American International Group Inc. Has $100,000 Stake in Rite Aid Corporation (RAD)
American International Group Inc. decreased its position in Rite Aid Corporation (NYSE:RAD) by 3.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,430 shares of the company’s stock after selling 885 shares during the period. American International Group Inc.’s holdings in Rite Aid Corporation were worth $100,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. DUPONT CAPITAL MANAGEMENT Corp acquired a new position in shares of Rite Aid Corporation during the first quarter worth about $322,000. Commerzbank Aktiengesellschaft FI raised its stake in shares of Rite Aid Corporation by 8.6% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 58,242 shares of the company’s stock valued at $248,000 after buying an additional 4,601 shares during the period. Beach Point Capital Management LP purchased a new stake in shares of Rite Aid Corporation during the first quarter valued at $4,386,000. Macquarie Group Ltd. raised its stake in shares of Rite Aid Corporation by 125.3% in the fourth quarter. Macquarie Group Ltd. now owns 22,300 shares of the company’s stock valued at $184,000 after buying an additional 12,400 shares during the period. Finally, Pinnacle Associates Ltd. raised its stake in shares of Rite Aid Corporation by 28.6% in the first quarter. Pinnacle Associates Ltd. now owns 36,000 shares of the company’s stock valued at $153,000 after buying an additional 8,000 shares during the period. Institutional investors own 56.38% of the company’s stock.
Shares of Rite Aid Corporation (RAD) traded up 2.67% during mid-day trading on Friday, hitting $2.31. The stock had a trading volume of 14,484,308 shares. The stock’s market cap is $2.42 billion. The firm’s 50-day moving average price is $2.57 and its 200 day moving average price is $4.03. Rite Aid Corporation has a 12-month low of $2.21 and a 12-month high of $8.77. Rite Aid Corporation also was the target of unusually large options trading on Wednesday. Stock investors bought 24,321 call options on the stock. This is an increase of approximately 239% compared to the typical daily volume of 7,173 call options.
Rite Aid Corporation (NYSE:RAD) last issued its quarterly earnings data on Thursday, June 29th. The company reported ($0.05) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.04. Rite Aid Corporation had a positive return on equity of 0.52% and a negative net margin of 0.21%. The business had revenue of $7.78 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period in the previous year, the business posted $0.02 EPS. The business’s quarterly revenue was down 4.9% compared to the same quarter last year. Equities analysts forecast that Rite Aid Corporation will post ($0.09) EPS for the current fiscal year.
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Several brokerages have recently weighed in on RAD. Guggenheim lowered Rite Aid Corporation from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. Evercore ISI began coverage on Rite Aid Corporation in a report on Friday, June 30th. They issued an “underperform” rating and a $2.50 price objective for the company. Bank of America Corporation restated an “underperform” rating and issued a $2.00 price objective on shares of Rite Aid Corporation in a report on Friday, June 30th. Cowen and Company restated an “outperform” rating and issued a $4.70 price objective on shares of Rite Aid Corporation in a report on Monday, June 12th. Finally, Zacks Investment Research lowered Rite Aid Corporation from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 4th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $4.53.
About Rite Aid Corporation
Rite Aid Corporation is a retail drugstore chain. The Company’s segments include Retail Pharmacy and Pharmacy Services. The Company operates under The Rite Aid name. It operates approximately 4,560 stores in over 30 states across the country and in the District of Columbia. The Company’s Retail Pharmacy segment consists of Rite Aid stores, RediClinic and Health Dialog.
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