Spartan Stores Inc. (SPTN) Cut to Hold at Zacks Investment Research
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 brokerages have also weighed in on SPTN. Jefferies Group set a $33.00 price target on shares of Spartan Stores and gave the company a hold rating in a research note on Wednesday, July 27th. Northcoast Research raised shares of Spartan Stores from a neutral rating to a buy rating in a research note on Tuesday, August 23rd. Deutsche Bank AG set a $28.00 price target on shares of Spartan Stores and gave the company a hold rating in a research note on Thursday, August 18th. Finally, Barclays PLC assumed coverage on shares of Spartan Stores in a research note on Friday, September 23rd. They issued an equal weight rating and a $31.00 price target on the stock. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $30.20.
Spartan Stores (NASDAQ:SPTN) opened at 28.99 on Tuesday. The firm has a 50-day moving average of $30.45 and a 200 day moving average of $29.55. Spartan Stores has a 1-year low of $17.66 and a 1-year high of $33.89. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 18.38 and a beta of 0.87.
Spartan Stores (NASDAQ:SPTN) last released its quarterly earnings data on Wednesday, August 17th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.01. Spartan Stores had a net margin of 0.78% and a return on equity of 10.15%. The business had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same quarter last year, the firm earned $0.53 EPS. Spartan Stores’s quarterly revenue was up 1.8% compared to the same quarter last year. Analysts expect that Spartan Stores will post $2.14 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 16th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.07%. Spartan Stores’s dividend payout ratio (DPR) is presently 37.97%.
In other news, VP David Des Couch sold 14,092 shares of Spartan Stores stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $32.29, for a total value of $455,030.68. Following the sale, the vice president now directly owns 59,270 shares in the company, valued at $1,913,828.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.30% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of SPTN. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Spartan Stores by 293.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,351 shares of the company’s stock worth $102,000 after buying an additional 2,500 shares during the period. PineBridge Investments L.P. increased its stake in Spartan Stores by 4.3% in the second quarter. PineBridge Investments L.P. now owns 4,753 shares of the company’s stock worth $145,000 after buying an additional 197 shares during the period. Acrospire Investment Management LLC increased its stake in Spartan Stores by 62.4% in the second quarter. Acrospire Investment Management LLC now owns 4,944 shares of the company’s stock worth $151,000 after buying an additional 1,900 shares during the period. Teacher Retirement System of Texas increased its stake in Spartan Stores by 11.4% in the second quarter. Teacher Retirement System of Texas now owns 5,155 shares of the company’s stock worth $158,000 after buying an additional 527 shares during the period. Finally, Public Employees Retirement System of Ohio increased its stake in Spartan Stores by 13.9% in the second quarter. Public Employees Retirement System of Ohio now owns 5,993 shares of the company’s stock worth $183,000 after buying an additional 732 shares during the period. Institutional investors own 86.54% of the company’s stock.
About Spartan Stores
Spartannash Company, formerly Spartan Stores, Inc, is a multi-regional grocery distributor and grocery retailer, and a distributor of grocery products to military commissaries 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 over 40 states and the District of Columbia, Europe, Cuba, Puerto Rico, Bahrain, Egypt, Honduras, Afghanistan and Bosnia.
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