Blackhawk Network Holdings Inc. (HAWK) Downgraded to Neutral at Bank of America Corp.
Bank of America Corp. cut shares of Blackhawk Network Holdings Inc. (NASDAQ:HAWK) from a buy rating to a neutral rating in a report released on Friday morning. The brokerage currently has $34.00 price target on the stock, down from their prior price target of $41.00.
“The EMV mandate requires merchants to implement chip-enabled point-of-sale systems or accept liability of fraud (previously assumed by card networks/banks). Implementation delays have led to some of HAWK’s partners taking action to limit open loop card fraud. Actions include pulling cards off shelves, cash/debit only purchases, & removal of high value products,,” the firm’s analyst commented.
Other analysts have also issued reports about the company. Zacks Investment Research upgraded Blackhawk Network Holdings from a hold rating to a buy rating and set a $34.00 target price for the company in a research note on Tuesday, September 20th. Credit Agricole SA upgraded Blackhawk Network Holdings from an underperform rating to an outperform rating and raised their target price for the company from $34.00 to $36.00 in a research note on Wednesday, September 21st. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $42.75.
Blackhawk Network Holdings (NASDAQ:HAWK) traded up 1.92% during mid-day trading on Friday, reaching $32.44. 367,625 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $31.82 and a 200-day moving average price of $33.17. Blackhawk Network Holdings has a 52 week low of $28.88 and a 52 week high of $48.40. The stock has a market cap of $1.83 billion, a P/E ratio of 80.30 and a beta of 0.67.
Blackhawk Network Holdings (NASDAQ:HAWK) last announced its earnings results on Tuesday, July 19th. The company reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.13. Blackhawk Network Holdings had a return on equity of 15.40% and a net margin of 1.24%. During the same period last year, the firm earned $0.38 earnings per share. On average, analysts forecast that Blackhawk Network Holdings will post $1.57 earnings per share for the current year.
In other Blackhawk Network Holdings news, Director Arun Sarin sold 25,000 shares of the firm’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $35.92, for a total transaction of $898,000.00. Following the transaction, the director now owns 40,529 shares in the company, valued at $1,455,801.68. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 3.24% of the company’s stock.
A number of institutional investors have recently modified their holdings of HAWK. Acadian Asset Management LLC bought a new position in shares of Blackhawk Network Holdings during the first quarter worth about $355,000. Virginia Retirement System bought a new position in shares of Blackhawk Network Holdings during the first quarter worth about $477,000. Pacad Investment Ltd. bought a new position in shares of Blackhawk Network Holdings during the first quarter worth about $362,000. Prudential Financial Inc. boosted its position in shares of Blackhawk Network Holdings by 106.8% in the first quarter. Prudential Financial Inc. now owns 16,501 shares of the company’s stock worth $566,000 after buying an additional 8,521 shares during the period. Finally, BlackRock Inc. boosted its position in shares of Blackhawk Network Holdings by 56.8% in the first quarter. BlackRock Inc. now owns 37,160 shares of the company’s stock worth $1,275,000 after buying an additional 13,467 shares during the period. Hedge funds and other institutional investors own 91.35% of the company’s stock.
About Blackhawk Network Holdings
Blackhawk Network Holdings, Inc is a prepaid payment network. The Company offers a range of prepaid gift, telecom and debit cards, in physical and electronic forms, as well as related prepaid products and payment services. The Company’s segments are US Retail, International Retail and Incentives & Rewards.
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