Share Buyback Program Declared by SpartanNash (SPTN)
SpartanNash (NASDAQ:SPTN) declared that its board has authorized a share buyback program, which permits the company to buyback $50.00 million in shares on Thursday, November 16th, EventVestor reports. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
SpartanNash (NASDAQ SPTN) opened at $22.82 on Friday. The company has a market cap of $843.69, a PE ratio of 9.50, a PEG ratio of 3.25 and a beta of 1.02. The company has a current ratio of 1.81, a quick ratio of 0.74 and a debt-to-equity ratio of 0.92. SpartanNash has a 52-week low of $18.56 and a 52-week high of $40.38.
SpartanNash (NASDAQ:SPTN) last announced its quarterly earnings data on Wednesday, November 8th. The company reported $0.54 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.54. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.90 billion. SpartanNash had a negative net margin of 6.47% and a negative return on equity of 67.84%. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.53 earnings per share. sell-side analysts forecast that SpartanNash will post 2.16 EPS for the current fiscal year.
A number of research analysts have weighed in on the stock. Barclays PLC cut their target price on shares of SpartanNash from $28.00 to $22.00 and set an “equal weight” rating for the company in a research report on Friday, November 10th. TheStreet lowered shares of SpartanNash from a “b-” rating to a “c-” rating in a research report on Wednesday, November 8th. Pivotal Research reaffirmed a “sell” rating and set a $18.00 price objective on shares of SpartanNash in a research report on Wednesday, November 8th. Jefferies Group LLC reaffirmed a “hold” rating and set a $25.00 price objective on shares of SpartanNash in a research report on Monday, October 16th. Finally, BMO Capital Markets began coverage on shares of SpartanNash in a research report on Tuesday, September 12th. They set a “market perform” rating and a $25.00 price objective for the company. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $23.20.
SpartanNash Company Profile
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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