Spartan Stores Inc. (NASDAQ:SPTN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $33.00 price target on the stock. Zacks Investment Research’s target price points to a potential upside of 12.90% from the company’s previous close.
According to Zacks, “SpartanNash Co. is a food distributor serving military commissaries and exchanges 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 44 states and the District of Columbia, Europe, Cuba, Puerto Rico, the Azores, Bahrain and Egypt. It operates supermarkets, primarily under the banners of Family Fare Supermarkets, No Frills, Bag ‘n Save and Econofoods. SpartanNash Co., formerly known as Spartan Stores, Inc., is headquartered in United States. “
Several other equities research analysts have also recently commented on SPTN. Jefferies Group set a $33.00 target price on Spartan Stores and gave the company a “hold” rating in a research note on Wednesday, July 27th. Deutsche Bank AG set a $28.00 target price on Spartan Stores and gave the company a “hold” rating in a research note on Thursday, August 18th. Northcoast Research upgraded Spartan Stores from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 23rd. Finally, Barclays PLC started coverage on Spartan Stores in a research note on Friday, September 23rd. They issued an “equal weight” rating and a $31.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Spartan Stores presently has an average rating of “Hold” and an average price target of $29.80.
Spartan Stores (NASDAQ:SPTN) opened at 29.23 on Tuesday. Spartan Stores has a 12 month low of $17.66 and a 12 month high of $33.89. The company has a 50-day moving average price of $30.12 and a 200 day moving average price of $29.55. The company has a market capitalization of $1.10 billion, a PE ratio of 18.54 and a beta of 0.87.
Spartan Stores (NASDAQ:SPTN) last released its earnings results on Wednesday, August 17th. The company reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.01. The firm had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Spartan Stores had a return on equity of 10.15% and a net margin of 0.78%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.53 EPS. On average, equities research analysts forecast that Spartan Stores will post $2.14 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend was Wednesday, September 14th. Spartan Stores’s dividend payout ratio (DPR) is 37.97%.
In related news, VP David Des Couch sold 14,092 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $32.29, for a total transaction of $455,030.68. Following the transaction, the vice president now directly owns 59,270 shares of the company’s stock, valued at approximately $1,913,828.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.30% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Aperio Group LLC acquired a new position in Spartan Stores during the first quarter worth $334,000. TIAA CREF Investment Management LLC raised its position in Spartan Stores by 2.1% in the first quarter. TIAA CREF Investment Management LLC now owns 210,302 shares of the company’s stock worth $6,374,000 after buying an additional 4,271 shares during the last quarter. Teachers Advisors Inc. raised its position in Spartan Stores by 0.9% in the first quarter. Teachers Advisors Inc. now owns 62,171 shares of the company’s stock worth $1,884,000 after buying an additional 536 shares during the last quarter. Prudential Financial Inc. raised its position in Spartan Stores by 19.6% in the first quarter. Prudential Financial Inc. now owns 490,637 shares of the company’s stock worth $14,871,000 after buying an additional 80,500 shares during the last quarter. Finally, BlackRock Group LTD raised its position in Spartan Stores by 10.2% in the first quarter. BlackRock Group LTD now owns 39,146 shares of the company’s stock worth $1,187,000 after buying an additional 3,636 shares during the last quarter. 86.54% of the stock is currently owned by institutional investors and hedge funds.
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.