Aramark (ARMK) Announces Earnings Results
Aramark (NYSE:ARMK) posted its quarterly earnings results on Tuesday. The company reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.05, Bloomberg Earnings reports. The company had revenue of $3.59 billion for the quarter, compared to the consensus estimate of $3.61 billion. Aramark had a net margin of 2.23% and a return on equity of 19.13%. Aramark’s revenue was up .2% on a year-over-year basis. During the same quarter last year, the firm posted $0.34 earnings per share. Aramark updated its FY17 guidance to $1.90-2.00 EPS.
Shares of Aramark (ARMK) opened at 40.10 on Wednesday. Aramark has a 52-week low of $32.73 and a 52-week high of $41.72. The stock has a 50 day moving average of $40.51 and a 200 day moving average of $37.39. The firm has a market cap of $9.79 billion, a price-to-earnings ratio of 30.80 and a beta of 0.48.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Wednesday, August 16th will be given a $0.103 dividend. This represents a $0.41 annualized dividend and a dividend yield of 1.03%. The ex-dividend date is Monday, August 14th. Aramark’s payout ratio is currently 31.78%.
In other news, SVP Brian P. Pressler sold 10,629 shares of the business’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $40.80, for a total value of $433,663.20. Following the completion of the sale, the senior vice president now directly owns 14,285 shares in the company, valued at $582,828. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Stephen R. Reynolds sold 30,000 shares of the business’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $40.41, for a total transaction of $1,212,300.00. Following the completion of the sale, the executive vice president now owns 62,460 shares of the company’s stock, valued at $2,524,008.60. The disclosure for this sale can be found here. Insiders sold 143,629 shares of company stock valued at $5,618,413 over the last quarter. Corporate insiders own 2.90% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Aramark by 3.8% in the first quarter. Vanguard Group Inc. now owns 19,369,393 shares of the company’s stock worth $714,150,000 after buying an additional 714,510 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Aramark by 4,277.8% in the first quarter. BlackRock Inc. now owns 12,453,306 shares of the company’s stock worth $459,151,000 after buying an additional 12,168,838 shares during the last quarter. First Manhattan Co. boosted its stake in shares of Aramark by 2.8% in the first quarter. First Manhattan Co. now owns 5,562,724 shares of the company’s stock worth $211,550,000 after buying an additional 150,765 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Aramark by 3.9% in the first quarter. Wellington Management Group LLP now owns 5,026,984 shares of the company’s stock worth $185,345,000 after buying an additional 190,656 shares during the last quarter. Finally, Janus Capital Management LLC boosted its stake in shares of Aramark by 5.0% in the first quarter. Janus Capital Management LLC now owns 5,015,544 shares of the company’s stock worth $184,923,000 after buying an additional 239,557 shares during the last quarter. Institutional investors and hedge funds own 95.94% of the company’s stock.
A number of equities analysts have weighed in on ARMK shares. Deutsche Bank AG increased their price target on shares of Aramark from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday, May 10th. BidaskClub downgraded shares of Aramark from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 7th. Barclays PLC increased their price target on shares of Aramark from $37.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Friday, June 23rd. Finally, Zacks Investment Research raised shares of Aramark from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research report on Tuesday, April 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $42.90.
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Aramark is a global provider of food, facilities and uniform services to education, healthcare, business and industry, and sports, leisure and corrections clients. The Company operates through three segments: Food and Support Services North America (FSS North America), Food and Support Services International (FSS International), and Uniform and Career Apparel (Uniform).
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