Shares of Spartan Stores Inc. (NASDAQ:SPTN) dropped 1.5% during trading on Thursday . The stock traded as low as $28.88 and last traded at $28.94, with a volume of 90,111 shares. The stock had previously closed at $29.39.
SPTN has been the subject of several research analyst reports. Deutsche Bank AG set a $28.00 price objective on Spartan Stores and gave the stock a “hold” rating in a report on Thursday, August 18th. Zacks Investment Research raised Spartan Stores from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a report on Saturday, August 20th. Jefferies Group set a $33.00 price objective on Spartan Stores and gave the stock a “hold” rating in a report on Wednesday, July 27th. Finally, Northcoast Research raised Spartan Stores from a “neutral” rating to a “buy” rating in a report on Tuesday, August 23rd. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $31.50.
The stock has a market capitalization of $1.11 billion, a P/E ratio of 18.76 and a beta of 0.84. The stock has a 50-day moving average price of $31.36 and a 200 day moving average price of $29.52.
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Spartan Stores (NASDAQ:SPTN) last released its quarterly earnings data on Wednesday, August 17th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.01. Spartan Stores had a net margin of 0.78% and a return on equity of 10.15%. The company earned $1.83 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the prior year, the firm posted $0.53 earnings per share. Spartan Stores’s revenue for the quarter was up 1.8% on a year-over-year basis. Equities research analysts forecast that Spartan Stores Inc. will post $2.15 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $0.60 annualized dividend and a yield of 2.03%. Spartan Stores’s dividend payout ratio is presently 37.97%.
In other Spartan Stores news, VP David Des Couch sold 14,092 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $32.29, for a total value of $455,030.68. Following the completion of the transaction, the vice president now owns 59,270 shares in the company, valued at $1,913,828.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.30% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in SPTN. Louisiana State Employees Retirement System increased its position in Spartan Stores by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 16,560 shares of the company’s stock valued at $506,000 after buying an additional 100 shares in the last quarter. FMR LLC boosted its stake in shares of Spartan Stores by 1.2% in the second quarter. FMR LLC now owns 8,454 shares of the company’s stock worth $259,000 after buying an additional 100 shares during the last quarter. PineBridge Investments L.P. boosted its stake in shares of Spartan Stores by 4.3% in the second quarter. PineBridge Investments L.P. now owns 4,753 shares of the company’s stock worth $145,000 after buying an additional 197 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Spartan Stores by 1.6% in the second quarter. Arizona State Retirement System now owns 19,460 shares of the company’s stock worth $595,000 after buying an additional 300 shares during the last quarter. Finally, Suntrust Banks Inc. boosted its stake in shares of Spartan Stores by 3.4% in the second quarter. Suntrust Banks Inc. now owns 10,356 shares of the company’s stock worth $315,000 after buying an additional 336 shares during the last quarter. Institutional investors own 86.99% of the company’s stock.
About Spartan Stores
Spartannash Company, formerly Spartan Stores, Inc, is a multi-regional grocery distributor and grocery retailer, and a distributor of grocery products to military commissaries in the United States. The Company’s core businesses include distributing food to military commissaries and exchanges, and independent and corporate-owned retail stores located in over 40 states and the District of Columbia, Europe, Cuba, Puerto Rico, Bahrain, Egypt, Honduras, Afghanistan and Bosnia.
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