Spartan Stores Inc. (SPTN) Upgraded by Zacks Investment Research to “Buy”
Spartan Stores Inc. (NASDAQ:SPTN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $33.00 price objective on the stock. Zacks Investment Research’s price target would indicate a potential upside of 13.64% from the stock’s previous close.
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 research analysts have also recently commented on SPTN. Jefferies Group set a $27.00 price target on shares of Spartan Stores and gave the stock a “hold” rating in a report on Saturday, October 1st. Barclays PLC assumed coverage on shares of Spartan Stores in a report on Friday, September 23rd. They set an “equal weight” rating and a $31.00 price target for the company. Northcoast Research upgraded shares of Spartan Stores from a “neutral” rating to a “buy” rating in a report on Tuesday, August 23rd. Finally, Deutsche Bank AG set a $28.00 price target on shares of Spartan Stores and gave the stock a “hold” rating in a report on Thursday, August 18th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $29.80.
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Shares of Spartan Stores (NASDAQ:SPTN) traded up 0.14% on Tuesday, hitting $29.08. 42,699 shares of the company traded hands. The company has a market capitalization of $1.09 billion, a PE ratio of 18.44 and a beta of 0.87. The stock’s 50-day moving average price is $30.29 and its 200-day moving average price is $29.56. Spartan Stores has a 12 month low of $17.66 and a 12 month high of $33.89.
Spartan Stores (NASDAQ:SPTN) last posted its quarterly earnings results on Wednesday, August 17th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.57 by $0.01. Spartan Stores had a net margin of 0.78% and a return on equity of 10.15%. The company earned $1.83 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the previous year, the business posted $0.53 EPS. The firm’s revenue was up 1.8% on a year-over-year basis. On average, equities analysts predict that Spartan Stores will post $2.14 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 16th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.07%. The ex-dividend date was Wednesday, September 14th. Spartan Stores’s payout ratio is 37.97%.
In other news, VP David Des Couch sold 14,092 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $32.29, for a total value of $455,030.68. Following the completion of the transaction, the vice president now owns 59,270 shares in the company, valued at approximately $1,913,828.30. The sale was disclosed in a document filed with the SEC, which is available at this link. 3.30% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the company. BlackRock Fund Advisors boosted its stake in shares of Spartan Stores by 0.5% in the first quarter. BlackRock Fund Advisors now owns 2,345,868 shares of the company’s stock worth $71,103,000 after buying an additional 11,316 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Spartan Stores by 2.1% in the first quarter. TIAA CREF Investment Management LLC now owns 210,302 shares of the company’s stock worth $6,374,000 after buying an additional 4,271 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Spartan Stores by 99.4% in the second quarter. BNP Paribas Arbitrage SA now owns 12,920 shares of the company’s stock worth $395,000 after buying an additional 6,440 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in shares of Spartan Stores during the first quarter worth $1,364,000. Finally, Prudential Financial Inc. boosted its stake in shares of Spartan Stores by 7.5% in the second quarter. Prudential Financial Inc. now owns 527,257 shares of the company’s stock worth $16,124,000 after buying an additional 36,620 shares in the last quarter. Hedge funds and other institutional investors own 86.54% of the company’s stock.
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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