SunOpta, Inc. (STKL) Upgraded by Zacks Investment Research to “Buy”
SunOpta, Inc. (NASDAQ:STKL) (TSE:SOY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Saturday. The firm currently has a $11.00 price objective on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.68% from the company’s current price.
According to Zacks, “SunOpta Inc. is an operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food, supplements and health and beauty markets. The Company has three business units: the SunOpta Food Group, which specializes in sourcing, processing and distribution of natural and organic food products integrated from seed through packaged products; the Opta Minerals Group, a producer, distributor, and recycler of environmentally friendly industrial materials; and the SunOpta BioProcess Group which engineers and markets proprietary steam explosion technology systems for the pulp, bio-fuel and food processing industries. Each of these business units has proprietary products and services that give it a solid competitive advantage in its sector. “
Several other research analysts have also weighed in on the company. Citigroup Inc. lifted their price objective on SunOpta from $8.00 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday, May 31st. BMO Capital Markets reissued a “buy” rating and issued a $8.50 price objective on shares of SunOpta in a research report on Wednesday, April 26th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $9.30.
SunOpta (NASDAQ:STKL) opened at 9.85 on Friday. The firm has a 50-day moving average price of $9.72 and a 200-day moving average price of $7.96. The firm’s market capitalization is $847.21 million. SunOpta has a 1-year low of $4.91 and a 1-year high of $10.20.
SunOpta (NASDAQ:STKL) (TSE:SOY) last posted its quarterly earnings data on Wednesday, May 10th. The company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. SunOpta had a positive return on equity of 0.58% and a negative net margin of 3.95%. The firm had revenue of $330 million during the quarter, compared to analyst estimates of $344.20 million. During the same period last year, the company posted $0.03 EPS. The business’s quarterly revenue was down 6.3% on a year-over-year basis. Equities analysts expect that SunOpta will post $0.08 earnings per share for the current fiscal year.
In other news, Director M Shan Atkins bought 12,500 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The stock was acquired at an average cost of $8.02 per share, with a total value of $100,250.00. Following the transaction, the director now directly owns 25,881 shares of the company’s stock, valued at approximately $207,565.62. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert Duchscher bought 5,800 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The stock was purchased at an average cost of $8.94 per share, with a total value of $51,852.00. Following the completion of the transaction, the insider now directly owns 5,800 shares in the company, valued at $51,852. The disclosure for this purchase can be found here. Insiders purchased a total of 257,246 shares of company stock valued at $2,071,020 over the last ninety days. 1.88% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Engaged Capital LLC raised its stake in shares of SunOpta by 3.7% in the first quarter. Engaged Capital LLC now owns 6,756,907 shares of the company’s stock worth $46,961,000 after buying an additional 241,823 shares during the last quarter. Eventide Asset Management LLC raised its stake in shares of SunOpta by 1.4% in the first quarter. Eventide Asset Management LLC now owns 3,887,000 shares of the company’s stock worth $27,015,000 after buying an additional 54,400 shares during the last quarter. FMR LLC raised its stake in shares of SunOpta by 85.1% in the first quarter. FMR LLC now owns 3,549,446 shares of the company’s stock worth $24,669,000 after buying an additional 1,631,721 shares during the last quarter. Overbrook Management Corp raised its stake in shares of SunOpta by 14.0% in the first quarter. Overbrook Management Corp now owns 2,104,326 shares of the company’s stock worth $14,625,000 after buying an additional 258,900 shares during the last quarter. Finally, Factory Mutual Insurance Co. raised its stake in shares of SunOpta by 22.6% in the first quarter. Factory Mutual Insurance Co. now owns 1,987,900 shares of the company’s stock worth $13,817,000 after buying an additional 366,000 shares during the last quarter. 86.97% of the stock is owned by institutional investors and hedge funds.
Sunopta Inc is a Canada-based company, which operates businesses focused on a healthy products portfolio. It operates through the following segments: Global Ingredients and Consumer Products. The Global Ingredients segment aggregates its North American and international raw material sourcing and supply operating segments focused on the procurement, processing and sale of specialty and organic grains, seeds, fruits, grain- and cocoa-based ingredients, and other commodities.
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