Farmer Bros Co (FARM) Stake Lessened by Picton Mahoney Asset Management

Picton Mahoney Asset Management reduced its position in shares of Farmer Bros Co (NASDAQ:FARM) by 11.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 66,800 shares of the company’s stock after selling 8,500 shares during the period. Picton Mahoney Asset Management owned about 0.39% of Farmer Bros worth $1,763,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Levin Capital Strategies L.P. raised its stake in Farmer Bros by 441.9% during the 2nd quarter. Levin Capital Strategies L.P. now owns 1,076,908 shares of the company’s stock worth $32,900,000 after acquiring an additional 878,187 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Farmer Bros by 1,712.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 494,139 shares of the company’s stock worth $15,109,000 after acquiring an additional 466,876 shares in the last quarter. Trigran Investments Inc. raised its stake in Farmer Bros by 21.5% during the 2nd quarter. Trigran Investments Inc. now owns 1,433,932 shares of the company’s stock worth $43,807,000 after acquiring an additional 254,184 shares in the last quarter. BlackRock Inc. raised its stake in Farmer Bros by 12.8% during the 2nd quarter. BlackRock Inc. now owns 664,180 shares of the company’s stock worth $20,291,000 after acquiring an additional 75,313 shares in the last quarter. Finally, North Star Investment Management Corp. acquired a new stake in Farmer Bros during the 2nd quarter worth $2,082,000. 59.35% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:FARM opened at $24.97 on Friday. Farmer Bros Co has a 12 month low of $23.02 and a 12 month high of $35.05. The firm has a market cap of $403.90 million, a P/E ratio of 192.08, a P/E/G ratio of 9.44 and a beta of 0.22.

Farmer Bros (NASDAQ:FARM) last posted its quarterly earnings data on Wednesday, November 7th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.09). The business had revenue of $147.44 million during the quarter, compared to analyst estimates of $146.39 million. Farmer Bros had a negative net margin of 3.88% and a positive return on equity of 1.04%. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.05 earnings per share. Analysts predict that Farmer Bros Co will post 0.32 earnings per share for the current fiscal year.

FARM has been the topic of several research analyst reports. BidaskClub lowered shares of Farmer Bros from a “sell” rating to a “strong sell” rating in a research note on Friday, September 7th. B. Riley cut their price target on shares of Farmer Bros from $34.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, September 27th. ValuEngine lowered shares of Farmer Bros from a “buy” rating to a “hold” rating in a research note on Monday, July 16th. Finally, Zacks Investment Research lowered shares of Farmer Bros from a “hold” rating to a “strong sell” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $33.75.

In other Farmer Bros news, CEO Michael H. Keown sold 23,333 shares of Farmer Bros stock in a transaction on Monday, September 10th. The shares were sold at an average price of $28.03, for a total value of $654,023.99. Following the transaction, the chief executive officer now directly owns 68,405 shares in the company, valued at $1,917,392.15. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 10.90% of the company’s stock.

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Farmer Bros Company Profile

Farmer Bros. Co engages in the manufacture, wholesale, and distribution of coffee, tea, and culinary products in the United States. The company offers roast and ground coffee; frozen liquid coffee; flavored and unflavored iced and hot teas; culinary products, including gelatins and puddings, soup bases, dressings, gravy and sauce mixes, pancake and biscuit mixes, jellies and preserves, and coffee-related products, such as coffee filters, sugar, and creamers; spices; and other beverages comprising cappuccino, cocoa, granitas, and ready-to-drink cold brew and iced coffee.

See Also: Cash Flow

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Institutional Ownership by Quarter for Farmer Bros (NASDAQ:FARM)

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