Zacks Investment Research Upgrades Spartan Stores Inc. (SPTN) to “Buy”
Spartan Stores Inc. (NASDAQ:SPTN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $33.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 13.64% from the stock’s current price.
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 equities research analysts have also recently issued reports on SPTN. Jefferies Group set a $33.00 target price on shares of Spartan Stores and gave the stock a “hold” rating in a research report on Wednesday, July 27th. Deutsche Bank AG set a $28.00 target price on shares of Spartan Stores and gave the stock a “hold” rating in a research report on Thursday, August 18th. Northcoast Research raised shares of Spartan Stores from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 23rd. Finally, Barclays PLC initiated coverage on shares of Spartan Stores in a research report on Friday, September 23rd. They issued an “equal weight” rating and a $31.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Spartan Stores presently has an average rating of “Hold” and an average price target of $29.80.
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Shares of Spartan Stores (NASDAQ:SPTN) traded up 0.21% during midday trading on Tuesday, hitting $29.10. 37,006 shares of the company’s stock were exchanged. The stock has a market cap of $1.09 billion, a PE ratio of 18.45 and a beta of 0.87. Spartan Stores has a 1-year low of $17.66 and a 1-year high of $33.89. The stock’s 50 day moving average is $30.29 and its 200-day moving average is $29.56.
Spartan Stores (NASDAQ:SPTN) last released its earnings results on Wednesday, August 17th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 business had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period last year, the company earned $0.53 earnings per share. The company’s quarterly revenue was up 1.8% on a year-over-year basis. Analysts predict that Spartan Stores will post $2.14 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $0.60 dividend on an annualized basis and a yield of 2.07%. Spartan Stores’s dividend payout ratio (DPR) is 37.97%.
In other Spartan Stores news, VP David Des Couch sold 14,092 shares of Spartan Stores stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $32.29, for a total transaction of $455,030.68. Following the transaction, the vice president now directly owns 59,270 shares of the company’s stock, valued at $1,913,828.30. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 3.30% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Spartan Stores by 293.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,351 shares of the company’s stock worth $102,000 after buying an additional 2,500 shares in the last quarter. PineBridge Investments L.P. raised its stake in Spartan Stores by 4.3% in the second quarter. PineBridge Investments L.P. now owns 4,753 shares of the company’s stock worth $145,000 after buying an additional 197 shares in the last quarter. Acrospire Investment Management LLC raised its stake in Spartan Stores by 62.4% in the second quarter. Acrospire Investment Management LLC now owns 4,944 shares of the company’s stock worth $151,000 after buying an additional 1,900 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Spartan Stores by 11.4% in the second quarter. Teacher Retirement System of Texas now owns 5,155 shares of the company’s stock worth $158,000 after buying an additional 527 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in Spartan Stores by 13.9% in the second quarter. Public Employees Retirement System of Ohio now owns 5,993 shares of the company’s stock worth $183,000 after buying an additional 732 shares in the last quarter. 86.54% of the stock is currently owned by hedge funds and other institutional investors.
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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