Comerica Bank Has $4.70 Million Stock Position in Planet Fitness, Inc. $PLNT

Key Points

• Comerica Bank reduced its stake in Planet Fitness by 29.1% in the first quarter, selling 20,010 shares and holding a total of 48,662 shares valued at approximately $4.7 million at the end of the reporting period.
• During the same period, several institutional investors increased their positions in Planet Fitness, including Brooklyn Investment Group with a 57.8% increase and First Horizon Advisors Inc. with a 187.6% increase.
• Planet Fitness reported earnings of $0.86 per share for the last quarter, surpassing estimates, with a year-over-year revenue increase of 13.3% to $340.88 million.

Comerica Bank lessened its stake in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 29.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,662 shares of the company's stock after selling 20,010 shares during the quarter. Comerica Bank owned 0.06% of Planet Fitness worth $4,701,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Elwood Capital Partners LP lifted its position in shares of Planet Fitness by 50.5% during the 1st quarter. Elwood Capital Partners LP now owns 70,008 shares of the company's stock worth $6,763,000 after buying an additional 23,503 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Planet Fitness by 62.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,289,606 shares of the company's stock worth $317,810,000 after buying an additional 1,268,262 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in shares of Planet Fitness by 6.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,407,128 shares of the company's stock worth $812,213,000 after buying an additional 496,047 shares during the period. Credit Agricole S A bought a new position in shares of Planet Fitness during the 1st quarter worth approximately $1,588,000. Finally, Brooklyn Investment Group lifted its position in shares of Planet Fitness by 57.8% during the 1st quarter. Brooklyn Investment Group now owns 322 shares of the company's stock worth $31,000 after buying an additional 118 shares during the period. Institutional investors own 95.53% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PLNT shares. Guggenheim restated a "buy" rating and set a $110.00 target price on shares of Planet Fitness in a research report on Monday, May 12th. Stifel Nicolaus set a $120.00 price target on Planet Fitness and gave the company a "buy" rating in a report on Thursday, May 22nd. Canaccord Genuity Group set a $126.00 price target on Planet Fitness and gave the company a "buy" rating in a report on Thursday, June 12th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Planet Fitness in a report on Thursday, August 7th. Finally, Morgan Stanley raised their price target on Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Planet Fitness presently has a consensus rating of "Moderate Buy" and a consensus target price of $107.38.

Planet Fitness Price Performance

Shares of NYSE PLNT traded down $0.09 during midday trading on Wednesday, hitting $101.63. The stock had a trading volume of 442,940 shares, compared to its average volume of 1,481,046. The company's 50-day simple moving average is $108.05 and its 200 day simple moving average is $101.91. The firm has a market cap of $8.56 billion, a P/E ratio of 45.13, a price-to-earnings-growth ratio of 2.33 and a beta of 1.37. Planet Fitness, Inc. has a fifty-two week low of $77.77 and a fifty-two week high of $114.47.

Planet Fitness (NYSE:PLNT - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.79 by $0.07. The company had revenue of $340.88 million during the quarter, compared to analysts' expectations of $329.59 million. Planet Fitness had a negative return on equity of 110.18% and a net margin of 15.11%.The business's revenue for the quarter was up 13.3% on a year-over-year basis. During the same period last year, the firm earned $0.71 EPS. Equities analysts expect that Planet Fitness, Inc. will post 2.51 EPS for the current fiscal year.

Planet Fitness Profile

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.