Acadian Asset Management Boosted Regis Minn (RGS) Stake by $8.35 Million as Share Value …

Acadian Asset Management Llc increased its stake in Regis Corp Minn (RGS) by 488.89% based on its latest 2018Q3 regulatory filing with the SEC.

Archer-Daniels-Midland Company (NYSE:ADM) Logo

Visionary Asset Management Inc increased its stake in Archer Daniels Midland Co (ADM) by 10.82% based on its latest 2018Q3 regulatory filing with the SEC. Visionary Asset Management Inc bought 6,643 shares as the company’s stock declined 10.28% with the market. The institutional investor held 68,041 shares of the packaged foods company at the end of 2018Q3, valued at $3.42M, up from 61,398 at the end of the previous reported quarter. Visionary Asset Management Inc who had been investing in Archer Daniels Midland Co for a number of months, seems to be bullish on the $24.20 billion market cap company. The stock decreased 0.48% or $0.21 during the last trading session, reaching $43.16. About 2.51 million shares traded. Archer-Daniels-Midland Company (NYSE:ADM) has risen 7.94% since January 14, 2018 and is uptrending. It has outperformed by 7.94% the S&P500. Some Historical ADM News: 23/05/2018 – Brazil withholds corn subsidies owed to farmers, grain handlers; 17/04/2018 – USG Corporation Strengthens Its Commitment to Diversity & Inclusion; 29/05/2018 – Chinese buyers find tight U.S. sorghum supply after trade spat; 05/03/2018 – Bunge’s Talks to Sell Itself to ADM Are Progressing at a Slow Pace; 19/03/2018 – ADM Reorganizes as Agricultural Trading Battles Low Profits; 01/05/2018 – ADM 1Q ADJ EPS 68C, EST. 49C; 15/05/2018 – JBS SEEKING TO CUT ADM COSTS, PASS THROUGH INCREASE IN GRAINS; 19/04/2018 – EXCLUSIVE-U.S. sorghum armada U-turns at sea after China tariffs; 25/05/2018 – ADM COMMENTS IN EMAIL; 12/04/2018 – FEATURE-Chocolate forests: Can cocoa help restore the Amazon?

Acadian Asset Management Llc increased its stake in Regis Corp Minn (RGS) by 488.89% based on its latest 2018Q3 regulatory filing with the SEC. Acadian Asset Management Llc bought 417,417 shares as the company’s stock declined 24.93% with the market. The institutional investor held 502,798 shares of the other consumer services company at the end of 2018Q3, valued at $10.27 million, up from 85,381 at the end of the previous reported quarter. Acadian Asset Management Llc who had been investing in Regis Corp Minn for a number of months, seems to be bullish on the $844.43 million market cap company. The stock increased 0.32% or $0.06 during the last trading session, reaching $19.05. About 201,841 shares traded. Regis Corporation (NYSE:RGS) has declined 2.46% since January 14, 2018 and is downtrending. It has underperformed by 2.46% the S&P500. Some Historical RGS News: 29/03/2018 Regis Corporation Announces the Closing of a New Five-Year, $260 Million Unsecured Revolving Credit Facility and Redemption of the Company’s 5.5% High-Yield Notes; 20/04/2018 – DJ Regis Corporation, Inst Holders, 1Q 2018 (RGS); 01/05/2018 – REGIS 3Q REV. $300.8M; 26/04/2018 – Investment Counselors Of Maryland Buys 2.8% Position in Regis; 29/03/2018 – REGIS EXERCISED RIGHT TO REDEEM $123M 5.5% HIGH-YIELD NOTES; 29/03/2018 – REGIS CORP – HAS EXERCISED ITS RIGHT TO REDEEM ITS $123 MLN, 5.5% HIGH-YIELD NOTES DUE DECEMBER 2019; 17/04/2018 – Regis to Issue Third Quarter Results on May 1, 2018; 29/03/2018 – REGIS REPORTS CLOSING OF A NEW FIVE-YEAR, $260M UNSECURED REVOL; 01/05/2018 – Regis Corp 3Q Adj EPS 21c; 01/05/2018 – REGIS 3Q ADJ EPS 21C

