SpartanNash (SPTN) Rating Increased to Hold at Zacks Investment Research
SpartanNash (NASDAQ:SPTN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.
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. “
Several other equities research analysts also recently issued reports on SPTN. BidaskClub raised SpartanNash from a “sell” rating to a “hold” rating in a research report on Thursday. ValuEngine downgraded SpartanNash from a “sell” rating to a “strong sell” rating in a research report on Friday, June 8th. BMO Capital Markets set a $25.00 price target on SpartanNash and gave the company a “buy” rating in a research report on Thursday, May 31st. Finally, Barclays raised their price target on SpartanNash from $17.00 to $23.00 and gave the company an “equal weight” rating in a research report on Thursday, May 31st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. SpartanNash has an average rating of “Hold” and a consensus target price of $22.33.
SpartanNash (NASDAQ:SPTN) last issued its quarterly earnings results on Wednesday, August 15th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.07). The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. SpartanNash had a negative net margin of 0.68% and a positive return on equity of 10.44%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.60 earnings per share. sell-side analysts predict that SpartanNash will post 2.26 earnings per share for the current year.
In related news, insider Kathleen M. Mahoney sold 10,000 shares of SpartanNash stock in a transaction dated Monday, June 4th. The stock was sold at an average price of $26.50, for a total transaction of $265,000.00. Following the sale, the insider now directly owns 59,451 shares of the company’s stock, valued at $1,575,451.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO David M. Staples sold 1,865 shares of SpartanNash stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $25.81, for a total value of $48,135.65. Following the sale, the chief executive officer now directly owns 168,906 shares in the company, valued at $4,359,463.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,096 shares of company stock worth $1,753,571. 2.40% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Assetmark Inc. grew its position in SpartanNash by 13.8% during the second quarter. Assetmark Inc. now owns 20,448 shares of the company’s stock worth $522,000 after buying an additional 2,473 shares in the last quarter. Swiss National Bank lifted its stake in SpartanNash by 5.4% during the first quarter. Swiss National Bank now owns 64,880 shares of the company’s stock worth $1,117,000 after purchasing an additional 3,300 shares during the period. Aperio Group LLC lifted its stake in SpartanNash by 22.7% during the first quarter. Aperio Group LLC now owns 18,324 shares of the company’s stock worth $315,000 after purchasing an additional 3,390 shares during the period. Cubist Systematic Strategies LLC lifted its stake in SpartanNash by 29.4% during the second quarter. Cubist Systematic Strategies LLC now owns 19,968 shares of the company’s stock worth $510,000 after purchasing an additional 4,537 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in SpartanNash by 15.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 36,270 shares of the company’s stock worth $926,000 after purchasing an additional 4,968 shares during the period. 84.44% of the stock is currently owned by institutional investors and hedge funds.
SpartanNash Company distributes and retails grocery products. It operates in three segments: Food Distribution, Military, and Retail. The Food Distribution segment offers approximately 60,000 stock-keeping units, such as dry groceries, produce, dairy products, meat, delicatessen items, bakery goods, frozen food, seafood, floral products, general merchandise, beverages, tobacco products, health and beauty care, and pharmacy products to independent retail locations, food service distributors, and corporate-owned retail stores.
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