Bessemer Group Inc. Sells 686,986 Shares of The Simply Good Foods Company $SMPL

Key Points

• Bessemer Group cut its Simply Good Foods stake by 99.4%, selling 686,986 shares and retaining just 3,877 shares worth approximately $56,000. Institutional investors still own 88.45% of the company.
• SMPL shares opened at $10.64, near their 12-month low of $10.12 and well below the 12-month high of $32.37. The company beat quarterly earnings and revenue estimates, but revenue fell 6.3% year over year and net margin remained negative.
• Analysts have an average “Hold” rating and a $15.20 price target after several firms reduced their forecasts. Separately, director Clayton C. Daley Jr. purchased 10,000 shares at $11.78 each.

Bessemer Group Inc. reduced its holdings in shares of The Simply Good Foods Company (NASDAQ:SMPL - Free Report) by 99.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,877 shares of the financial services provider's stock after selling 686,986 shares during the period. Bessemer Group Inc.'s holdings in Simply Good Foods were worth $56,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its stake in shares of Simply Good Foods by 125.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 967 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 538 shares during the period. Leonteq Securities AG grew its stake in Simply Good Foods by 96.2% during the first quarter. Leonteq Securities AG now owns 2,309 shares of the financial services provider's stock worth $33,000 after purchasing an additional 1,132 shares during the period. Hantz Financial Services Inc. increased its holdings in Simply Good Foods by 82.3% in the fourth quarter. Hantz Financial Services Inc. now owns 1,787 shares of the financial services provider's stock worth $36,000 after purchasing an additional 807 shares in the last quarter. Johnson Financial Group Inc. bought a new stake in Simply Good Foods in the third quarter worth approximately $36,000. Finally, Parallel Advisors LLC lifted its stake in Simply Good Foods by 167.4% in the fourth quarter. Parallel Advisors LLC now owns 2,126 shares of the financial services provider's stock valued at $43,000 after buying an additional 1,331 shares during the period. 88.45% of the stock is owned by institutional investors.

Simply Good Foods Stock Down 0.2%

Shares of NASDAQ:SMPL opened at $10.64 on Wednesday. The business's 50 day moving average is $12.10 and its 200 day moving average is $14.30. The Simply Good Foods Company has a 12-month low of $10.12 and a 12-month high of $32.37. The stock has a market cap of $941.21 million, a price-to-earnings ratio of -4.90 and a beta of 0.13. The company has a quick ratio of 3.10, a current ratio of 4.80 and a debt-to-equity ratio of 0.28.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SMPL shares. DA Davidson cut their price target on Simply Good Foods from $39.00 to $14.00 and set a "neutral" rating on the stock in a report on Friday, July 10th. Morgan Stanley dropped their target price on shares of Simply Good Foods from $24.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Friday, April 10th. Zacks Research raised shares of Simply Good Foods from a "strong sell" rating to a "hold" rating in a research note on Monday, June 8th. UBS Group set a $15.00 price target on shares of Simply Good Foods in a report on Friday, July 10th. Finally, Sanford C. Bernstein downgraded shares of Simply Good Foods from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $17.00 to $12.00 in a research note on Wednesday, June 3rd. Three equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $15.20.

Insider Activity at Simply Good Foods

In other news, Director Clayton C. Daley, Jr. purchased 10,000 shares of the business's stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average cost of $11.78 per share, for a total transaction of $117,800.00. Following the completion of the acquisition, the director owned 111,743 shares in the company, valued at $1,316,332.54. This trade represents a 9.83% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 8.76% of the stock is currently owned by corporate insiders.

Simply Good Foods Company 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.

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