Investors sentiment increased to 1.09 in Q3 2018. Its up 0.01, from 1.08 in 2018Q2. It is positive, as 9 investors sold RGS shares while 48 reduced holdings. 26 funds opened positions while 36 raised stakes. 42.55 million shares or 2.90% less from 43.82 million shares in 2018Q2 were reported. Lpl Finance Limited Liability Corp holds 0% or 34,052 shares. Moreover, Cramer Rosenthal Mcglynn Limited Liability Corp has 0.75% invested in Regis Corporation (NYSE:RGS). Geode Capital Mngmt Ltd Liability Corporation has 0% invested in Regis Corporation (NYSE:RGS) for 339,453 shares. 42 are owned by Qs Invsts Ltd Liability. Renaissance Techs Ltd Liability Co accumulated 2.01M shares or 0.04% of the stock. Clarivest Asset Management Ltd Limited Liability Company stated it has 0% in Regis Corporation (NYSE:RGS). 9,168 were accumulated by Sg Americas Securities Llc. Swiss Bankshares invested in 63,400 shares or 0% of the stock. Pub Sector Pension Invest Board has 0% invested in Regis Corporation (NYSE:RGS). The Massachusetts-based Panagora Asset Management Inc has invested 0.01% in Regis Corporation (NYSE:RGS). Tower Ltd Liability (Trc) has 0% invested in Regis Corporation (NYSE:RGS). Manufacturers Life Insurance The holds 23,531 shares or 0% of its portfolio. Mutual Of America Capital Mgmt Limited Liability Corporation invested in 0% or 631 shares. Thrivent For Lutherans reported 0% stake. Acadian Asset Mgmt Lc reported 502,798 shares or 0.04% of all its holdings.

More notable recent Regis Corporation (NYSE:RGS) news were published by: Seekingalpha.com which released: “Owens Corning goes ex-dividend on Wednesday – Seeking Alpha” on December 31, 2018, also Seekingalpha.com with their article: “Regis Corporation 2019 Q1 – Results – Earnings Call Slides – Seeking Alpha” published on October 30, 2018, Seekingalpha.com published: “Regis Corporation’s (RGS) CEO Hugh Sawyer on Q1 2019 Results – Earnings Call Transcript – Seeking Alpha” on October 30, 2018. More interesting news about Regis Corporation (NYSE:RGS) were released by: Seekingalpha.com and their article: “Position Close Update: Regis Corporation – Seeking Alpha” published on September 12, 2018 as well as Seekingalpha.com‘s news article titled: “Regis Corporation (RGS) CEO Hugh Sawyer on Q4 2018 Results – Earnings Call Transcript – Seeking Alpha” with publication date: August 21, 2018.

Since November 11, 2018, it had 0 insider purchases, and 1 insider sale for $166,630 activity.

Acadian Asset Management Llc, which manages about $65.15B and $24.21B US Long portfolio, decreased its stake in Comtech Telecommunications Cp (NASDAQ:CMTL) by 57,122 shares to 24,870 shares, valued at $902,000 in 2018Q3, according to the filing. It also reduced its holding in Momo Inc by 397,064 shares in the quarter, leaving it with 3.44M shares, and cut its stake in Consol Energy Inc New.

Among 4 analysts covering Regis Corporation (NYSE:RGS), 1 have Buy rating, 1 Sell and 2 Hold. Therefore 25% are positive. Regis Corporation had 7 analyst reports since August 31, 2015 according to SRatingsIntel. The firm earned “Neutral” rating on Thursday, November 19 by Piper Jaffray. The stock of Regis Corporation (NYSE:RGS) earned “Neutral” rating by Northcoast on Friday, October 30. The firm has “Hold” rating by KeyBanc Capital Markets given on Wednesday, December 20. The stock of Regis Corporation (NYSE:RGS) earned “Underweight” rating by Piper Jaffray on Thursday, May 19. The rating was downgraded by Northcoast on Monday, August 31 to “Sell”. The firm has “Buy” rating given on Wednesday, November 1 by Jefferies.

