Allspring Global Investments Holdings LLC Sells 75,855 Shares of J & J Snack Foods Corp. $JJSF

Key Points

• Allspring Global Investments trimmed its stake in J & J Snack Foods by 4.4% in the first quarter, selling 75,855 shares. The firm still held 1,663,556 shares, or 8.75% of the company, worth about $131.1 million.
• J & J Snack Foods reported better-than-expected earnings for the quarter, with EPS of $0.40 versus estimates of $0.39. Revenue came in slightly below expectations at $344.8 million and fell 3.2% from a year earlier.
• The company paid a quarterly dividend of $0.80 per share, equal to an annualized yield of 4.1%. However, its dividend payout ratio is high at 107.38%, and analysts currently have a consensus rating of “Reduce” with a $120 target price.

Allspring Global Investments Holdings LLC decreased its holdings in shares of J & J Snack Foods Corp. (NASDAQ:JJSF - Free Report) by 4.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,663,556 shares of the company's stock after selling 75,855 shares during the quarter. Allspring Global Investments Holdings LLC owned 8.75% of J & J Snack Foods worth $131,121,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. AQR Capital Management LLC bought a new position in J & J Snack Foods in the first quarter valued at about $228,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in J & J Snack Foods by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,079 shares of the company's stock valued at $1,196,000 after buying an additional 397 shares during the last quarter. Millennium Management LLC raised its holdings in J & J Snack Foods by 122.1% in the 1st quarter. Millennium Management LLC now owns 72,625 shares of the company's stock valued at $9,566,000 after buying an additional 39,933 shares during the last quarter. NewEdge Advisors LLC boosted its position in J & J Snack Foods by 49.6% during the 1st quarter. NewEdge Advisors LLC now owns 3,376 shares of the company's stock worth $445,000 after buying an additional 1,120 shares during the period. Finally, Jane Street Group LLC grew its holdings in J & J Snack Foods by 465.8% during the 1st quarter. Jane Street Group LLC now owns 25,746 shares of the company's stock worth $3,391,000 after acquiring an additional 21,196 shares during the last quarter. Institutional investors own 76.04% of the company's stock.

J & J Snack Foods Price Performance

Shares of J & J Snack Foods stock opened at $78.29 on Friday. J & J Snack Foods Corp. has a one year low of $68.87 and a one year high of $129.24. The stock's 50-day moving average is $75.07 and its 200 day moving average is $81.84. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 26.27 and a beta of 0.38.

J & J Snack Foods (NASDAQ:JJSF - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.39 by $0.01. The business had revenue of $344.82 million during the quarter, compared to analysts' expectations of $349.67 million. J & J Snack Foods had a return on equity of 9.01% and a net margin of 3.75%.The firm's revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.35 earnings per share. On average, sell-side analysts expect that J & J Snack Foods Corp. will post 4 EPS for the current fiscal year.

J & J Snack Foods Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Tuesday, June 16th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $3.20 annualized dividend and a yield of 4.1%. J & J Snack Foods's dividend payout ratio is currently 107.38%.

Analysts Set New Price Targets

Several equities analysts have issued reports on JJSF shares. Weiss Ratings restated a "sell (d+)" rating on shares of J & J Snack Foods in a research report on Wednesday, June 24th. Benchmark cut their price target on shares of J & J Snack Foods from $130.00 to $120.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Finally, Zacks Research cut shares of J & J Snack Foods from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $120.00.

About J & J Snack Foods

J & J Snack Foods NASDAQ: JJSF is a U.S.-based manufacturer and distributor of branded snack foods and frozen beverages. Headquartered in Pennsauken, New Jersey, the company develops, produces and markets a broad array of proprietary and licensed products for retail, concession and foodservice customers. Its offerings span soft pretzels, frozen novelties, real Italian ice, churros and packaged beverages under well-known names such as ICEE, SuperPretzel, Luigi's and ChurroMan.

Founded in 1971 by Gerald B.

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