Spartan Stores Inc. (SPTN) Hits New 1-Year High at $33.89
Spartan Stores Inc. (NASDAQ:SPTN) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $33.89 and last traded at $31.90, with a volume of 220,126 shares changing hands. The stock had previously closed at $31.52.
SPTN has been the topic of a number of research analyst reports. Northcoast Research raised shares of Spartan Stores from a “neutral” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research raised shares of Spartan Stores from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a report on Saturday. Deutsche Bank AG set a $28.00 target price on shares of Spartan Stores and gave the company a “hold” rating in a report on Thursday, August 18th. Finally, Jefferies Group set a $33.00 price target on shares of Spartan Stores and gave the company a “hold” rating in a report on Wednesday, July 27th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $31.50.
The company has a market cap of $1.21 billion and a PE ratio of 20.56. The firm’s 50-day moving average is $30.98 and its 200-day moving average is $28.37.
Spartan Stores (NASDAQ:SPTN) last posted its quarterly earnings results on Wednesday, August 17th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.01. During the same quarter in the previous year, the business posted $0.53 earnings per share. The company earned $1.83 billion during the quarter, compared to analyst estimates of $1.80 billion. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. Equities analysts anticipate that Spartan Stores Inc. will post $2.14 earnings per share for the current year.
In other news, CEO Dennis Eidson sold 12,210 shares of Spartan Stores stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $29.83, for a total transaction of $364,224.30. Following the completion of the transaction, the chief executive officer now directly owns 231,262 shares in the company, valued at $6,898,545.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Theodore Adornato sold 2,306 shares of Spartan Stores stock in a transaction dated Friday, June 10th. The shares were sold at an average price of $29.37, for a total transaction of $67,727.22. Following the transaction, the insider now owns 59,832 shares of the company’s stock, valued at $1,757,265.84. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have modified their holdings of SPTN. Rhumbline Advisers boosted its position in shares of Spartan Stores by 6.2% in the fourth quarter. Rhumbline Advisers now owns 63,910 shares of the company’s stock worth $1,383,000 after buying an additional 3,755 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Spartan Stores by 2.5% in the fourth quarter. New York State Common Retirement Fund now owns 120,603 shares of the company’s stock worth $2,610,000 after buying an additional 2,900 shares in the last quarter. Finally, Trexquant Investment LP acquired a new position in shares of Spartan Stores during the fourth quarter worth about $1,331,000.
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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