Among 18 analysts covering Archer Daniels Midland Company (NYSE:ADM), 8 have Buy rating, 1 Sell and 9 Hold. Therefore 44% are positive. Archer Daniels Midland Company had 61 analyst reports since July 29, 2015 according to SRatingsIntel. The stock of Archer-Daniels-Midland Company (NYSE:ADM) has “Market Perform” rating given on Wednesday, August 1 by BMO Capital Markets. The firm has “Market Perform” rating by BMO Capital Markets given on Wednesday, November 1. The firm has “Hold” rating by Standpoint Research given on Thursday, April 28. The stock of Archer-Daniels-Midland Company (NYSE:ADM) earned “Hold” rating by Argus Research on Thursday, June 1. Citigroup maintained the shares of ADM in report on Wednesday, July 12 with “Buy” rating. The stock has “Buy” rating by Robert W. Baird on Friday, October 13. As per Thursday, August 31, the company rating was maintained by Credit Suisse. As per Monday, March 12, the company rating was upgraded by Goldman Sachs. The rating was maintained by Morgan Stanley on Friday, August 3 with “Equal-Weight”. The stock has “Neutral” rating by Credit Suisse on Friday, April 6.

Investors sentiment increased to 1.2 in 2018 Q3. Its up 0.11, from 1.09 in 2018Q2. It increased, as 29 investors sold ADM shares while 207 reduced holdings. 92 funds opened positions while 191 raised stakes. 411.37 million shares or 1.30% less from 416.79 million shares in 2018Q2 were reported. Qs Llc has 433,845 shares for 0.21% of their portfolio. Livingston Grp Asset Mngmt (Operating As Southport Capital Management) has 0.01% invested in Archer-Daniels-Midland Company (NYSE:ADM) for 360 shares. Umb Natl Bank N A Mo reported 0.03% stake. 85,510 are held by Creative Planning. Natixis Advsrs Lp reported 0.11% in Archer-Daniels-Midland Company (NYSE:ADM). Bnp Paribas Arbitrage, New York-based fund reported 1.21M shares. Palo accumulated 0.18% or 16,760 shares. Tcw Group Incorporated accumulated 17,700 shares. Ancora Advsr Ltd Liability Company holds 479 shares. Retirement Of Alabama reported 258,127 shares. Stadion Money Limited Liability holds 21,688 shares. Moreover, Bowling Port Ltd Liability Com has 0.45% invested in Archer-Daniels-Midland Company (NYSE:ADM) for 63,439 shares. Cwm Limited Liability Com holds 555,826 shares. Buckingham Asset Limited Com holds 0.06% or 7,839 shares in its portfolio. 2,416 are held by Nuwave Investment Management Ltd.

Since August 1, 2018, it had 1 buying transaction, and 4 selling transactions for $5.18 million activity. Stott John P sold $130,000 worth of stock. 2,100 shares were bought by Young Ray G, worth $99,429 on Wednesday, November 7. The insider D AMBROSE MICHAEL sold $4.84M.

Regis Corporation (NYSE:RGS) Institutional Positions Chart

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AQR Capital Management LLC Sells 429061 Shares of Archer Daniels Midland Co (NYSE:ADM)

AQR Capital Management LLC reduced its holdings in shares of Archer Daniels Midland Co (NYSE:ADM) by 11.3% in the 3rd quarter, according to its …

Archer Daniels Midland logoAQR Capital Management LLC reduced its holdings in shares of Archer Daniels Midland Co (NYSE:ADM) by 11.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,368,674 shares of the company’s stock after selling 429,061 shares during the quarter. AQR Capital Management LLC owned approximately 0.60% of Archer Daniels Midland worth $169,343,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Archer Daniels Midland by 8.7% during the second quarter. BlackRock Inc. now owns 45,957,560 shares of the company’s stock valued at $2,106,235,000 after purchasing an additional 3,694,727 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Archer Daniels Midland by 723.7% in the third quarter. PNC Financial Services Group Inc. now owns 1,902,120 shares of the company’s stock worth $95,622,000 after buying an additional 1,671,210 shares during the last quarter. Northern Trust Corp increased its stake in shares of Archer Daniels Midland by 13.1% in the second quarter. Northern Trust Corp now owns 11,824,020 shares of the company’s stock worth $541,894,000 after buying an additional 1,369,242 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Archer Daniels Midland by 72.2% in the third quarter. Canada Pension Plan Investment Board now owns 2,961,130 shares of the company’s stock worth $148,856,000 after buying an additional 1,241,676 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Archer Daniels Midland in the third quarter worth $42,197,000. 75.50% of the stock is currently owned by institutional investors and hedge funds.

