Safeway Sees Large Drop in Short Interest (SWY)
Safeway (NYSE:SWY) was the target of a large decline in short interest in the month of May. As of May 30th, there was short interest totalling 9,859,482 shares, a decline of 27.9% from the May 15th total of 13,676,856 shares, AmericanBankingNews.com reports. Approximately 4.3% of the company’s stock are sold short. Based on an average daily volume of 1,536,727 shares, the days-to-cover ratio is presently 6.4 days.
Several analysts have recently commented on the stock. Analysts at JPMorgan Chase & Co. cut their price target on shares of Safeway from $40.00 to $36.00 in a research note on Thursday, April 24th. Separately, analysts at Cantor Fitzgerald reiterated a “hold” rating on shares of Safeway in a research note on Tuesday, April 22nd. They now have a $34.00 price target on the stock. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of Safeway in a research note on Thursday, April 17th. They now have a $36.00 price target on the stock, down previously from $40.00. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Safeway presently has an average rating of “Hold” and a consensus target price of $36.40.
Safeway (NYSE:SWY) opened at 33.92 on Tuesday. Safeway has a 1-year low of $20.0179 and a 1-year high of $36.034. The stock has a 50-day moving average of $34.23 and a 200-day moving average of $32.11. The company has a market cap of $7.737 billion and a P/E ratio of 2.49.
Safeway (NYSE:SWY) last announced its earnings results on Wednesday, April 23rd. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by $0.12. The company had revenue of $8.26 billion for the quarter, compared to the consensus estimate of $8.26 billion. During the same quarter in the previous year, the company posted $0.35 earnings per share. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, analysts predict that Safeway will post $1.11 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, July 10th. Investors of record on Thursday, June 19th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Tuesday, June 17th. This is an increase from Safeway’s previous quarterly dividend of $0.18.
Safeway Inc (NYSE:SWY) is a food and drug retailer in North America.
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