West Marine Inc. (NASDAQ:WMAR) was downgraded by equities researchers at Sidoti from a “buy” rating to a “neutral” rating in a research note issued on Thursday, The Fly reports.
Several other brokerages also recently weighed in on WMAR. B. Riley restated a “neutral” rating and set a $10.00 target price on shares of West Marine in a research note on Friday, July 29th. Forward View restated a “hold” rating on shares of West Marine in a research note on Friday, July 22nd. Finally, Zacks Investment Research downgraded West Marine from a “hold” rating to a “sell” rating in a research note on Saturday, July 30th.
Other hedge funds and institutional investors have made changes to their positions in the company. BlackRock Institutional Trust Company N.A. increased its position in shares of West Marine by 6.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 777,596 shares of the company’s stock valued at $7,068,000 after buying an additional 44,775 shares during the period. Punch & Associates Investment Management Inc. increased its position in shares of West Marine by 16.9% in the second quarter. Punch & Associates Investment Management Inc. now owns 340,400 shares of the company’s stock valued at $2,856,000 after buying an additional 49,300 shares during the period. State Street Corp increased its stake in West Marine by 1.0% in the first quarter. State Street Corp now owns 255,042 shares of the company’s stock valued at $2,320,000 after buying an additional 2,581 shares during the last quarter. Renaissance Technologies LLC increased its stake in West Marine by 36.6% in the first quarter. Renaissance Technologies LLC now owns 132,526 shares of the company’s stock valued at $1,205,000 after buying an additional 35,526 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in West Marine by 3.6% in the first quarter. Geode Capital Management LLC now owns 102,941 shares of the company’s stock valued at $935,000 after buying an additional 3,590 shares during the last quarter. Hedge funds and other institutional investors own 61.53% of the company’s stock.
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West Marine (NASDAQ:WMAR) traded down 0.77% on Thursday, hitting $9.05. The stock had a trading volume of 114,791 shares. The company has a market cap of $225.70 million and a price-to-earnings ratio of 35.77. The company has a 50 day moving average price of $9.32 and a 200-day moving average price of $9.11. West Marine has a 52-week low of $7.65 and a 52-week high of $10.39.
West Marine (NASDAQ:WMAR) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.92 by $0.06. During the same quarter in the previous year, the company earned $0.85 EPS. The firm earned $251.60 million during the quarter, compared to analyst estimates of $254.39 million. The company’s revenue for the quarter was down .6% on a year-over-year basis. On average, equities research analysts predict that West Marine will post $0.30 earnings per share for the current year.
About West Marine
West Marine, Inc is a waterlife outfitter for cruisers, sailors, anglers and paddlesports enthusiasts. The Company offers a selection of core boating and water recreation products, primarily serving the needs of boat owners and professionals providing services to them. It services its customers through physical stores and two e-commerce Websites.
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