Reinhart Partners Inc. cut its stake in Aramark (NYSE:ARMK) by 43.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 488,993 shares of the company’s stock after selling 378,385 shares during the quarter. Aramark accounts for 2.0% of Reinhart Partners Inc.’s holdings, making the stock its 23rd biggest position. Reinhart Partners Inc. owned 0.20% of Aramark worth $21,310,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently made changes to their positions in ARMK. AdvisorNet Financial Inc boosted its position in Aramark by 18.1% during the 3rd quarter. AdvisorNet Financial Inc now owns 1,807 shares of the company’s stock worth $79,000 after acquiring an additional 277 shares during the last quarter. Putnam FL Investment Management Co. boosted its position in Aramark by 1.4% during the 2nd quarter. Putnam FL Investment Management Co. now owns 20,830 shares of the company’s stock worth $751,000 after acquiring an additional 282 shares during the last quarter. Squar Milner Financial Services LLC boosted its position in Aramark by 8.4% during the 2nd quarter. Squar Milner Financial Services LLC now owns 3,712 shares of the company’s stock worth $134,000 after acquiring an additional 288 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Aramark by 0.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,655 shares of the company’s stock worth $1,772,000 after acquiring an additional 367 shares during the last quarter. Finally, World Asset Management Inc boosted its position in Aramark by 5.1% during the 3rd quarter. World Asset Management Inc now owns 9,950 shares of the company’s stock worth $434,000 after acquiring an additional 481 shares during the last quarter. 98.18% of the stock is owned by institutional investors.
In related news, insider Keith Bethel sold 7,500 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $37.40, for a total value of $280,500.00. Following the sale, the insider now owns 43,692 shares in the company, valued at approximately $1,634,080.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.30% of the company’s stock.
Shares of NYSE ARMK traded down $0.34 during trading hours on Friday, hitting $42.99. The company had a trading volume of 1,735,926 shares, compared to its average volume of 3,218,916. The stock has a market capitalization of $10.75 billion, a P/E ratio of 21.60, a price-to-earnings-growth ratio of 2.26 and a beta of 0.89. The company has a quick ratio of 1.04, a current ratio of 1.22 and a debt-to-equity ratio of 2.19. Aramark has a 1-year low of $25.49 and a 1-year high of $45.04. The firm’s 50 day moving average is $43.48 and its 200-day moving average is $37.73.
ARMK has been the subject of a number of recent research reports. Zacks Investment Research downgraded Aramark from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. Robert W. Baird increased their price objective on Aramark from $40.00 to $44.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Nomura raised Aramark from a “neutral” rating to a “buy” rating and increased their price objective for the company from $28.00 to $50.00 in a report on Monday, August 19th. Morgan Stanley increased their price objective on Aramark from $40.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Finally, Barclays increased their price objective on Aramark from $35.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. They noted that the move was a valuation call. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $45.27.
Aramark provides food, facilities management, and uniform services to education, healthcare, business and industry, sports, leisure, and corrections clients in North America and internationally. It operates in three segments: Food and Support Services United States, Food and Support Services International, and Uniform and Career Apparel.
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