Farmer Bros (NASDAQ:FARM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $36.00 target price on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 20.60% from the company’s previous close.
According to Zacks, “Farmer Bros. Co. is in the business of roasting, packaging and distributing coffee and allied products to restaurants, hotels, hospitals, convenience stores and fast food outlets. The company’s primary raw material is green coffee. Green coffee is purchased through domestic commodity brokers. Coffee is an agricultural commodity, and is subject to fluctuations of both price and supply. “
Several other equities analysts have also recently issued reports on the company. BidaskClub upgraded Farmer Bros from a “strong sell” rating to a “sell” rating in a research report on Wednesday. TheStreet upgraded Farmer Bros from a “c+” rating to a “b-” rating in a research report on Wednesday, November 1st. Finally, B. Riley reiterated a “buy” rating and set a $38.50 target price on shares of Farmer Bros in a research report on Wednesday, November 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. Farmer Bros presently has a consensus rating of “Hold” and a consensus price target of $37.25.
Farmer Bros (NASDAQ:FARM) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($1.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($1.27). Farmer Bros had a negative net margin of 2.98% and a negative return on equity of 5.67%. The firm had revenue of $167.37 million during the quarter, compared to analyst estimates of $161.62 million. During the same period in the previous year, the firm posted $1.20 earnings per share. The company’s quarterly revenue was up 20.4% compared to the same quarter last year. research analysts anticipate that Farmer Bros will post -0.62 EPS for the current fiscal year.
In other Farmer Bros news, Director Jeanne Farmer Grossman sold 1,358 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $34.21, for a total transaction of $46,457.18. Following the transaction, the director now owns 16,973 shares of the company’s stock, valued at approximately $580,646.33. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles F. Marcy purchased 1,000 shares of Farmer Bros stock in a transaction on Tuesday, November 21st. The shares were acquired at an average cost of $33.69 per share, for a total transaction of $33,690.00. Following the purchase, the director now owns 4,577 shares in the company, valued at $154,199.13. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 18,764 shares of company stock worth $637,909. 9.20% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its holdings in Farmer Bros by 0.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 40,301 shares of the company’s stock valued at $1,220,000 after purchasing an additional 247 shares in the last quarter. Swiss National Bank boosted its position in Farmer Bros by 21.7% during the 2nd quarter. Swiss National Bank now owns 16,800 shares of the company’s stock worth $508,000 after buying an additional 3,000 shares during the period. Wells Fargo & Company MN boosted its position in Farmer Bros by 11.1% during the 2nd quarter. Wells Fargo & Company MN now owns 9,204 shares of the company’s stock worth $279,000 after buying an additional 923 shares during the period. Alliancebernstein L.P. boosted its position in Farmer Bros by 22.9% during the 2nd quarter. Alliancebernstein L.P. now owns 7,517 shares of the company’s stock worth $227,000 after buying an additional 1,400 shares during the period. Finally, Teachers Advisors LLC boosted its position in Farmer Bros by 35.2% during the 2nd quarter. Teachers Advisors LLC now owns 17,811 shares of the company’s stock worth $539,000 after buying an additional 4,635 shares during the period. Institutional investors and hedge funds own 55.98% of the company’s stock.
About Farmer Bros
Farmer Bros. Co is a national coffee roaster, wholesaler and distributor of coffee, tea and culinary products. The Company offers private brand and consumer-branded coffee products to small independent restaurants and foodservice operators, and institutional buyers. Its product line includes organic, Direct Trade, Direct Trade Verified Sustainable (DTVS) coffees and other coffees, iced and hot teas, cappuccino, spices, and baking/biscuit mixes.
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