Greenlight Capital Inc. Has $29.95 Million Holdings in Rite Aid Co. (RAD)
Greenlight Capital Inc. decreased its holdings in Rite Aid Co. (NYSE:RAD) by 8.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,278,289 shares of the company’s stock after selling 1,500,700 shares during the quarter. Rite Aid accounts for about 0.5% of Greenlight Capital Inc.’s portfolio, making the stock its 26th largest holding. Greenlight Capital Inc. owned approximately 1.45% of Rite Aid worth $29,946,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of RAD. Advisor Group Inc. raised its stake in Rite Aid by 49.8% in the 2nd quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock worth $101,000 after purchasing an additional 12,140 shares in the last quarter. Comerica Bank raised its stake in Rite Aid by 9.2% in the 2nd quarter. Comerica Bank now owns 44,460 shares of the company’s stock worth $111,000 after purchasing an additional 3,753 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in Rite Aid by 8.1% in the 2nd quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock worth $115,000 after purchasing an additional 2,900 shares in the last quarter. Verition Fund Management LLC acquired a new stake in Rite Aid in the 2nd quarter worth about $120,000. Finally, Geneva Advisors LLC raised its stake in Rite Aid by 6.5% in the 2nd quarter. Geneva Advisors LLC now owns 43,000 shares of the company’s stock worth $127,000 after purchasing an additional 2,616 shares in the last quarter. Institutional investors and hedge funds own 50.81% of the company’s stock.
Several equities analysts have recently commented on the stock. Royal Bank of Canada assumed coverage on shares of Rite Aid in a research report on Tuesday, September 19th. They issued a “sector perform” rating and a $2.50 target price for the company. Loop Capital restated a “hold” rating and issued a $2.00 target price (down from $2.50) on shares of Rite Aid in a research report on Friday, September 29th. Guggenheim restated a “neutral” rating and issued a $2.00 target price on shares of Rite Aid in a research report on Monday, October 2nd. Zacks Investment Research cut shares of Rite Aid from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Finally, Deutsche Bank assumed coverage on shares of Rite Aid in a research report on Monday, December 4th. They issued a “hold” rating and a $2.25 target price for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $3.25.
Rite Aid (NYSE:RAD) last announced its quarterly earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The company had revenue of $7.68 billion for the quarter, compared to analyst estimates of $7.83 billion. Rite Aid had a net margin of 0.28% and a negative return on equity of 7.51%. The firm’s revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 EPS. research analysts expect that Rite Aid Co. will post -0.1 EPS for the current year.
In related news, Director Myrtle S. Potter sold 28,189 shares of Rite Aid stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $2.09, for a total transaction of $58,915.01. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 2.29% of the company’s stock.
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About Rite Aid
Rite Aid Corporation is a retail drugstore chain. The Company’s segments include Retail Pharmacy and Pharmacy Services. The Company operates under The Rite Aid name. It operates approximately 4,560 stores in over 30 states across the country and in the District of Columbia. The Company’s Retail Pharmacy segment consists of Rite Aid stores, RediClinic and Health Dialog.
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