ADM stock traded down $0.21 during trading on Friday, hitting $43.16. The company had a trading volume of 2,513,600 shares, compared to its average volume of 3,366,438. The company has a quick ratio of 0.94, a current ratio of 1.67 and a debt-to-equity ratio of 0.35. Archer Daniels Midland Co has a fifty-two week low of $39.16 and a fifty-two week high of $52.06. The company has a market capitalization of $24.15 billion, a P/E ratio of 17.76 and a beta of 0.99.

Archer Daniels Midland (NYSE:ADM) last issued its quarterly earnings results on Tuesday, November 6th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.83 by $0.09. Archer Daniels Midland had a net margin of 3.54% and a return on equity of 10.45%. The firm had revenue of $15.80 billion for the quarter, compared to analysts’ expectations of $15.72 billion. During the same period in the previous year, the business earned $0.45 earnings per share. Archer Daniels Midland’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts anticipate that Archer Daniels Midland Co will post 3.56 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 14th. Shareholders of record on Friday, November 23rd were given a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Wednesday, November 21st. Archer Daniels Midland’s dividend payout ratio (DPR) is presently 55.14%.

Several analysts have weighed in on ADM shares. Zacks Investment Research lowered shares of Archer Daniels Midland from a “buy” rating to a “hold” rating in a research note on Thursday, January 3rd. Argus upgraded shares of Archer Daniels Midland from a “hold” rating to a “buy” rating and set a $53.00 target price for the company in a research note on Thursday, November 8th. Finally, Cleveland Research reissued a “hold” rating on shares of Archer Daniels Midland in a report on Monday, October 1st. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $49.42.

In other Archer Daniels Midland news, CFO Ray G. Young purchased 2,100 shares of the company’s stock in a transaction on Wednesday, November 7th. The shares were purchased at an average cost of $47.35 per share, for a total transaction of $99,435.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.94% of the stock is currently owned by insiders.

COPYRIGHT VIOLATION NOTICE: “AQR Capital Management LLC Sells 429,061 Shares of Archer Daniels Midland Co (NYSE:ADM)” was published by Fairfield Current and is the property of of Fairfield Current. If you are accessing this report on another domain, it was copied illegally and republished in violation of U.S. & international trademark & copyright laws. The correct version of this report can be read at https://www.fairfieldcurrent.com/news/2019/01/11/aqr-capital-management-llc-sells-429061-shares-of-archer-daniels-midland-co-adm.html.

Archer Daniels Midland Profile

Archer-Daniels-Midland Company procures, transports, stores, processes, and merchandises agricultural commodities, products, and ingredients in the United States and internationally. It operates through four segments: Carbohydrate Solutions, Nutrition, Oilseeds, and Origination. The company offers oilseeds, corn, wheat, milo, oats, rice, and barley; and structured trade finance, as well as processes wheat into wheat flour.

Read More: Yield Curve

Institutional Ownership by Quarter for Archer Daniels Midland (NYSE:ADM)

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Uncovering the next great stocks: Archer-Daniels-Midland Company (ADM), 3D Systems …

The shares of 3D Systems Corporation (NYSE:DDD), has jumped by 9.49% year to date as of 12/21/2018. The shares currently trade at $9.46 and …

The shares of Archer-Daniels-Midland Company have increased by more than 1.80% this year alone. The shares recently went down by -1.04% or -$0.43 and now trades at $40.80. The shares of 3D Systems Corporation (NYSE:DDD), has jumped by 9.49% year to date as of 12/21/2018. The shares currently trade at $9.46 and have been able to report a change of -11.01% over the past one week.

The stock of Archer-Daniels-Midland Company and 3D Systems Corporation were two of the most active stocks on Friday. Investors seem to be very interested in what happens to the stocks of these two companies but do investors favor one over the other? We will analyze the growth, profitability, risk, valuation, and insider trends of both companies and see which one investors prefer.

