Zacks Investment Research upgraded shares of Spartan Stores Inc. (NASDAQ:SPTN) from a hold rating to a buy rating in a research report released on Tuesday. Zacks Investment Research currently has $33.00 price target on the stock.
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 equities analysts also recently issued reports on the company. Deutsche Bank AG set a $28.00 price objective on Spartan Stores and gave the stock a hold rating in a research report on Thursday, August 18th. Northcoast Research upgraded Spartan Stores from a neutral rating to a buy rating in a research report on Tuesday, August 23rd. Jefferies Group set a $33.00 price objective on Spartan Stores and gave the stock a hold rating in a research report on Wednesday, July 27th. Finally, Barclays PLC initiated coverage on Spartan Stores in a research report on Friday, September 23rd. They set an equal weight rating and a $31.00 price objective for the company. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $29.80.
Spartan Stores (NASDAQ:SPTN) traded up 0.55% during mid-day trading on Tuesday, reaching $29.15. The company’s stock had a trading volume of 17,357 shares. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 18.48 and a beta of 0.87. Spartan Stores has a 52 week low of $17.66 and a 52 week high of $33.89. The firm has a 50-day moving average of $30.22 and a 200-day moving average of $29.56.
Spartan Stores (NASDAQ:SPTN) last issued its quarterly earnings data on Wednesday, August 17th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.01. The business earned $1.83 billion during the quarter, compared to the consensus estimate of $1.80 billion. Spartan Stores had a return on equity of 10.15% and a net margin of 0.78%. The business’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 earnings per share. On average, equities research analysts expect that Spartan Stores will post $2.14 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were issued a $0.15 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.07%. Spartan Stores’s dividend payout ratio is currently 37.97%.
In other Spartan Stores news, VP David Des Couch sold 14,092 shares of the company’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 transaction, the vice president now owns 59,270 shares of the company’s stock, valued at $1,913,828.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.30% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of SPTN. BlackRock Fund Advisors boosted its position in Spartan Stores by 3.4% in the second quarter. BlackRock Fund Advisors now owns 2,425,184 shares of the company’s stock valued at $74,162,000 after buying an additional 79,316 shares in the last quarter. Vanguard Group Inc. boosted its position in Spartan Stores by 8.3% in the second quarter. Vanguard Group Inc. now owns 2,177,152 shares of the company’s stock valued at $66,577,000 after buying an additional 167,741 shares in the last quarter. LSV Asset Management boosted its position in Spartan Stores by 29.5% in the second quarter. LSV Asset Management now owns 1,566,184 shares of the company’s stock valued at $47,893,000 after buying an additional 356,753 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Spartan Stores by 48.3% in the second quarter. JPMorgan Chase & Co. now owns 1,095,859 shares of the company’s stock valued at $33,512,000 after buying an additional 356,678 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in Spartan Stores by 0.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 979,434 shares of the company’s stock valued at $29,687,000 after buying an additional 5,927 shares in the last quarter. 86.54% of the stock is currently owned by institutional investors.
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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