Spartan Stores Inc. (SPTN) Downgraded to Hold at Zacks Investment Research
Spartan Stores Inc. (NASDAQ:SPTN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “SpartanNash Co. is a food distributor serving military commissaries and exchanges in the United States. The company’s core businesses include distributing food to military commissaries and exchanges and independent and corporate-owned retail stores located in 44 states and the District of Columbia, Europe, Cuba, Puerto Rico, the Azores, Bahrain and Egypt. It operates supermarkets, primarily under the banners of Family Fare Supermarkets, No Frills, Bag ‘n Save and Econofoods. SpartanNash Co., formerly known as Spartan Stores, Inc., is headquartered in United States. “
A number of other equities research analysts also recently issued reports on the stock. Jefferies Group set a $27.00 target price on shares of Spartan Stores and gave the company a “hold” rating in a report on Saturday. Barclays PLC began coverage on shares of Spartan Stores in a report on Friday, September 23rd. They issued an “equal weight” rating and a $31.00 target price for the company. Northcoast Research upgraded shares of Spartan Stores from a “neutral” rating to a “buy” rating in a report on Tuesday, August 23rd. Finally, Deutsche Bank AG set a $28.00 target price on shares of Spartan Stores and gave the company a “hold” rating in a report on Thursday, August 18th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $30.20.
Shares of Spartan Stores (NASDAQ:SPTN) opened at 28.62 on Tuesday. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of 18.15 and a beta of 0.87. The stock has a 50 day moving average of $30.55 and a 200-day moving average of $29.56. Spartan Stores has a one year low of $17.66 and a one year high of $33.89.
Spartan Stores (NASDAQ:SPTN) last released its earnings results on Wednesday, August 17th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. Spartan Stores had a net margin of 0.78% and a return on equity of 10.15%. The firm earned $1.83 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the previous year, the firm earned $0.53 earnings per share. Spartan Stores’s revenue was up 1.8% compared to the same quarter last year. On average, equities analysts anticipate that Spartan Stores will post $2.14 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, September 14th. This represents a $0.60 annualized dividend and a yield of 2.10%. Spartan Stores’s dividend payout ratio is currently 37.97%.
In other Spartan Stores news, VP David Des Couch sold 14,092 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $32.29, for a total transaction of $455,030.68. Following the completion of the sale, the vice president now directly owns 59,270 shares in the company, valued at $1,913,828.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.30% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of SPTN. LSV Asset Management boosted its position in Spartan Stores by 29.5% in the second quarter. LSV Asset Management now owns 1,566,184 shares of the company’s stock worth $47,893,000 after buying an additional 356,753 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Spartan Stores by 48.3% in the second quarter. JPMorgan Chase & Co. now owns 1,095,859 shares of the company’s stock worth $33,512,000 after buying an additional 356,678 shares during the last quarter. Emerald Acquisition Ltd. bought a new stake in Spartan Stores during the second quarter valued at about $10,329,000. Vanguard Group Inc. boosted its stake in Spartan Stores by 8.3% in the second quarter. Vanguard Group Inc. now owns 2,177,152 shares of the company’s stock valued at $66,577,000 after buying an additional 167,741 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Spartan Stores by 359.2% in the second quarter. Acadian Asset Management LLC now owns 192,735 shares of the company’s stock valued at $5,894,000 after buying an additional 150,760 shares in the last quarter. 86.54% of the stock is currently owned by institutional investors and hedge funds.
Spartan Stores Company Profile
Spartannash Company, formerly Spartan Stores, Inc, is a multi-regional grocery distributor and grocery retailer, and a distributor of grocery products to military commissaries in the United States. The Company’s core businesses include distributing food to military commissaries and exchanges, and independent and corporate-owned retail stores located in over 40 states and the District of Columbia, Europe, Cuba, Puerto Rico, Bahrain, Egypt, Honduras, Afghanistan and Bosnia.
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