Next 5Y EPS Growth: -8.80% versus 10.00%

When a company is able to grow consistently in terms of earnings at a high compound rate have the highest likelihood of creating value for its shareholders over time. Analysts have predicted that ADM will grow it’s earning at a -8.80% annual rate in the next 5 years. This is in contrast to DDD which will have a positive growth at a 10.00% annual rate. This means that the higher growth rate of DDD implies a greater potential for capital appreciation over the years.

Profitability and Returns

Growth alone cannot be used to see if the company will be valuable. Shareholders will be the losers if a company invest in ventures that aren’t profitable enough to support upbeat growth. In order for us to accurately measure profitability and return, we will be using the EBITDA margin and Return on Investment (ROI), which balances the difference in capital structure. ADM has an EBITDA margin of 5.57%, this implies that the underlying business of ADM is more profitable. The ROI of ADM is 4.20% while that of DDD is -9.90%. These figures suggest that ADM ventures generate a higher ROI than that of DDD.

Cash Flow



The value of a stock is ultimately determined by the amount of cash flow that the investors have available. Over the last 12 months, ADM’s free cash flow per share is a negative -1.4.

Liquidity and Financial Risk

The ability of a company to meet up with its short-term obligations and be able to clear its longer-term debts is measured using Liquidity and leverage ratios. The current ratio for ADM is 1.70 and that of DDD is 2.30. This implies that it is easier for ADM to cover its immediate obligations over the next 12 months than DDD. The debt ratio of ADM is 0.41 compared to 0.01 for DDD. ADM can be able to settle its long-term debts and thus is a lower financial risk than DDD.

Valuation

ADM currently trades at a forward P/E of 11.18, a P/B of 1.21, and a P/S of 0.36 while DDD trades at a forward P/E of 40.26, a P/B of 1.83, and a P/S of 1.65. This means that looking at the earnings, book values and sales basis, ADM is the cheaper one. It is very obvious that earnings are the most important factors to investors, thus analysts are most likely to place their bet on the P/E.

Analyst Price Targets and Opinions


The mistake some people make is that they think a cheap stock has more value to it. In order to know the value of a stock, there is need to compare its current price to its likely trading price in the future. The price of ADM is currently at a -23.94% to its one-year price target of 53.64. Looking at its rival pricing, DDD is at a -21.17% relative to its price target of 12.00.

When looking at the investment recommendation on say a scale of 1 to 5 (1 being a strong buy, 3 a hold, and 5 a sell), ADM is given a 2.20 while 3.40 placed for DDD. This means that analysts are more bullish on the outlook for DDD stocks.

Insider Activity and Investor Sentiment

Short interest or otherwise called the percentage of a stock’s tradable shares currently being shorted is another data that investors use to get a handle on sentiment. The short ratio for ADM is 2.72 while that of DDD is just 10.37. This means that analysts are more bullish on the forecast for ADM stock.

Conclusion

The stock of 3D Systems Corporation defeats that of Archer-Daniels-Midland Company when the two are compared, with DDD taking 5 out of the total factors that were been considered. DDD happens to be more profitable, generates a higher ROI, has higher cash flow per share, higher liquidity and has a lower financial risk. When looking at the stock valuation, DDD is the cheaper one on an earnings, book value and sales basis. Finally, the sentiment signal for DDD is better on when it is viewed on short interest.

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AQR Capital Management LLC Sells 429061 Shares of Archer Daniels Midland Co (ADM)

AQR Capital Management LLC decreased its position in Archer Daniels Midland Co (NYSE:ADM) by 11.3% in the 3rd quarter, according to the …

