Zacks Investment Research Upgrades Spartan Stores Inc. (SPTN) to “Buy”
Spartan Stores Inc. (NASDAQ:SPTN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $33.00 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 13.64% from the stock’s previous close.
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 analysts have also weighed in on SPTN. Jefferies Group set a $27.00 price target on shares of Spartan Stores and gave the stock a “hold” rating in a research report on Saturday, October 1st. Barclays PLC began coverage on shares of Spartan Stores in a research report on Friday, September 23rd. They set an “equal weight” rating and a $31.00 price target on the stock. Northcoast Research upgraded shares of Spartan Stores from a “neutral” rating to a “buy” rating in a research 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. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $29.80.
Spartan Stores (NASDAQ:SPTN) traded up 0.21% during trading on Tuesday, hitting $29.10. 37,006 shares of the stock were exchanged. The stock has a market cap of $1.09 billion, a P/E ratio of 18.45 and a beta of 0.87. The stock’s 50 day moving average price is $30.29 and its 200 day moving average price is $29.56. Spartan Stores has a 12 month low of $17.66 and a 12 month high of $33.89.
Spartan Stores (NASDAQ:SPTN) last posted its quarterly earnings results on Wednesday, August 17th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.01. The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.80 billion. Spartan Stores had a net margin of 0.78% and a return on equity of 10.15%. Spartan Stores’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.53 earnings per share. Analysts forecast that Spartan Stores will post $2.14 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 16th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Wednesday, September 14th. Spartan Stores’s dividend payout ratio (DPR) is 37.97%.
In other 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 value of $455,030.68. Following the sale, the vice president now directly owns 59,270 shares of the company’s stock, valued at approximately $1,913,828.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.30% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in SPTN. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Spartan Stores by 293.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,351 shares of the company’s stock worth $102,000 after buying an additional 2,500 shares during the period. PineBridge Investments L.P. increased its stake in Spartan Stores by 4.3% in the second quarter. PineBridge Investments L.P. now owns 4,753 shares of the company’s stock worth $145,000 after buying an additional 197 shares during the period. Acrospire Investment Management LLC increased its stake in Spartan Stores by 62.4% in the second quarter. Acrospire Investment Management LLC now owns 4,944 shares of the company’s stock worth $151,000 after buying an additional 1,900 shares during the period. Teacher Retirement System of Texas increased its stake in Spartan Stores by 11.4% in the second quarter. Teacher Retirement System of Texas now owns 5,155 shares of the company’s stock worth $158,000 after buying an additional 527 shares during the period. Finally, Public Employees Retirement System of Ohio increased its stake in Spartan Stores by 13.9% in the second quarter. Public Employees Retirement System of Ohio now owns 5,993 shares of the company’s stock worth $183,000 after buying an additional 732 shares during the period. 86.54% of the stock is currently owned by institutional investors and hedge funds.
About Spartan Stores
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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