Bank of New York Mellon Corp Takes $3.71 Million Position in Driven Brands Holdings Inc. $DRVN

Key Points

• Bank of New York Mellon bought 266,533 shares of Driven Brands worth approximately $3.71 million, acquiring a 0.16% stake. Institutional investors collectively own 77.08% of the company.
• Driven Brands reported quarterly earnings of $0.29 per share, with an 8.61% net margin and 24.13% return on equity; analysts expect full-year EPS of $1.12.
• The stock opened at $13.56, below the analyst consensus price target of $16.77. Analysts’ average rating is “Moderate Buy,” though recent actions included both upgrades and downgrades.

Bank of New York Mellon Corp purchased a new position in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 266,533 shares of the company's stock, valued at approximately $3,715,000. Bank of New York Mellon Corp owned 0.16% of Driven Brands as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. North Peak Capital Management LLC lifted its position in Driven Brands by 37.3% during the fourth quarter. North Peak Capital Management LLC now owns 3,990,850 shares of the company's stock valued at $59,144,000 after purchasing an additional 1,083,896 shares during the period. Rangeley Capital LLC bought a new stake in Driven Brands in the 1st quarter worth approximately $7,888,000. Rubric Capital Management LP bought a new stake in Driven Brands in the 1st quarter worth approximately $37,830,000. Conversant Capital LLC purchased a new stake in Driven Brands during the 1st quarter valued at $12,610,000. Finally, Flax Pond Capital LLC raised its stake in Driven Brands by 125.6% during the 1st quarter. Flax Pond Capital LLC now owns 430,020 shares of the company's stock valued at $5,423,000 after buying an additional 239,420 shares during the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Driven Brands Price Performance

DRVN opened at $13.56 on Monday. The company has a current ratio of 1.47, a quick ratio of 1.33 and a debt-to-equity ratio of 1.99. Driven Brands Holdings Inc. has a 1-year low of $9.80 and a 1-year high of $19.74. The company has a market capitalization of $2.24 billion, a PE ratio of 13.04 and a beta of 0.94. The firm's 50 day simple moving average is $13.90 and its two-hundred day simple moving average is $13.21.

Driven Brands (NASDAQ:DRVN - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The company reported $0.29 earnings per share for the quarter. Driven Brands had a net margin of 8.61% and a return on equity of 24.13%. As a group, equities analysts forecast that Driven Brands Holdings Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Weiss Ratings upgraded Driven Brands from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 25th. Morgan Stanley set a $14.00 price objective on Driven Brands in a research report on Friday, August 7th. Royal Bank Of Canada lowered their target price on Driven Brands from $17.00 to $16.00 and set an "outperform" rating on the stock in a report on Friday, August 7th. Wall Street Zen cut Driven Brands from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Benchmark reissued a "buy" rating on shares of Driven Brands in a research report on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $16.77.

Driven Brands Profile

Driven Brands Holdings Inc NASDAQ: DRVN is a leading North American provider of automotive aftermarket services, operating through a network of franchised and company-owned locations. The company's platform encompasses a diverse portfolio of car care and maintenance brands, including Meineke Car Care Centers, Maaco Collision Repair & Auto Painting, Take 5 Oil Change, and Carstar Collision Repair. Driven Brands delivers a full range of services from routine maintenance and oil changes to collision repair, paint protection, and vehicle customization.

Headquartered in Charlotte, North Carolina, Driven Brands serves both individual consumers and commercial clients across the United States and Canada.

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