Archer Daniels Midland logoAQR Capital Management LLC decreased its position in Archer Daniels Midland Co (NYSE:ADM) by 11.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,368,674 shares of the company’s stock after selling 429,061 shares during the period. AQR Capital Management LLC owned about 0.60% of Archer Daniels Midland worth $169,343,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. grew its stake in shares of Archer Daniels Midland by 8.7% in the 2nd quarter. BlackRock Inc. now owns 45,957,560 shares of the company’s stock valued at $2,106,235,000 after purchasing an additional 3,694,727 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Archer Daniels Midland by 723.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,902,120 shares of the company’s stock valued at $95,622,000 after purchasing an additional 1,671,210 shares during the period. Northern Trust Corp grew its stake in shares of Archer Daniels Midland by 13.1% in the 2nd quarter. Northern Trust Corp now owns 11,824,020 shares of the company’s stock valued at $541,894,000 after purchasing an additional 1,369,242 shares during the period. Canada Pension Plan Investment Board grew its stake in shares of Archer Daniels Midland by 72.2% in the 3rd quarter. Canada Pension Plan Investment Board now owns 2,961,130 shares of the company’s stock valued at $148,856,000 after purchasing an additional 1,241,676 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of Archer Daniels Midland in the 3rd quarter valued at approximately $42,197,000. 75.63% of the stock is owned by hedge funds and other institutional investors.

NYSE ADM opened at $42.40 on Thursday. The company has a market cap of $24.02 billion, a P/E ratio of 12.45 and a beta of 0.98. Archer Daniels Midland Co has a one year low of $39.28 and a one year high of $52.06. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 1.67.

Archer Daniels Midland (NYSE:ADM) last announced its quarterly earnings data on Tuesday, November 6th. The company reported $0.92 EPS for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.09. The firm had revenue of $15.80 billion for the quarter, compared to analyst estimates of $15.72 billion. Archer Daniels Midland had a return on equity of 10.45% and a net margin of 3.54%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $0.45 EPS. Analysts forecast that Archer Daniels Midland Co will post 3.56 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 14th. Shareholders of record on Friday, November 23rd were given a $0.335 dividend. The ex-dividend date of this dividend was Wednesday, November 21st. This represents a $1.34 dividend on an annualized basis and a yield of 3.16%. Archer Daniels Midland’s payout ratio is 55.14%.

ADM has been the topic of several analyst reports. Cleveland Research reiterated a “hold” rating on shares of Archer Daniels Midland in a research note on Monday, October 1st. Argus upgraded Archer Daniels Midland from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a research note on Thursday, November 8th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Archer Daniels Midland presently has a consensus rating of “Buy” and a consensus price target of $49.67.

In other news, CFO Ray G. Young acquired 2,100 shares of the firm’s stock in a transaction on Wednesday, November 7th. The shares were purchased at an average cost of $47.35 per share, for a total transaction of $99,435.00. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John P. Stott sold 2,500 shares of the stock in a transaction on Monday, October 8th. The shares were sold at an average price of $52.00, for a total value of $130,000.00. Following the completion of the transaction, the vice president now owns 32,885 shares in the company, valued at $1,710,020. The disclosure for this sale can be found here. 0.94% of the stock is currently owned by company insiders.

TRADEMARK VIOLATION WARNING: “AQR Capital Management LLC Sells 429,061 Shares of Archer Daniels Midland Co (ADM)” was originally published by Fairfield Current and is the sole property of of Fairfield Current. If you are accessing this piece on another publication, it was illegally stolen and reposted in violation of international copyright legislation. The original version of this piece can be accessed at https://www.fairfieldcurrent.com/news/2018/12/20/aqr-capital-management-llc-sells-429061-shares-of-archer-daniels-midland-co-adm.html.

Archer Daniels Midland Company Profile

Archer-Daniels-Midland Company procures, transports, stores, processes, and merchandises agricultural commodities, products, and ingredients in the United States and internationally. It operates through four segments: Carbohydrate Solutions, Nutrition, Oilseeds, and Origination. The company offers oilseeds, corn, wheat, milo, oats, rice, and barley; and structured trade finance, as well as processes wheat into wheat flour.

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Institutional Ownership by Quarter for Archer Daniels Midland (NYSE:ADM)

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US ethanol producers seek pricing reform as markets plunge, ADM sells

Top U.S. ethanol producer POET LLC has asked the CME Group to change its pricing method for a key swap contract used by the industry to hedge, …

NEW YORK/CHICAGO (Reuters) – U.S. ethanol producers stung by collapsing prices are seeking changes to the way benchmark values for the biofuel are established, arguing the current system used by exchanges is vulnerable to manipulation, according to sources.

