Eagle Asset Management Inc. decreased its holdings in Planet Fitness (NYSE:PLNT) by 3.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,296,870 shares of the company’s stock after selling 119,819 shares during the quarter. Planet Fitness accounts for approximately 0.7% of Eagle Asset Management Inc.’s holdings, making the stock its 23rd largest position. Eagle Asset Management Inc. owned approximately 3.35% of Planet Fitness worth $124,522,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in PLNT. American International Group Inc. lifted its holdings in shares of Planet Fitness by 3.2% in the fourth quarter. American International Group Inc. now owns 58,299 shares of the company’s stock valued at $2,019,000 after buying an additional 1,782 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Planet Fitness by 10.5% in the third quarter. California Public Employees Retirement System now owns 23,200 shares of the company’s stock valued at $626,000 after buying an additional 2,200 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Planet Fitness by 81.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,994 shares of the company’s stock valued at $173,000 after buying an additional 2,244 shares during the period. Strs Ohio lifted its holdings in shares of Planet Fitness by 69.7% in the fourth quarter. Strs Ohio now owns 5,600 shares of the company’s stock valued at $193,000 after buying an additional 2,300 shares during the period. Finally, Bank of Montreal Can acquired a new stake in shares of Planet Fitness in the fourth quarter valued at $104,000. 98.47% of the stock is owned by institutional investors.
Several analysts have recently weighed in on PLNT shares. Zacks Investment Research lowered Planet Fitness from a “buy” rating to a “hold” rating in a report on Thursday, May 3rd. DA Davidson restated a “buy” rating on shares of Planet Fitness in a report on Wednesday, May 9th. Roth Capital set a $36.00 price objective on Planet Fitness and gave the company a “buy” rating in a report on Tuesday, February 20th. Bank of America upped their price objective on Planet Fitness from $39.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Finally, Cowen set a $41.00 price objective on Planet Fitness and gave the company a “buy” rating in a report on Friday, February 23rd. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $39.88.
Planet Fitness (NYSE:PLNT) last announced its earnings results on Tuesday, May 8th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. Planet Fitness had a negative return on equity of 64.81% and a net margin of 9.60%. The business had revenue of $121.30 million during the quarter, compared to the consensus estimate of $115.75 million. During the same period in the prior year, the business posted $0.19 earnings per share. Planet Fitness’s revenue was up 33.2% compared to the same quarter last year. research analysts anticipate that Planet Fitness will post 1.18 earnings per share for the current fiscal year.
Planet Fitness announced that its Board of Directors has approved a stock repurchase plan on Thursday, February 22nd that authorizes the company to buyback $80.00 million in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
About Planet Fitness
Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.
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