Spartan Stores Inc. (SPTN) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Spartan Stores Inc. (NASDAQ:SPTN) from a hold rating to a buy rating in a research report released on Tuesday morning. They currently have $33.00 price objective on the stock.
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 analysts have also recently commented on the stock. Deutsche Bank AG set a $28.00 price target on shares of Spartan Stores and gave the stock a hold rating in a research note on Thursday, August 18th. Northcoast Research upgraded shares of Spartan Stores from a neutral rating to a buy rating in a research report on Tuesday, August 23rd. Jefferies Group set a $33.00 target price on shares of Spartan Stores and gave the company a hold rating in a research report on Wednesday, July 27th. Finally, Barclays PLC initiated coverage on shares of Spartan Stores in a research report on Friday, September 23rd. They set an equal weight rating and a $31.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $29.80.
Shares of Spartan Stores (NASDAQ:SPTN) opened at 28.87 on Tuesday. The firm’s 50-day moving average price is $29.90 and its 200 day moving average price is $29.55. Spartan Stores has a 52-week low of $17.66 and a 52-week high of $33.89. The company has a market capitalization of $1.08 billion, a PE ratio of 18.31 and a beta of 0.87.
Spartan Stores (NASDAQ:SPTN) last announced its quarterly earnings results on Wednesday, August 17th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.57 by $0.01. The business had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Spartan Stores had a net margin of 0.78% and a return on equity of 10.15%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.53 EPS. On average, equities analysts forecast that Spartan Stores will post $2.14 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date was Wednesday, September 14th. Spartan Stores’s dividend payout ratio (DPR) is currently 37.97%.
In related news, VP David Des Couch sold 14,092 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $1,913,828.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.30% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the company. BlackRock Fund Advisors raised its stake in Spartan Stores by 3.4% in the second quarter. BlackRock Fund Advisors now owns 2,425,184 shares of the company’s stock worth $74,162,000 after buying an additional 79,316 shares during the period. Vanguard Group Inc. raised its stake in Spartan Stores by 8.3% in the second quarter. Vanguard Group Inc. now owns 2,177,152 shares of the company’s stock worth $66,577,000 after buying an additional 167,741 shares during the period. LSV Asset Management raised its stake in Spartan Stores by 29.5% in the second quarter. LSV Asset Management now owns 1,566,184 shares of the company’s stock worth $47,893,000 after buying an additional 356,753 shares during the period. JPMorgan Chase & Co. raised its stake in Spartan Stores by 48.3% in the second quarter. JPMorgan Chase & Co. now owns 1,095,859 shares of the company’s stock worth $33,512,000 after buying an additional 356,678 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Spartan Stores by 0.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 979,434 shares of the company’s stock worth $29,687,000 after buying an additional 5,927 shares during the period. 86.54% of the stock is currently owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Spartan Stores Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spartan Stores Inc. and related companies with MarketBeat.com's FREE daily email newsletter.