Principal Financial Group Inc. Reduces Stake in Aramark (ARMK)
Principal Financial Group Inc. reduced its position in shares of Aramark (NYSE:ARMK) by 94.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,340 shares of the company’s stock after selling 602,442 shares during the period. Principal Financial Group Inc.’s holdings in Aramark were worth $1,303,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. AMI Asset Management Corp bought a new stake in Aramark during the first quarter worth $20,909,000. Highbridge Capital Management LLC bought a new stake in Aramark during the fourth quarter worth $17,579,000. Channing Capital Management LLC bought a new stake in Aramark during the first quarter worth $15,571,000. Crestwood Advisors Group LLC bought a new stake in Aramark during the first quarter worth $13,033,000. Finally, Global Thematic Partners LLC raised its stake in Aramark by 22.7% in the first quarter. Global Thematic Partners LLC now owns 1,869,238 shares of the company’s stock worth $68,916,000 after buying an additional 345,785 shares in the last quarter. 95.72% of the stock is currently owned by institutional investors.
Aramark (NYSE:ARMK) traded up 0.44% during trading on Friday, reaching $39.08. The company had a trading volume of 1,323,186 shares. The company has a market capitalization of $9.58 billion, a PE ratio of 28.32 and a beta of 0.48. Aramark has a 52-week low of $32.73 and a 52-week high of $41.72. The stock has a 50 day moving average price of $40.05 and a 200-day moving average price of $37.83.
Aramark (NYSE:ARMK) last released its quarterly earnings results on Tuesday, August 8th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.05. Aramark had a net margin of 2.37% and a return on equity of 19.29%. The firm had revenue of $3.59 billion for the quarter, compared to the consensus estimate of $3.61 billion. During the same quarter in the previous year, the firm posted $0.34 EPS. The firm’s quarterly revenue was up .2% on a year-over-year basis. On average, equities research analysts anticipate that Aramark will post $1.96 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Wednesday, August 16th will be paid a dividend of $0.103 per share. This represents a $0.41 annualized dividend and a yield of 1.05%. The ex-dividend date is Monday, August 14th. Aramark’s dividend payout ratio (DPR) is 29.93%.
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A number of analysts have recently weighed in on the company. Zacks Investment Research raised Aramark from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research report on Friday, May 12th. BidaskClub lowered Aramark from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 7th. Deutsche Bank AG upped their price objective on Aramark from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, May 10th. Morgan Stanley upped their price objective on Aramark from $39.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 10th. Finally, Barclays PLC upped their price objective on Aramark from $37.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Friday, June 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Aramark currently has a consensus rating of “Buy” and an average target price of $43.00.
In related news, VP James J. Tarangelo sold 3,000 shares of the business’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $37.15, for a total transaction of $111,450.00. Following the completion of the sale, the vice president now owns 2,871 shares of the company’s stock, valued at approximately $106,657.65. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Stephen R. Reynolds sold 30,000 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $40.41, for a total transaction of $1,212,300.00. Following the sale, the executive vice president now directly owns 62,460 shares of the company’s stock, valued at approximately $2,524,008.60. The disclosure for this sale can be found here. Insiders have sold a total of 143,629 shares of company stock worth $5,618,413 in the last ninety days. 2.90% of the stock is currently owned by insiders.
Aramark Company Profile
Aramark is a global provider of food, facilities and uniform services to education, healthcare, business and industry, and sports, leisure and corrections clients. The Company operates through three segments: Food and Support Services North America (FSS North America), Food and Support Services International (FSS International), and Uniform and Career Apparel (Uniform).
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