New York State Common Retirement Fund lifted its stake in Flowers Foods, Inc. (NYSE:FLO) by 3.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 385,700 shares of the company’s stock after purchasing an additional 14,499 shares during the period. New York State Common Retirement Fund owned 0.18% of Flowers Foods worth $6,676,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Flowers Foods by 13,803.5% in the 1st quarter. BlackRock Inc. now owns 14,447,449 shares of the company’s stock worth $280,425,000 after purchasing an additional 14,343,537 shares in the last quarter. State Street Corp increased its stake in shares of Flowers Foods by 2.8% in the 1st quarter. State Street Corp now owns 4,727,765 shares of the company’s stock worth $91,768,000 after purchasing an additional 130,642 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Flowers Foods by 5.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,216,755 shares of the company’s stock worth $72,992,000 after purchasing an additional 226,529 shares in the last quarter. Hamlin Capital Management LLC increased its stake in shares of Flowers Foods by 1.1% in the 2nd quarter. Hamlin Capital Management LLC now owns 3,335,390 shares of the company’s stock worth $57,736,000 after purchasing an additional 35,031 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Flowers Foods by 22.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,711,552 shares of the company’s stock worth $33,221,000 after purchasing an additional 309,420 shares in the last quarter. Hedge funds and other institutional investors own 64.66% of the company’s stock.
Flowers Foods (NYSE:FLO) last released its quarterly earnings data on Wednesday, August 9th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. Flowers Foods had a net margin of 4.06% and a return on equity of 14.79%. The company had revenue of $926.64 million during the quarter, compared to analysts’ expectations of $931.26 million. During the same quarter in the previous year, the company earned $0.26 earnings per share. The firm’s revenue for the quarter was down .9% on a year-over-year basis.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were issued a $0.17 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $0.68 dividend on an annualized basis and a yield of 3.63%. Flowers Foods’s payout ratio is 90.67%.
FLO has been the subject of several analyst reports. BidaskClub upgraded Flowers Foods from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Jefferies Group LLC lowered Flowers Foods from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $23.00 to $19.00 in a research note on Friday, July 28th. BMO Capital Markets restated a “hold” rating and issued a $19.00 price objective on shares of Flowers Foods in a research note on Thursday, July 20th. Finally, Zacks Investment Research upgraded Flowers Foods from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $19.67.
In other Flowers Foods news, SVP Karyl H. Lauder sold 28,173 shares of Flowers Foods stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $18.59, for a total value of $523,736.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert L. Benton, Jr. sold 18,500 shares of Flowers Foods stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $18.83, for a total transaction of $348,355.00. The disclosure for this sale can be found here. Insiders sold 98,735 shares of company stock valued at $1,818,921 in the last ninety days. 15.81% of the stock is owned by corporate insiders.
Flowers Foods Profile
Flowers Foods, Inc is a producer and marketer of packaged bakery products. The Company operates in two segments: direct-store-delivery segment (DSD Segment) and warehouse delivery segment (Warehouse Segment). The DSD segment produces fresh breads, buns, rolls, tortillas and snack cakes sold primarily by a network of independent distributors to retail and foodservice customers in the areas of the United States: East, South, Southwest, California, and select markets in the Midwest, Pacific Northwest, Nevada, and Colorado.
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