Hourglass Capital LLC Has $2,080,000 Stake in Sysco Corp. (SYY)
Hourglass Capital LLC reduced its position in Sysco Corp. (NYSE:SYY) by 15.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 42,440 shares of the company’s stock after selling 7,990 shares during the period. Hourglass Capital LLC’s holdings in Sysco Corp. were worth $2,080,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the company. Cribstone Capital Management LLC bought a new position in Sysco Corp. during the second quarter worth $102,000. Jolley Asset Management LLC boosted its position in Sysco Corp. by 25.4% in the second quarter. Jolley Asset Management LLC now owns 2,150 shares of the company’s stock worth $109,000 after buying an additional 435 shares in the last quarter. Tuttle Tactical Management LLC bought a new position in Sysco Corp. during the second quarter worth $126,000. Global X Management Co. LLC boosted its position in Sysco Corp. by 175.4% in the second quarter. Global X Management Co. LLC now owns 2,542 shares of the company’s stock worth $129,000 after buying an additional 1,619 shares in the last quarter. Finally, Bruderman Asset Management LLC boosted its position in Sysco Corp. by 2.5% in the second quarter. Bruderman Asset Management LLC now owns 2,788 shares of the company’s stock worth $141,000 after buying an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 77.33% of the company’s stock.
Shares of Sysco Corp. (NYSE:SYY) traded down 0.41% during midday trading on Monday, reaching $53.71. The company’s stock had a trading volume of 2,582,283 shares. The stock has a 50 day moving average price of $50.35 and a 200-day moving average price of $50.46. The company has a market capitalization of $29.38 billion, a price-to-earnings ratio of 29.71 and a beta of 0.49. Sysco Corp. has a 52-week low of $38.84 and a 52-week high of $54.66.
Sysco Corp. (NYSE:SYY) last issued its quarterly earnings data on Monday, November 7th. The company reported $0.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.09. Sysco Corp. had a return on equity of 35.49% and a net margin of 1.99%. The business had revenue of $14 billion for the quarter, compared to the consensus estimate of $13.88 billion. During the same period last year, the business earned $0.52 EPS. The firm’s revenue was up 11.2% compared to the same quarter last year. Equities research analysts expect that Sysco Corp. will post $2.43 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 27th. Shareholders of record on Friday, January 6th will be issued a $0.33 dividend. The ex-dividend date is Wednesday, January 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.45%. This is a positive change from Sysco Corp.’s previous quarterly dividend of $0.31. Sysco Corp.’s dividend payout ratio (DPR) is 68.13%.
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Several research firms have recently commented on SYY. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $57.00 target price (up from $55.00) on shares of Sysco Corp. in a research note on Tuesday, August 16th. Credit Suisse Group AG cut Sysco Corp. from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $59.00 to $55.00 in a research note on Wednesday, November 16th. Vetr cut Sysco Corp. from a “hold” rating to a “sell” rating and set a $50.83 target price for the company. in a research note on Thursday, August 18th. Pivotal Research increased their target price on Sysco Corp. from $45.00 to $53.00 and gave the company a “hold” rating in a research note on Tuesday, November 8th. Finally, BMO Capital Markets set a $56.00 target price on Sysco Corp. and gave the company a “hold” rating in a research note on Wednesday, November 9th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $52.63.
In other Sysco Corp. news, insider William B. Day sold 72,134 shares of the firm’s stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $53.01, for a total value of $3,823,823.34. Following the sale, the insider now owns 108,293 shares of the company’s stock, valued at approximately $5,740,611.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Joel T. Grade sold 24,128 shares of the firm’s stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $53.49, for a total value of $1,290,606.72. Following the completion of the sale, the chief financial officer now directly owns 61,563 shares in the company, valued at approximately $3,293,004.87. The disclosure for this sale can be found here. 8.81% of the stock is owned by company insiders.
About Sysco Corp.
Sysco Corporation (Sysco) along with its subsidiaries and divisions, is a North American distributor of food and related products primarily to the foodservice or food-away-from-home industry. The Company provides products and related services to approximately 425,000 customers, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers.
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