Today, First Trust Advisors LP Cuts Position in Rite Aid Corp. (RAD)

Today, First Trust Advisors LP Cuts Position in Rite Aid Corp. (RAD)
First Trust Advisors LP decreased its position in shares of Rite Aid Corp. (NYSE:RAD) by 80.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,695,369 shares of the company’s stock after selling 11,394,125 shares during the period. First Trust Advisors LP owned about 0.26% of Rite Aid Corp. worth $20,727,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RAD. Capital World Investors increased its position in Rite Aid Corp. by 56.7% in the second quarter. Capital World Investors now owns 16,577,000 shares of the company’s stock worth $124,162,000 after buying an additional 6,000,000 shares during the last quarter. Credit Capital Investments LLC increased its position in Rite Aid Corp. by 898.6% in the second quarter. Credit Capital Investments LLC now owns 5,317,900 shares of the company’s stock worth $5,318,000 after buying an additional 4,785,378 shares during the last quarter. Alpine Associates Management Inc. increased its position in Rite Aid Corp. by 45.7% in the second quarter. Alpine Associates Management Inc. now owns 11,274,700 shares of the company’s stock worth $84,450,000 after buying an additional 3,537,100 shares during the last quarter. APG Asset Management N.V. increased its position in Rite Aid Corp. by 49.8% in the second quarter. APG Asset Management N.V. now owns 9,502,229 shares of the company’s stock worth $71,172,000 after buying an additional 3,158,400 shares during the last quarter. Finally, Westchester Capital Management LLC bought a new position in Rite Aid Corp. during the second quarter worth about $23,459,000. Institutional investors own 61.78% of the company’s stock.

Shares of Rite Aid Corp. (NYSE:RAD) traded up 0.64% during mid-day trading on Friday, reaching $7.85. 3,546,006 shares of the company’s stock were exchanged. The firm has a market capitalization of $8.20 billion, a P/E ratio of 60.85 and a beta of 1.89. Rite Aid Corp. has a one year low of $6.33 and a one year high of $8.30. The stock has a 50-day moving average of $7.10 and a 200 day moving average of $7.45.

Rite Aid Corp. (NYSE:RAD) last issued its quarterly earnings results on Thursday, September 22nd. The company reported $0.03 EPS for the quarter, meeting analysts’ consensus estimates of $0.03. Rite Aid Corp. had a net margin of 0.41% and a return on equity of 32.41%. The business had revenue of $8 million for the quarter. During the same quarter in the previous year, the business earned $0.02 earnings per share. The firm’s revenue was up 4.8% on a year-over-year basis. On average, analysts forecast that Rite Aid Corp. will post $0.12 EPS for the current fiscal year.

A number of research analysts recently issued reports on RAD shares. Zacks Investment Research downgraded shares of Rite Aid Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, September 29th. Vetr upgraded shares of Rite Aid Corp. from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 30th. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Rite Aid Corp. presently has an average rating of “Hold” and a consensus price target of $9.01.

About Rite Aid Corp.

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