Zacks Investment Research Downgrades SpartanNash Company (SPTN) to Sell
SpartanNash Company (NASDAQ:SPTN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.
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 analysts have also recently issued reports on SPTN. BidaskClub upgraded shares of SpartanNash from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Jefferies Group LLC set a $27.00 target price on shares of SpartanNash and gave the stock a “hold” rating in a research note on Thursday. Deutsche Bank AG cut their target price on shares of SpartanNash from $40.00 to $26.00 and set a “hold” rating for the company in a research note on Friday. Pivotal Research set a $20.00 target price on shares of SpartanNash and gave the stock a “sell” rating in a research note on Tuesday, August 15th. Finally, Barclays PLC restated an “equal weight” rating and set a $28.00 target price (down previously from $36.00) on shares of SpartanNash in a research note on Friday, July 14th. Three analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $28.40.
SpartanNash (NASDAQ SPTN) opened at 24.24 on Friday. The stock’s 50 day moving average is $26.46 and its 200 day moving average is $32.16. The company has a market cap of $916.47 million, a P/E ratio of 13.91 and a beta of 1.00. SpartanNash has a 12-month low of $23.70 and a 12-month high of $40.38.
SpartanNash (NASDAQ:SPTN) last posted its earnings results on Wednesday, August 16th. The company reported $0.60 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.60. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.96 billion. SpartanNash had a net margin of 0.83% and a return on equity of 10.00%. SpartanNash’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.58 EPS. On average, equities analysts forecast that SpartanNash will post $2.26 earnings per share for the current year.
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In other SpartanNash news, Director M Shan Atkins sold 2,000 shares of SpartanNash stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $27.69, for a total value of $55,380.00. Following the completion of the sale, the director now owns 32,425 shares in the company, valued at approximately $897,848.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.00% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of SPTN. Ameritas Investment Partners Inc. acquired a new stake in shares of SpartanNash during the first quarter valued at $112,000. Huntington National Bank boosted its stake in shares of SpartanNash by 3.8% in the first quarter. Huntington National Bank now owns 3,254 shares of the company’s stock valued at $114,000 after buying an additional 120 shares during the period. Victory Capital Management Inc. boosted its stake in shares of SpartanNash by 17.7% in the second quarter. Victory Capital Management Inc. now owns 4,689 shares of the company’s stock valued at $122,000 after buying an additional 704 shares during the period. Sei Investments Co. acquired a new stake in shares of SpartanNash during the second quarter valued at $127,000. Finally, State of Alaska Department of Revenue boosted its stake in shares of SpartanNash by 2.0% in the first quarter. State of Alaska Department of Revenue now owns 4,140 shares of the company’s stock valued at $144,000 after buying an additional 80 shares during the period. Institutional investors and hedge funds own 87.94% of the company’s stock.
SpartanNash Company is a multi-regional grocery distributor and grocery retailer. The Company’s core businesses include distributing grocery products to independent grocery retailers (independent retailers), select national retailers, its corporate owned retail stores, and the United States military commissaries.
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