FY2019 Earnings Estimate for Farmer Bros Co (FARM) Issued By B. Riley
Farmer Bros Co (NASDAQ:FARM) – Research analysts at B. Riley dropped their FY2019 earnings estimates for shares of Farmer Bros in a research report issued on Thursday, November 8th. B. Riley analyst K. Anderson now anticipates that the company will post earnings of $0.17 per share for the year, down from their previous estimate of $0.33. B. Riley currently has a “Buy” rating and a $32.00 target price on the stock.
A number of other brokerages have also recently commented on FARM. BidaskClub upgraded Farmer Bros from a “strong sell” rating to a “sell” rating in a report on Thursday, August 23rd. Zacks Investment Research cut Farmer Bros from a “hold” rating to a “strong sell” rating in a report on Friday, November 9th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $33.75.
Farmer Bros (NASDAQ:FARM) last announced its earnings results on Wednesday, November 7th. The company reported ($0.18) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.09). The company had revenue of $147.44 million during the quarter, compared to analysts’ expectations of $146.39 million. Farmer Bros had a negative return on equity of 0.57% and a negative net margin of 4.10%. Farmer Bros’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.05 EPS.
A number of institutional investors and hedge funds have recently bought and sold shares of FARM. Levin Capital Strategies L.P. boosted its holdings in Farmer Bros by 441.9% during the 2nd quarter. Levin Capital Strategies L.P. now owns 1,076,908 shares of the company’s stock valued at $32,900,000 after acquiring an additional 878,187 shares during the period. Russell Investments Group Ltd. boosted its holdings in Farmer Bros by 1,712.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 494,139 shares of the company’s stock valued at $15,109,000 after acquiring an additional 466,876 shares during the period. Trigran Investments Inc. boosted its holdings in Farmer Bros by 21.5% during the 2nd quarter. Trigran Investments Inc. now owns 1,433,932 shares of the company’s stock valued at $43,807,000 after acquiring an additional 254,184 shares during the period. BlackRock Inc. boosted its holdings in Farmer Bros by 12.8% during the 2nd quarter. BlackRock Inc. now owns 664,180 shares of the company’s stock valued at $20,291,000 after acquiring an additional 75,313 shares during the period. Finally, North Star Investment Management Corp. purchased a new position in Farmer Bros during the 2nd quarter valued at $2,082,000. Institutional investors own 59.37% of the company’s stock.
In related news, CEO Michael H. Keown sold 23,333 shares of the business’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $28.03, for a total transaction of $654,023.99. Following the completion of the transaction, the chief executive officer now owns 68,405 shares in the company, valued at approximately $1,917,392.15. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 10.90% of the stock is currently owned by insiders.
About Farmer Bros
Farmer Bros. Co engages in the manufacture, wholesale, and distribution of coffee, tea, and culinary products in the United States. The company offers roast and ground coffee; frozen liquid coffee; flavored and unflavored iced and hot teas; culinary products, including gelatins and puddings, soup bases, dressings, gravy and sauce mixes, pancake and biscuit mixes, jellies and preserves, and coffee-related products, such as coffee filters, sugar, and creamers; spices; and other beverages comprising cappuccino, cocoa, granitas, and ready-to-drink cold brew and iced coffee.
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