Spartan Stores Inc. (NASDAQ:SPTN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
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 issued reports on SPTN. Deutsche Bank AG set a $28.00 price objective on Spartan Stores and gave the company a “hold” rating in a research note on Thursday, August 18th. Northcoast Research upgraded Spartan Stores from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 23rd. Jefferies Group set a $33.00 price objective on Spartan Stores and gave the company a “hold” rating in a research note on Wednesday, July 27th. Finally, Barclays PLC started coverage on Spartan Stores in a research note on Friday, September 23rd. They issued an “equal weight” rating and a $31.00 price objective on the stock. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Spartan Stores currently has a consensus rating of “Hold” and a consensus price target of $30.20.
Shares of Spartan Stores (NASDAQ:SPTN) opened at 28.99 on Tuesday. The stock has a market cap of $1.09 billion, a P/E ratio of 18.38 and a beta of 0.87. Spartan Stores has a 1-year low of $17.66 and a 1-year high of $33.89. The firm’s 50-day moving average price is $30.47 and its 200 day moving average price is $29.56.
Spartan Stores (NASDAQ:SPTN) last released 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. Spartan Stores had a return on equity of 10.15% and a net margin of 0.78%. The company had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period in the prior year, the firm earned $0.53 earnings per share. The firm’s revenue was up 1.8% compared to the same quarter last year. On average, equities analysts expect that Spartan Stores will post $2.14 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Wednesday, September 14th. Spartan Stores’s dividend payout ratio is presently 37.97%.
In other Spartan Stores news, VP David Des Couch sold 14,092 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was 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 in the company, valued at $1,913,828.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.30% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. LSV Asset Management boosted 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 in the last quarter. JPMorgan Chase & Co. boosted 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 in the last quarter. Emerald Acquisition Ltd. acquired a new stake in Spartan Stores during the second quarter worth $10,329,000. Vanguard Group Inc. boosted 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 in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Spartan Stores by 359.2% in the second quarter. Acadian Asset Management LLC now owns 192,735 shares of the company’s stock worth $5,894,000 after buying an additional 150,760 shares in the last quarter. Institutional investors own 86.54% of the company’s stock.
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.
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