FILE PHOTO – A compex network of pipes and tanks convert corn into ethanol inside the Lincolnway Energy plant in the town of Nevada, Iowa, December 6, 2007. REUTERS/Jason Reed

The push comes as the key farm belt industry struggles with weak demand growth, a loss of export markets due to the U.S. trade war with China, and aggressive selling by global commodities giant Archer Daniels Midland Co (ADM.N) that have pushed ethanol prices to 13-year lows.

ADM is better placed to survive a long stretch of low prices than its ethanol-focused U.S. rivals, many of whom are concerned the company is deliberately pressuring the biofuel market lower to drive them out of business and are keen for a stable hedging tool to defend against further dips.

Top U.S. ethanol producer POET LLC has asked the CME Group (CME.O) to change its pricing method for a key swap contract used by the industry to hedge, and the rival ICE exchange is contemplating offering an alternative to CME’s product after discussions with biofuels companies, according to three sources familiar with the moves who asked not to be named because they are not authorized to speak publicly.

CME’s Chicago ethanol swap contract CUUc1 is the most widely used derivative instrument the industry uses to protect itself against market fluctuations. But traders have recently been reluctant to use the contract for fear it will expose them to further losses due to the strong selling by ADM.

CME currently calculates the swap contract’s value by averaging the monthly daily settlement price in the physical market as provided by commodities pricing company Platts. Several ethanol producers want that method changed.

Critics say the Platts price can be easily manipulated because it is based on deals that occur only during a 30 minute window each day, as opposed to during the whole day. In November, ADM represented more than 90 percent of sales in the Chicago Platts window, two traders said.

ADM declined to comment for the story and has never publicly defended itself against criticism about its activity in the trading window. ADM CEO Juan Ricardo Luciano blamed overproduction and the loss of sales to China for the industry’s recent woes in the latest earnings call.

Platts did not immediately respond to requests for comment for this story.

The issue has become more urgent as slumping prices force ADM rivals like Green Plains, POET and Valero to shut, idle, or sell off plants. U.S. ethanol prices have dropped below $1.20 a gallon 1ZEc1, the lowest in about 13 years, with inventories swelling to records.

POET, the nation’s leading ethanol producer at two billion gallons a year, last month filed a complaint about the issue with CME, which sets the rules for the ethanol swap contract, the company confirmed to Reuters.

“POET submitted a complaint to CME outlining our concerns regarding the Chicago Ethanol Swap contract. Our concerns are with the market-influencing impacts of this specific contract,” POET spokesman Matt Merritt said in an email.

He declined to provide other details.

Two sources who read the letter said the complaint argues the swap contract is based on a flawed pricing method that a single company can manipulate. The letter does not identify ADM, the sources said.

CME spokesman Chris Grams declined comment.

A rival derivatives exchange, Intercontinental Exchange Inc (ICE.N), is considering offering an alternative to CME’s contract that would incorporate some of the changes sought by ethanol traders, such as using a full-day average physical price to determine the settlement price, the two sources, along with an additional source familiar with the effort, told Reuters.

ICE is planning to study the idea until at least the end of the year before making any decision, the sources said.

ICE said, “We are constantly evaluating opportunities that could meet customer demand and complement our global energy suite.”

Separately, terminal operator Zenith Energy Management is talking to traders about the possibility of a new ethanol storage hub in Joliet, Illinois, to rival Kinder Morgan Inc’s (KMI.N) Argo terminal near Chicago – the main delivery point for Chicago ethanol, the two sources familiar with the efforts said.

The terminal, about 30 miles south of Argo, would allow shippers to bypass congested rail lines in Chicago and provide a new outlet to other trading hubs where prices are higher.

A spokesperson for Zenith did not respond to a request for comment.

It is unclear to what extent other ethanol producers have joined the efforts to make changes to pricing.

Ethanol maker Green Plains Inc (GPRE.O) told investors in a recent earnings call that it was working with other companies to seek alternatives to the current pricing methodology, without elaborating.

Reporting by Jarrett Renshaw in New York and Michael Hirtzer in Chicago; editing by Richard Valdmanis and Phil Berlowitz

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