Norden Group LLC Takes $239,000 Position in PriceSmart, Inc. $PSMT

Key Points

• Norden Group LLC acquired a new stake in PriceSmart, Inc., purchasing 2,275 shares valued at approximately $239,000 during the second quarter.
• PriceSmart's stock was recently dropped from a "buy" rating to a "hold" rating by Wall Street Zen, indicating a more cautious outlook from analysts.
• Despite a slight miss in earnings per share, PriceSmart reported quarterly revenue of $1.32 billion, exceeding analysts' expectations of $1.31 billion.

Norden Group LLC acquired a new stake in PriceSmart, Inc. (NASDAQ:PSMT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,275 shares of the company's stock, valued at approximately $239,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PSMT. Principal Financial Group Inc. grew its position in shares of PriceSmart by 2.3% during the 1st quarter. Principal Financial Group Inc. now owns 131,194 shares of the company's stock worth $11,525,000 after buying an additional 3,003 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in PriceSmart by 68.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,759 shares of the company's stock valued at $418,000 after purchasing an additional 1,928 shares during the period. New York State Teachers Retirement System lifted its position in shares of PriceSmart by 19.3% during the 1st quarter. New York State Teachers Retirement System now owns 10,785 shares of the company's stock valued at $947,000 after acquiring an additional 1,742 shares during the period. Harbor Capital Advisors Inc. lifted its position in shares of PriceSmart by 522.5% during the 1st quarter. Harbor Capital Advisors Inc. now owns 113,268 shares of the company's stock worth $9,951,000 after buying an additional 95,073 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in PriceSmart by 7,364.9% in the first quarter. GAMMA Investing LLC now owns 69,050 shares of the company's stock valued at $6,066,000 after purchasing an additional 68,125 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded PriceSmart from a "buy" rating to a "hold" rating in a report on Friday.

PriceSmart Trading Up 3.4%

Shares of PSMT stock opened at $120.94 on Friday. The stock has a market capitalization of $3.72 billion, a PE ratio of 25.51 and a beta of 0.79. PriceSmart, Inc. has a 1-year low of $81.25 and a 1-year high of $121.50. The business has a 50-day moving average of $111.10 and a 200 day moving average of $103.31. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.28 and a quick ratio of 0.50.

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

Insider Activity at PriceSmart

In related news, EVP Michael Mccleary sold 9,754 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $110.62, for a total transaction of $1,078,987.48. Following the completion of the transaction, the executive vice president owned 47,082 shares of the company's stock, valued at $5,208,210.84. This trade represents a 17.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Francisco Velasco sold 550 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $106.31, for a total value of $58,470.50. Following the transaction, the executive vice president directly owned 77,908 shares of the company's stock, valued at approximately $8,282,399.48. This trade represents a 0.70% decrease in their position. The disclosure for this sale can be found here. 17.10% of the stock is currently owned by corporate insiders.

PriceSmart Company Profile

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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