Arrowstreet Capital Limited Partnership Sells 621,216 Shares of Papa John's International, Inc. $PZZA

Key Points

• Arrowstreet Capital cut its Papa John’s stake by 88.6% in the first quarter, selling 621,216 shares and retaining 79,740 shares worth approximately $2.6 million.
• Papa John’s reported disappointing quarterly results, with EPS of $0.32 versus the $0.40 consensus and revenue of $478.6 million, down 7.7% year over year and below estimates.
• Shares opened at $30.72, near their 12-month low, while analysts maintained a cautious outlook: the stock has a consensus “Reduce” rating and an average price target of $36.38.

Arrowstreet Capital Limited Partnership lessened its stake in Papa John's International, Inc. (NASDAQ:PZZA - Free Report) by 88.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 79,740 shares of the company's stock after selling 621,216 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.24% of Papa John's International worth $2,584,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Earnest Partners LLC increased its holdings in shares of Papa John's International by 19.6% during the 4th quarter. Earnest Partners LLC now owns 1,947,248 shares of the company's stock worth $74,950,000 after acquiring an additional 318,816 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Papa John's International by 10.5% in the second quarter. Bank of America Corp DE now owns 1,700,062 shares of the company's stock valued at $83,201,000 after purchasing an additional 161,906 shares during the last quarter. Deprince Race & Zollo Inc. raised its position in shares of Papa John's International by 2.7% in the fourth quarter. Deprince Race & Zollo Inc. now owns 1,657,994 shares of the company's stock valued at $63,816,000 after purchasing an additional 42,810 shares during the period. Sei Investments Co. raised its position in shares of Papa John's International by 3.1% in the third quarter. Sei Investments Co. now owns 874,431 shares of the company's stock valued at $42,104,000 after purchasing an additional 26,190 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Papa John's International by 8.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 626,352 shares of the company's stock worth $20,300,000 after buying an additional 49,031 shares during the last quarter.

Papa John's International Stock Down 1.1%

Shares of NASDAQ:PZZA opened at $30.72 on Wednesday. The firm has a market cap of $1.01 billion, a PE ratio of 37.01, a PEG ratio of 2.03 and a beta of 1.13. The company's 50 day moving average price is $33.32 and its two-hundred day moving average price is $34.02. Papa John's International, Inc. has a 12-month low of $29.55 and a 12-month high of $55.74.

Papa John's International (NASDAQ:PZZA - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.32 EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($0.08). Papa John's International had a negative return on equity of 10.71% and a net margin of 1.37%.The company had revenue of $478.61 million during the quarter, compared to the consensus estimate of $485.51 million. During the same quarter in the previous year, the business posted $0.36 EPS. The firm's revenue for the quarter was down 7.7% on a year-over-year basis. On average, research analysts expect that Papa John's International, Inc. will post 1.48 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wall Street Zen raised shares of Papa John's International from a "sell" rating to a "hold" rating in a report on Sunday, July 26th. Zacks Research cut shares of Papa John's International from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Piper Sandler cut their price objective on shares of Papa John's International from $32.00 to $30.00 and set a "neutral" rating for the company in a research report on Friday, May 8th. Bank of America restated an "underperform" rating and set a $34.00 price objective (down from $42.00) on shares of Papa John's International in a report on Monday, July 13th. Finally, Mizuho lowered their target price on Papa John's International from $33.00 to $32.00 and set a "neutral" rating on the stock in a research note on Friday. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Papa John's International presently has a consensus rating of "Reduce" and an average target price of $36.38.

Papa John's International Profile

Papa John's International, Inc is a leading American pizza restaurant chain known for its focus on high-quality ingredients and consistent product offerings. Founded in 1984 by John Schnatter in Jeffersonville, Indiana, the company has grown to operate thousands of restaurants across the United States and in more than 40 international markets. Papa John's restaurants are primarily franchised, supported by a network of corporate-owned outlets that together drive brand standards, operational guidance and marketing efforts.

The core menu at Papa John's centers on a variety of hand-tossed and pan pizzas made with a signature stone-baked crust and topped with real cheese, vine-ripened tomato sauce and premium meats and vegetables.

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