Trading Report: The Emerald Acquisition Ltd. Invests $1,227,000 in Essendant Inc. (ESND)

The Emerald Acquisition Ltd. Invests $1,227,000 in Essendant Inc. (ESND)

Emerald Acquisition Ltd. acquired a new position in shares of Essendant Inc. (NASDAQ:ESND) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 40,178 shares of the company’s stock, valued at approximately $1,227,000. Emerald Acquisition Ltd. owned approximately 0.11% of Essendant at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ESND. Wellington Management Group LLP increased its stake in Essendant by 9.3% in the first quarter. Wellington Management Group LLP now owns 2,819,324 shares of the company’s stock worth $90,020,000 after buying an additional 240,669 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Essendant by 21.4% in the first quarter. JPMorgan Chase & Co. now owns 1,203,298 shares of the company’s stock worth $38,421,000 after buying an additional 211,932 shares in the last quarter. Prudential Financial Inc. increased its stake in Essendant by 117.7% in the first quarter. Prudential Financial Inc. now owns 242,330 shares of the company’s stock worth $7,738,000 after buying an additional 131,037 shares in the last quarter. AXA increased its stake in Essendant by 4,318.2% in the first quarter. AXA now owns 97,200 shares of the company’s stock worth $3,104,000 after buying an additional 95,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Essendant by 189.1% in the first quarter. Goldman Sachs Group Inc. now owns 134,587 shares of the company’s stock worth $4,297,000 after buying an additional 88,027 shares in the last quarter. 96.98% of the stock is owned by hedge funds and other institutional investors.

Shares of Essendant Inc. (NASDAQ:ESND) traded down 1.447% during mid-day trading on Friday, hitting $19.405. 132,233 shares of the stock were exchanged. Essendant Inc. has a 52 week low of $18.56 and a 52 week high of $36.96. The stock’s 50-day moving average is $19.57 and its 200-day moving average is $26.80. The stock’s market capitalization is $723.75 million.

Essendant (NASDAQ:ESND) last released its quarterly earnings results on Wednesday, July 20th. The company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by $0.28. Essendant had a negative net margin of 0.72% and a positive return on equity of 13.75%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the previous year, the business earned $0.82 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Analysts forecast that Essendant Inc. will post $2.24 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, January 13th. Investors of record on Thursday, December 15th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Tuesday, December 13th. Essendant’s payout ratio is currently -52.34%.

Separately, Zacks Investment Research raised shares of Essendant from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 21st.

In related news, COO Timothy P. Connolly sold 5,765 shares of the firm’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $19.24, for a total transaction of $110,918.60. Following the transaction, the chief operating officer now directly owns 40,773 shares of the company’s stock, valued at $784,472.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company’s stock.

About Essendant

Essendant Inc (Essendant), formerly United Stationers Inc, is a wholesale distributor of workplace items. The Company stocks an assortment of over 180,000 products in categories, including janitorial and breakroom supplies, technology products, traditional office products, industrial supplies, office furniture, and automotive aftermarket tools and equipment.

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