E. Ohman J or Asset Management AB Cuts Stake in PriceSmart, Inc. $PSMT

Key Points

• E. Ohman J or Asset Management AB reduced its stake in PriceSmart, Inc. by 15.1% during the second quarter, now holding 22,106 shares valued at approximately $2.32 million.
• PriceSmart's quarterly earnings report showed a net revenue increase of 7.1% year-over-year, totaling $1.32 billion, although it missed EPS estimates by $0.02.
• Wall Street Zen upgraded PriceSmart's rating from "hold" to "buy", indicating a positive outlook for the stock moving forward.

E. Ohman J or Asset Management AB cut its holdings in shares of PriceSmart, Inc. (NASDAQ:PSMT - Free Report) by 15.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,106 shares of the company's stock after selling 3,938 shares during the quarter. E. Ohman J or Asset Management AB owned 0.07% of PriceSmart worth $2,322,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Geneos Wealth Management Inc. raised its position in PriceSmart by 560.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 297 shares of the company's stock worth $26,000 after purchasing an additional 252 shares during the period. Ridgewood Investments LLC purchased a new position in shares of PriceSmart in the first quarter worth about $42,000. Quarry LP bought a new stake in shares of PriceSmart in the 1st quarter valued at about $49,000. Heck Capital Advisors LLC purchased a new stake in PriceSmart during the 4th quarter valued at about $53,000. Finally, Fifth Third Bancorp boosted its holdings in PriceSmart by 119.7% during the 1st quarter. Fifth Third Bancorp now owns 635 shares of the company's stock valued at $56,000 after acquiring an additional 346 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

PriceSmart Stock Up 2.2%

NASDAQ PSMT opened at $117.10 on Tuesday. PriceSmart, Inc. has a 1 year low of $81.25 and a 1 year high of $120.99. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.28 and a quick ratio of 0.50. The business's 50-day moving average is $109.22 and its 200 day moving average is $101.52. The stock has a market capitalization of $3.60 billion, a PE ratio of 24.70 and a beta of 0.79.

PriceSmart (NASDAQ:PSMT - Get Free Report) last posted its earnings results on Thursday, July 10th. The company reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.02). PriceSmart had a net margin of 2.82% and a return on equity of 12.46%. The business had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.31 billion. During the same period last year, the firm posted $1.08 earnings per share. PriceSmart's quarterly revenue was up 7.1% on a year-over-year basis. Sell-side analysts forecast that PriceSmart, Inc. will post 5.28 earnings per share for the current year.

Insider Transactions at PriceSmart

In other PriceSmart news, EVP Michael Mccleary sold 9,754 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $110.62, for a total value of $1,078,987.48. Following the completion of the transaction, the executive vice president owned 47,082 shares in the company, valued at approximately $5,208,210.84. This represents a 17.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Francisco Velasco sold 550 shares of the stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $106.31, for a total transaction of $58,470.50. Following the completion of the transaction, the executive vice president owned 77,908 shares of the company's stock, valued at approximately $8,282,399.48. The trade was a 0.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.10% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded PriceSmart from a "hold" rating to a "buy" rating in a research report on Friday, September 5th.

About PriceSmart

PriceSmart, Inc owns and operates U.S.-style membership shopping warehouse clubs in the United States, Central America, the Caribbean, and Colombia. The company provides basic and private label consumer products under the Member's Selection brand, including groceries, cleaning supplies, health and beauty aids, meat, produce, deli, seafood, and poultry.

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