J & J Snack Foods Corp. $JJSF Position Reduced by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its J & J Snack Foods stake by 40.5% in the third quarter, selling 542,364 shares; it retained 796,746 shares, worth about $61.8 million.
• Institutional investors own 76.04% of the company, and several other funds increased their holdings during the quarter, including ProShare Advisors and Vise Technologies.
• The company’s quarterly dividend of $0.80 equates to $3.20 annually and a 3.6% yield. Analyst views were mixed, with the stock carrying a consensus “Hold” rating and an average price target of $110.50.

Allspring Global Investments Holdings LLC cut its holdings in J & J Snack Foods Corp. (NASDAQ:JJSF - Free Report) by 40.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 796,746 shares of the company's stock after selling 542,364 shares during the period. Allspring Global Investments Holdings LLC owned approximately 4.25% of J & J Snack Foods worth $61,812,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Heritage Family Offices LLP purchased a new position in shares of J & J Snack Foods in the third quarter valued at about $39,000. Bridge City Capital LLC raised its position in J & J Snack Foods by 21.7% during the 3rd quarter. Bridge City Capital LLC now owns 36,461 shares of the company's stock valued at $2,787,000 after purchasing an additional 6,510 shares during the last quarter. ProShare Advisors LLC raised its position in J & J Snack Foods by 48.2% during the 3rd quarter. ProShare Advisors LLC now owns 129,228 shares of the company's stock valued at $9,879,000 after purchasing an additional 42,055 shares during the last quarter. Vise Technologies Inc. raised its position in J & J Snack Foods by 61.4% during the 3rd quarter. Vise Technologies Inc. now owns 5,330 shares of the company's stock valued at $407,000 after purchasing an additional 2,027 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in J & J Snack Foods by 14.5% in the 3rd quarter. Signaturefd LLC now owns 1,124 shares of the company's stock worth $86,000 after buying an additional 142 shares during the period. 76.04% of the stock is owned by institutional investors.

J & J Snack Foods Stock Performance

Shares of JJSF opened at $89.42 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.34 and a quick ratio of 1.47. J & J Snack Foods Corp. has a one year low of $68.87 and a one year high of $98.63. The company has a 50-day simple moving average of $82.15 and a two-hundred day simple moving average of $81.31. The firm has a market capitalization of $1.68 billion, a PE ratio of 34.39 and a beta of 0.41.

J & J Snack Foods Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th were given a $0.80 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $3.20 annualized dividend and a dividend yield of 3.6%. J & J Snack Foods's dividend payout ratio is currently 123.08%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group upgraded J & J Snack Foods from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $81.00 to $101.00 in a research report on Thursday, August 6th. Zacks Research downgraded J & J Snack Foods from a "hold" rating to a "strong sell" rating in a report on Tuesday, November 3rd. Finally, Weiss Ratings upgraded J & J Snack Foods from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, November 4th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $110.50.

J & J Snack Foods Profile

J&J Snack Foods Corp. manufactures and markets snack foods and beverages, primarily for food-service operators, retail stores and venues such as stadiums and amusement parks. Its products include soft pretzels, churros, funnel cakes, frozen novelties and frozen beverages. The company sells products under brands including SUPERPRETZEL, ICEE, Luigi's and The Funnel Cake Factory. Its offerings reach consumers through food-service and retail channels, with its business focused mainly on the United States and also serving customers in other markets.

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