DA Davidson Initiates Coverage on Flowers Foods Inc. (FLO)
Equities research analysts at DA Davidson initiated coverage on shares of Flowers Foods Inc. (NYSE:FLO) in a research report issued to clients and investors on Wednesday. The brokerage set a “neutral” rating and a $16.00 price target on the stock. DA Davidson’s price objective would indicate a potential upside of 8.77% from the company’s previous close.
FLO has been the subject of a number of other reports. TheStreet downgraded Flowers Foods from a “buy” rating to a “hold” rating in a research note on Monday, August 22nd. Pivotal Research restated a “sell” rating and issued a $4.00 target price on shares of Flowers Foods in a research note on Thursday, September 1st. Zacks Investment Research downgraded Flowers Foods from a “hold” rating to a “sell” rating in a research note on Monday, July 25th. Jefferies Group decreased their target price on Flowers Foods from $23.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, August 11th. Finally, Deutsche Bank AG restated a “hold” rating and issued a $19.00 target price on shares of Flowers Foods in a research note on Saturday, August 13th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. Flowers Foods has a consensus rating of “Hold” and a consensus price target of $17.78.
Flowers Foods (NYSE:FLO) traded up 0.27% during trading on Wednesday, reaching $14.71. The company had a trading volume of 2,150,531 shares. The firm has a market capitalization of $3.04 billion, a P/E ratio of 16.73 and a beta of 0.77. The company has a 50-day moving average of $15.12 and a 200-day moving average of $17.54. Flowers Foods has a 52-week low of $14.35 and a 52-week high of $27.31.
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Flowers Foods (NYSE:FLO) last issued its earnings results on Wednesday, August 10th. The company reported $0.26 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.26. Flowers Foods had a return on equity of 16.39% and a net margin of 4.80%. The company earned $935 million during the quarter, compared to the consensus estimate of $948.98 million. During the same period in the previous year, the firm posted $0.25 earnings per share. Flowers Foods’s quarterly revenue was up 5.2% compared to the same quarter last year. Analysts expect that Flowers Foods will post $0.91 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, September 2nd were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $0.64 annualized dividend and a yield of 4.35%. Flowers Foods’s payout ratio is 72.73%.
In other news, Chairman Amos R. Mcmullian bought 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The shares were purchased at an average price of $14.99 per share, with a total value of $449,700.00. Following the completion of the acquisition, the chairman now directly owns 3,650,940 shares in the company, valued at $54,727,590.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Margaret G. Lewis bought 1,800 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The shares were purchased at an average cost of $15.30 per share, for a total transaction of $27,540.00. Following the acquisition, the director now owns 13,856 shares of the company’s stock, valued at $211,996.80. The disclosure for this purchase can be found here. Corporate insiders own 16.87% of the company’s stock.
A number of large investors have recently made changes to their positions in FLO. Franklin Street Advisors Inc. NC bought a new position in Flowers Foods during the third quarter valued at about $829,000. Macquarie Group Ltd. bought a new position in Flowers Foods during the second quarter valued at about $1,946,000. Mason Street Advisors LLC bought a new position in Flowers Foods during the second quarter valued at about $1,556,000. Royal Bank of Canada boosted its position in Flowers Foods by 5.5% in the second quarter. Royal Bank of Canada now owns 59,980 shares of the company’s stock valued at $1,126,000 after buying an additional 3,147 shares in the last quarter. Finally, IFP Advisors Inc boosted its position in Flowers Foods by 44.4% in the second quarter. IFP Advisors Inc now owns 14,804 shares of the company’s stock valued at $278,000 after buying an additional 4,552 shares in the last quarter. 69.05% of the stock is currently owned by hedge funds and other institutional investors.
About Flowers Foods
Flowers Foods, Inc is a producer and marketer of bakery products. The Company operates in two segments: direct-store-delivery segment (DSD Segment) and warehouse delivery segment (Warehouse Segment). The DSD segment’s production plant locations include Birmingham, Alabama; Opelika, Alabama; Tuscaloosa, Alabama; Goldsboro, North Carolina; Jamestown, North Carolina, and Oxford, Pennsylvania.
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