SpartanNash (NASDAQ:SPTN) Trading Down 6.4% on Disappointing Earnings
SpartanNash (NASDAQ:SPTN) shares fell 6.4% after reporting disappointing quarterly earnings, with EPS of $0.35 missing estimates of $0.43. Revenue was $2.91 billion, slightly above expectations. The company also announced a quarterly dividend of $0.22, yielding 4.41%. Analyst ratings have been downgraded, with some firms changing their outlook from 'buy' to 'hold' or 'neutral'. Institutional investors hold 84.59% of the stock, which has a market cap of $675.90 million and a price-to-earnings ratio of -1,996.50.
SpartanNash (NASDAQ:SPTN - Get Free Report) shares dropped 6.4% during trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $20.33 and last traded at $20.07. Approximately 174,593 shares were traded during mid-day trading, a decline of 36% from the average daily volume of 271,837 shares. The stock had previously closed at $21.44.
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The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.08). The firm had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.87 billion. During the same period in the previous year, the business earned $0.53 EPS. The company's revenue for the quarter was up 3.7% on a year-over-year basis.
SpartanNash Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date of this dividend is Friday, June 13th. SpartanNash's payout ratio is -8,800.00%.
Analyst Ratings Changes
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SPTN has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of SpartanNash from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Northcoast Research lowered shares of SpartanNash from a "buy" rating to a "neutral" rating and set a $10.00 price objective on the stock. in a research note on Wednesday, February 19th.
Get Our Latest Stock Report on SPTN
Institutional Investors Weigh In On SpartanNash
Several hedge funds have recently made changes to their positions in the company. Teacher Retirement System of Texas increased its holdings in shares of SpartanNash by 28.3% in the 4th quarter. Teacher Retirement System of Texas now owns 273,634 shares of the company's stock valued at $5,013,000 after purchasing an additional 60,401 shares during the period. Barclays PLC grew its holdings in shares of SpartanNash by 120.0% during the 3rd quarter. Barclays PLC now owns 86,412 shares of the company's stock valued at $1,936,000 after acquiring an additional 47,141 shares in the last quarter. Dana Investment Advisors Inc. increased its stake in shares of SpartanNash by 16.7% in the fourth quarter. Dana Investment Advisors Inc. now owns 342,796 shares of the company's stock worth $6,280,000 after acquiring an additional 48,987 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of SpartanNash during the fourth quarter worth $319,000. Finally, Ieq Capital LLC purchased a new stake in shares of SpartanNash during the fourth quarter worth $231,000. Hedge funds and other institutional investors own 84.59% of the company's stock.
SpartanNash Trading Down 6.9%
The business has a 50-day moving average of $19.65 and a 200-day moving average of $19.21. The company has a quick ratio of 0.78, a current ratio of 1.57 and a debt-to-equity ratio of 1.00. The stock has a market cap of $675.90 million, a price-to-earnings ratio of -1,996.50 and a beta of 0.42.
SpartanNash Company Profile
(Get Free Report)SpartanNash Company distributes and retails grocery products in the United States of America. It operates through Wholesale and Retail segments. The Wholesale segment offers grocery products and perishable food products, including dry groceries, produce, dairy products, meat, delicatessen items, bakery goods, frozen food, seafood, floral products, general merchandise, beverages, tobacco products, health and beauty care, and pharmaceutical products to independent retailers, national accounts, food service distributors, e-commerce providers, and corporate owned retail stores.
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