Minerals from $46.00 to $43.00 and set a “hold” rating on the stock in a research report on Thursday, August 3rd. BidaskClub downgraded Arena Minerals from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 5th. Finally, KeyCorp reissued a “hold” rating on shares of Arena Minerals in a research report on Friday, September 1st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of C$46.88.
In related news, major shareholder Edward S. Lampert sold 3,480 shares of the company’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of C$55.61, for a total transaction of C$193,522.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Arena Minerals by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 6,785,538 shares of the company’s stock worth $286,078,000 after purchasing an additional 147,424 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in Arena Minerals by 76.5% in the second quarter. Artisan Partners Limited Partnership now owns 5,181,954 shares of the company’s stock valued at $218,471,000 after buying an additional 2,245,935 shares during the last quarter. BlackRock Inc. raised its stake in Arena Minerals by 0.4% in the second quarter. BlackRock Inc. now owns 4,192,696 shares of the company’s stock valued at $176,762,000 after buying an additional 17,314 shares during the last quarter. Victory Capital Management Inc. raised its stake in Arena Minerals by 56.3% in the third quarter. Victory Capital Management Inc. now owns 3,266,677 shares of the company’s stock valued at $155,036,000 after buying an additional 1,176,042 shares during the last quarter. Finally, Orbis Allan Gray Ltd raised its stake in Arena Minerals by 141.7% in the second quarter. Orbis Allan Gray Ltd now owns 2,444,847 shares of the company’s stock valued at $103,075,000 after buying an additional 1,433,472 shares during the last quarter.
Arena Minerals (AN) opened at C$52.48 on Friday. Arena Minerals has a 12-month low of C$38.20 and a 12-month high of C$55.77.
Arena Minerals announced that its Board of Directors has authorized a share repurchase program on Tuesday, August 29th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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About Arena Minerals
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