Spartan Stores Inc. (SPTN) Downgraded by Zacks Investment Research
Spartan Stores Inc. (NASDAQ:SPTN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
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 brokerages have also recently commented on SPTN. Jefferies Group set a $33.00 price objective on shares of Spartan Stores and gave the company a “hold” rating in a research note on Wednesday, July 27th. Northcoast Research raised shares of Spartan Stores from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 23rd. Deutsche Bank AG set a $28.00 price objective on shares of Spartan Stores and gave the company a “hold” rating in a research note on Thursday, August 18th. Finally, Barclays PLC began coverage on shares of Spartan Stores in a research note on Friday, September 23rd. They set an “equal weight” rating and a $31.00 price objective for the company. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $29.80.
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Spartan Stores (NASDAQ:SPTN) opened at 28.40 on Wednesday. The firm has a market capitalization of $1.06 billion, a PE ratio of 18.01 and a beta of 0.87. The firm has a 50-day moving average of $29.68 and a 200 day moving average of $29.53. 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 earnings results on Wednesday, August 17th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.01. The firm earned $1.83 billion during the quarter, compared to the consensus estimate of $1.80 billion. Spartan Stores had a net margin of 0.78% and a return on equity of 10.15%. The company’s revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the company earned $0.53 earnings per share. Equities research analysts forecast 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. Shareholders of record on Friday, September 16th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, September 14th. This represents a $0.60 annualized dividend and a yield of 2.11%. Spartan Stores’s payout ratio is presently 37.97%.
In other news, VP David Des Couch sold 14,092 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now directly 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 hyperlink. Company insiders own 3.30% of the company’s stock.
Large investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of 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 during the last quarter. PineBridge Investments L.P. raised its stake in shares of 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 during the last quarter. Acrospire Investment Management LLC raised its stake in shares of 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 during the last quarter. Teacher Retirement System of Texas raised its stake in shares of 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 during the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of 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 during 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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