Arrowstreet Capital Limited Partnership Acquires 946,216 Shares of The Simply Good Foods Company $SMPL

Key Points

• Arrowstreet Capital increased its Simply Good Foods stake by 179.7% in the first quarter, acquiring 946,216 shares and bringing its holdings to 1.47 million shares, or approximately 1.63% of the company.
• Simply Good Foods reported quarterly earnings of $0.42 per share, beating estimates of $0.35, while revenue of $356.98 million exceeded forecasts but declined 6.3% year over year.
• Analysts maintain a consensus “Hold” rating with a $15.20 price target; shares opened at $10.25, near their one-year low of $10.12.

Arrowstreet Capital Limited Partnership grew its holdings in shares of The Simply Good Foods Company (NASDAQ:SMPL - Free Report) by 179.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,472,753 shares of the financial services provider's stock after acquiring an additional 946,216 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 1.63% of Simply Good Foods worth $21,134,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. California State Teachers Retirement System boosted its holdings in shares of Simply Good Foods by 0.4% in the 2nd quarter. California State Teachers Retirement System now owns 88,477 shares of the financial services provider's stock worth $2,795,000 after purchasing an additional 383 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Simply Good Foods by 125.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 967 shares of the financial services provider's stock valued at $31,000 after buying an additional 538 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Simply Good Foods by 3.4% during the 1st quarter. AQR Capital Management LLC now owns 19,018 shares of the financial services provider's stock valued at $656,000 after buying an additional 617 shares in the last quarter. Cerity Partners LLC lifted its position in Simply Good Foods by 4.1% in the 4th quarter. Cerity Partners LLC now owns 18,000 shares of the financial services provider's stock worth $361,000 after buying an additional 701 shares during the last quarter. Finally, Gamco Investors INC. ET AL lifted its position in Simply Good Foods by 3.4% in the 2nd quarter. Gamco Investors INC. ET AL now owns 23,120 shares of the financial services provider's stock worth $730,000 after buying an additional 750 shares during the last quarter. Hedge funds and other institutional investors own 88.45% of the company's stock.

Simply Good Foods Price Performance

Shares of Simply Good Foods stock opened at $10.25 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.80 and a quick ratio of 3.10. The business's 50 day simple moving average is $12.08 and its two-hundred day simple moving average is $14.23. The stock has a market capitalization of $906.72 million, a P/E ratio of -4.72 and a beta of 0.13. The Simply Good Foods Company has a one year low of $10.12 and a one year high of $31.82.

Simply Good Foods (NASDAQ:SMPL - Get Free Report) last announced its quarterly earnings data on Thursday, July 9th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.07. Simply Good Foods had a positive return on equity of 9.34% and a negative net margin of 14.28%.The firm had revenue of $356.98 million during the quarter, compared to the consensus estimate of $332.99 million. During the same quarter in the previous year, the company posted $0.51 earnings per share. The business's revenue was down 6.3% on a year-over-year basis. Analysts forecast that The Simply Good Foods Company will post 1.54 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Simply Good Foods in a research note on Thursday, June 18th. Zacks Research upgraded shares of Simply Good Foods from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. Sanford C. Bernstein cut shares of Simply Good Foods from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $17.00 to $12.00 in a research note on Wednesday, June 3rd. Jefferies Financial Group set a $17.00 target price on shares of Simply Good Foods in a report on Tuesday, June 30th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $14.00 price target on shares of Simply Good Foods in a research note on Friday, July 10th. Three investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $15.20.

Insider Activity

In other Simply Good Foods news, Director Clayton C. Daley, Jr. bought 10,000 shares of Simply Good Foods stock in a transaction dated Thursday, May 14th. The shares were purchased at an average cost of $11.78 per share, with a total value of $117,800.00. Following the completion of the purchase, the director owned 111,743 shares of the company's stock, valued at approximately $1,316,332.54. This represents a 9.83% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 8.76% of the company's stock.

Simply Good Foods Profile

Simply Good Foods Co NASDAQ: SMPL is a North American consumer packaged foods company specializing in better-for-you nutrition products. The company’s portfolio centers on two well-established brands, Atkins and Quest, which offer a range of low-carbohydrate, high-protein bars, powders, shakes, and snacks. Simply Good Foods aims to support consumers’ health and wellness goals by delivering convenient, nutrient-dense options without added sugars or artificial sweeteners.

Under the Atkins brand, the company produces meal replacements, snack bars, and ready-to-drink shakes designed for low-carb dieters.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.