PriceSmart Inc. (PSMT) Stock Rating Upgraded by Zacks Investment Research
PriceSmart Inc. (NASDAQ:PSMT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “PriceSmart, Inc. is primarily engaged in the operation of membership shopping warehouses in international markets. The company’s business consists of international membership shopping stores similar to, but smaller in size than, warehouse clubs in the United States. The warehouses sell basic consumer goods with an emphasis on quality, low prices and efficient operations. By offering low prices on brand name and private label merchandise, the warehouses seek to generate sufficient sales volumes to operate profitably at relatively low gross margins. “
Separately, Roth Capital set a $95.00 price target on shares of PriceSmart and gave the stock a “buy” rating in a report on Tuesday, October 11th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. PriceSmart presently has a consensus rating of “Buy” and a consensus price target of $69.33.
PriceSmart (NASDAQ:PSMT) opened at 89.20 on Tuesday. PriceSmart has a one year low of $68.51 and a one year high of $98.49. The company has a 50-day moving average of $86.57 and a 200 day moving average of $85.22. The company has a market cap of $2.67 billion, a P/E ratio of 30.58 and a beta of 1.31.
PriceSmart (NASDAQ:PSMT) last posted its quarterly earnings results on Thursday, October 27th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.09. The business earned $711.05 million during the quarter, compared to analysts’ expectations of $708.17 million. PriceSmart had a net margin of 3.05% and a return on equity of 14.61%. The business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the company posted $0.75 earnings per share. Analysts anticipate that PriceSmart will post $3.24 earnings per share for the current year.
In related news, EVP Frank Ramon Diaz sold 1,388 shares of the firm’s stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $86.29, for a total transaction of $119,770.52. Following the completion of the transaction, the executive vice president now owns 14,464 shares of the company’s stock, valued at $1,248,098.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP John D. Hildebrandt sold 1,614 shares of the firm’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $91.00, for a total transaction of $146,874.00. Following the transaction, the executive vice president now directly owns 20,780 shares of the company’s stock, valued at approximately $1,890,980. The disclosure for this sale can be found here. Corporate insiders own 29.50% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of PSMT. BlackRock Institutional Trust Company N.A. boosted its position in shares of PriceSmart by 2.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 487,339 shares of the company’s stock valued at $41,219,000 after buying an additional 10,942 shares during the period. State Street Corp boosted its position in shares of PriceSmart by 1.8% in the first quarter. State Street Corp now owns 407,286 shares of the company’s stock valued at $34,450,000 after buying an additional 7,092 shares during the period. UBS Group AG boosted its position in shares of PriceSmart by 12.3% in the first quarter. UBS Group AG now owns 22,182 shares of the company’s stock valued at $1,877,000 after buying an additional 2,433 shares during the period. Renaissance Technologies LLC boosted its position in shares of PriceSmart by 105.5% in the first quarter. Renaissance Technologies LLC now owns 279,900 shares of the company’s stock valued at $23,674,000 after buying an additional 143,700 shares during the period. Finally, Avalon Advisors LLC acquired a new position in shares of PriceSmart during the first quarter valued at about $850,000. 73.77% of the stock is owned by hedge funds and other institutional investors.
PriceSmart Company Profile
PriceSmart, Inc (PriceSmart) business consists primarily of international membership shopping warehouse clubs similar to warehouse clubs in the United States. The Company owns and operates United States-style membership shopping warehouse clubs through wholly owned subsidiaries operating in Latin America and the Caribbean using the trade name PriceSmart.
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