Wedge Capital Management L L P NC Decreases Stake in Farmer Brothers Co. (FARM)
Wedge Capital Management L L P NC decreased its stake in shares of Farmer Brothers Co. (NASDAQ:FARM) by 6.6% during the second quarter, Holdings Channel reports. The institutional investor owned 41,302 shares of the company’s stock after selling 2,934 shares during the period. Wedge Capital Management L L P NC’s holdings in Farmer Brothers were worth $1,324,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of FARM. Renaissance Technologies LLC raised its position in shares of Farmer Brothers by 2.8% in the first quarter. Renaissance Technologies LLC now owns 474,500 shares of the company’s stock valued at $13,224,000 after buying an additional 12,700 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Farmer Brothers by 3.8% in the first quarter. Geode Capital Management LLC now owns 51,974 shares of the company’s stock valued at $1,448,000 after buying an additional 1,916 shares in the last quarter. First Manhattan Co. raised its position in shares of Farmer Brothers by 2.3% in the second quarter. First Manhattan Co. now owns 45,420 shares of the company’s stock valued at $1,456,000 after buying an additional 1,000 shares in the last quarter. Boothbay Fund Management LLC raised its position in shares of Farmer Brothers by 50.1% in the first quarter. Boothbay Fund Management LLC now owns 15,931 shares of the company’s stock valued at $444,000 after buying an additional 5,320 shares in the last quarter. Finally, Barclays PLC raised its position in shares of Farmer Brothers by 94.7% in the first quarter. Barclays PLC now owns 14,600 shares of the company’s stock valued at $394,000 after buying an additional 7,100 shares in the last quarter. Hedge funds and other institutional investors own 45.85% of the company’s stock.
Farmer Brothers Co. (NASDAQ:FARM) remained flat at $32.40 during midday trading on Monday. 49,635 shares of the company traded hands. The firm’s 50-day moving average price is $33.83 and its 200 day moving average price is $31.17. The company has a market cap of $536.54 million, a P/E ratio of 6.00 and a beta of 0.94. Farmer Brothers Co. has a 1-year low of $24.04 and a 1-year high of $36.96.
Farmer Brothers (NASDAQ:FARM) last issued its earnings results on Monday, September 12th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.09. Farmer Brothers had a net margin of 16.52% and a return on equity of 14.69%. The firm earned $134.20 million during the quarter, compared to analyst estimates of $135.56 million. The company’s quarterly revenue was up 1.2% on a year-over-year basis. Equities research analysts forecast that Farmer Brothers Co. will post $1.25 EPS for the current year.
FARM has been the topic of several research reports. Zacks Investment Research upgraded Farmer Brothers from a “sell” rating to a “hold” rating in a research note on Monday, September 5th. B. Riley reiterated a “buy” rating and issued a $38.00 price objective on shares of Farmer Brothers in a research note on Monday, September 19th.
In related news, CEO Michael H. Keown sold 12,000 shares of the firm’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $32.59, for a total value of $391,080.00. Following the completion of the sale, the chief executive officer now directly owns 59,242 shares in the company, valued at approximately $1,930,696.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 38.10% of the stock is currently owned by corporate insiders.
Farmer Brothers Company Profile
Farmer Bros. Co is a manufacturer, wholesaler and distributor of coffee, tea and culinary products. The Company’s customers include restaurants, hotels, casinos, offices, quick service restaurants (QSRs), convenience stores, healthcare facilities and other foodservice providers, as well as private brand retailers in the QSR, grocery, drugstore, restaurant, convenience store and coffee house channels.
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