Intrinsic Edge Capital Management LLC bought a new position in shares of Argo Group (NASDAQ:AGII) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 34,708 shares of the insurance provider’s stock, valued at approximately $1,992,000. Intrinsic Edge Capital Management LLC owned approximately 0.10% of Argo Group as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Delpha Capital Management LLC acquired a new stake in Argo Group during the 4th quarter worth approximately $183,000. Ramsey Quantitative Systems purchased a new stake in shares of Argo Group in the 4th quarter valued at approximately $294,000. QS Investors LLC increased its position in shares of Argo Group by 110.7% in the 4th quarter. QS Investors LLC now owns 5,150 shares of the insurance provider’s stock valued at $317,000 after purchasing an additional 2,706 shares during the last quarter. Cubist Systematic Strategies LLC increased its position in shares of Argo Group by 24.3% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 5,559 shares of the insurance provider’s stock valued at $342,000 after purchasing an additional 1,087 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Argo Group in the 4th quarter valued at approximately $639,000. 80.67% of the stock is owned by institutional investors and hedge funds.
In related news, CFO Jay Stanley Bullock sold 12,947 shares of the business’s stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $54.99, for a total value of $711,955.53. Following the completion of the sale, the chief financial officer now directly owns 80,406 shares in the company, valued at $4,421,525.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Mark E. Watson III sold 17,853 shares of the business’s stock in a transaction that occurred on Friday, May 11th. The shares were sold at an average price of $61.83, for a total transaction of $1,103,850.99. Following the completion of the sale, the chief executive officer now owns 886,173 shares of the company’s stock, valued at $54,792,076.59. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,397 shares of company stock valued at $3,196,349. Insiders own 5.22% of the company’s stock.
Shares of Argo Group opened at $58.85 on Friday, according to Marketbeat. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.22. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of -140.12 and a beta of 0.62. Argo Group has a 12-month low of $49.69 and a 12-month high of $60.15.
Argo Group (NASDAQ:AGII) last issued its quarterly earnings results on Tuesday, February 13th. The insurance provider reported ($0.66) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.15). The firm had revenue of $441.60 million for the quarter. Argo Group had a negative return on equity of 0.01% and a net margin of 2.15%. research analysts anticipate that Argo Group will post 3.34 earnings per share for the current year.
A number of research analysts recently commented on AGII shares. ValuEngine downgraded shares of Argo Group from a “hold” rating to a “sell” rating in a research report on Tuesday, February 13th. BidaskClub downgraded shares of Argo Group from a “hold” rating to a “sell” rating in a research report on Friday, February 23rd. Keefe, Bruyette & Woods restated a “buy” rating and issued a $62.00 target price on shares of Argo Group in a research note on Friday, February 23rd. Finally, Zacks Investment Research upgraded shares of Argo Group from a “sell” rating to a “hold” rating in a research note on Friday, March 9th.
Argo Group Company Profile
Argo Group International Holdings, Ltd. underwrites specialty insurance and reinsurance products in the property and casualty markets. The company operates in two segments, U.S. Operations and International Operations. The U.S. Operations segment underwrites primary and excess specialty casualty, and commercial multi-peril, as well as contract, product, environmental, and auto liability products; and workers compensation, general, management, errors and omissions, and public entity liability risks.
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