August 25, 2023
Mitsubishi UFJ Trust & Banking Corp Increases Stake in SpartanNash
In the first quarter of this year, Mitsubishi UFJ Trust & Banking Corp increased its stake in SpartanNash (NASDAQ:SPTN) by 61.0%, according to its recent filing with the Securities & Exchange Commission. The company now owns 30,092 shares of SpartanNash’s stock after acquiring an additional 11,404 shares during the quarter. At the end of the most recent quarter, Mitsubishi UFJ Trust & Banking Corp held approximately 0.09% of SpartanNash, valued at $746,000.
SpartanNash recently announced its earnings results for the quarter ending August 17th. The company reported earnings per share (EPS) of $0.65, surpassing analysts’ consensus estimates of $0.64 by $0.01. Furthermore, SpartanNash achieved a return on equity of 9.82% and a net margin of 0.42%. The firm reported revenue of $2.31 billion for the quarter, slightly below the consensus estimate of $2.36 billion. Compared to the same period last year, quarterly revenue showed a modest increase of 1.7%. Analysts predict that SpartanNash will post earnings per share of 2.26 for the current fiscal year.
SPTN has been under scrutiny recently by a number of research analysts who have published reports about the company’s performance and potential prospects. StockNews.com initiated coverage on SpartanNash on August 17th and bestowed a “buy” rating on the stock. Meanwhile, BMO Capital Markets lowered their price target for SpartanNash from $29.00 to $23.00 in early June.
Moving forward, it will be interesting to observe how Mitsubishi UFJ Trust & Banking Corp’s increased stake in SpartanNash will impact the company’s growth and shareholder value. Given SpartanNash’s positive EPS results for the recent quarter, despite falling slightly short of revenue expectations, it appears that the company is well-positioned to navigate through any challenges it may face in the current fiscal year. Investors and analysts alike eagerly anticipate further updates on SpartanNash’s performance, as well as developments within the industry.
SpartanNash Company
SPTN
Strong Buy
Updated on: 25/08/2023
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Date:25 August, 2023
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Significant Changes in Ownership Structure and Investment Activity at SpartanNash
August 25, 2023 – SpartanNash (NASDAQ: SPTN), a leading food distribution and grocery store company, is experiencing some significant changes in its ownership structure. Several hedge funds have recently adjusted their holdings in the company, leading to an increase in institutional ownership.
Jump Financial LLC, for instance, has witnessed a staggering growth of 417.5% in its holdings of SpartanNash during the first quarter of this year. The firm now owns 44,797 shares of the company’s stock, valued at $1,111,000 after acquiring an additional 36,140 shares. This sudden surge in investment signifies that Jump Financial LLC is optimistic about the future prospects of SpartanNash.
Similarly, Gladius Capital Management LP entered SpartanNash as a new investor during the first quarter with a position valued at $30,000. With these recent additions to its portfolio, one can infer that Gladius Capital Management expects positive returns from its investment.
Zurcher Kantonalbank Zurich Cantonalbank has also shown interest in SpartanNash by increasing its holdings by 18.7% during the first quarter. The bank now owns 6,381 shares of the company’s stock valued at $158,000 after purchasing an additional 1,007 shares.
Additionally, SummerHaven Investment Management LLC grew its holdings by 2.5% during the same period and now holds 26,114 shares valued at $648,000 after acquiring an extra 647 shares. Similarly, Quadrant Capital Group LLC expanded its stake by 25% and currently possesses 2,170 shares worth $66,000.
Looking at these numbers collectively reveals that approximately 80.73% of SpartanNash’s stock is currently owned by institutional investors and hedge funds. This level of trust placed in the company suggests that these entities have faith in SpartanNash’s ability to deliver favorable financial results.
In other news related to SpartanNash, Director William R. Voss recently sold 9,265 shares of the business’s stock. The transaction took place on June 15th, with each share priced at $21.31, resulting in a total value of $197,437.15. Following the completion of this sale, Voss now holds 31,687 shares valued at $675,249.97.
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