PriceSmart (PSMT) Downgraded by Zacks Investment Research to Strong Sell
PriceSmart (NASDAQ:PSMT) was downgraded by Zacks Investment Research from a “buy” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “PriceSmart, Inc. is primarily engaged in the operation of membership shopping warehouses in international markets. The company’s business consists of international membership shopping stores similar to, but smaller in size than, warehouse clubs in the United States. The warehouses sell basic consumer goods with an emphasis on quality, low prices and efficient operations. By offering low prices on brand name and private label merchandise, the warehouses seek to generate sufficient sales volumes to operate profitably at relatively low gross margins. “
A number of other analysts have also commented on the company. Ifs Securities upgraded PriceSmart from a “market perform” rating to an “outperform” rating in a report on Friday, December 29th. Scotiabank reiterated a “sector perform” rating on shares of PriceSmart in a report on Tuesday, January 9th. BidaskClub lowered PriceSmart from a “hold” rating to a “sell” rating in a report on Thursday, December 21st. Howard Weil lowered PriceSmart from a “sector outperform” rating to a “sector perform” rating in a report on Friday, January 5th. Finally, Scotia Howard Weill reiterated a “sector perform” rating on shares of PriceSmart in a report on Friday, January 5th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. PriceSmart has an average rating of “Hold” and a consensus target price of $92.50.
PriceSmart (NASDAQ:PSMT) last issued its quarterly earnings results on Thursday, January 4th. The company reported $0.74 EPS for the quarter, missing the Zacks’ consensus estimate of $0.82 by ($0.08). The business had revenue of $767.10 million for the quarter, compared to the consensus estimate of $764.67 million. PriceSmart had a return on equity of 12.61% and a net margin of 2.92%. The business’s revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 earnings per share. analysts anticipate that PriceSmart will post 3.2 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of PSMT. Public Employees Retirement System of Ohio raised its stake in shares of PriceSmart by 16.4% in the second quarter. Public Employees Retirement System of Ohio now owns 1,464 shares of the company’s stock valued at $128,000 after buying an additional 206 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of PriceSmart by 12.1% in the second quarter. Ameritas Investment Partners Inc. now owns 1,940 shares of the company’s stock valued at $170,000 after buying an additional 210 shares during the period. SG Americas Securities LLC bought a new stake in shares of PriceSmart in the fourth quarter valued at $186,000. Guggenheim Capital LLC bought a new stake in shares of PriceSmart in the fourth quarter valued at $203,000. Finally, Ellington Management Group LLC bought a new stake in shares of PriceSmart in the fourth quarter valued at $232,000. Hedge funds and other institutional investors own 74.43% of the company’s stock.
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PriceSmart, Inc, through its subsidiaries, is engaged in the international operation of membership shopping in warehouse clubs. In addition, the Company operates distribution centers and offices in the United States. The Company’s segments include the United States, Central America, the Caribbean and Colombia.
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