Northern Trust Corp Lowers Stock Position in Planet Fitness, Inc. $PLNT

Key Points

• Northern Trust Corp reduced its stake in Planet Fitness by 3.3%, selling 23,535 shares and retaining 700,434 shares valued at approximately $67.67 million.
• Planet Fitness reported earnings of $0.86 per share, exceeding estimates of $0.79, with revenue of $340.88 million for the quarter, which is a 13.3% increase year-over-year.
• Research analysts generally have a positive outlook on Planet Fitness, with multiple firms setting price targets ranging from $110 to $126 and overall ratings indicating a "Moderate Buy."

Northern Trust Corp cut its stake in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 3.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 700,434 shares of the company's stock after selling 23,535 shares during the quarter. Northern Trust Corp owned 0.83% of Planet Fitness worth $67,669,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Brooklyn Investment Group boosted its position in 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. Versor Investments LP bought a new stake in shares of Planet Fitness in the 1st quarter valued at $1,545,000. Corient IA LLC bought a new stake in Planet Fitness during the 1st quarter valued at $386,000. Raymond James Financial Inc. increased its stake in Planet Fitness by 10.8% during the 1st quarter. Raymond James Financial Inc. now owns 33,476 shares of the company's stock valued at $3,234,000 after purchasing an additional 3,253 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Planet Fitness by 32.4% in the 1st quarter. American Century Companies Inc. now owns 723,852 shares of the company's stock worth $69,931,000 after acquiring an additional 177,188 shares in the last quarter. 95.53% of the stock is currently owned by institutional investors and hedge funds.

Planet Fitness Stock Performance

PLNT stock traded down $2.14 on Friday, reaching $104.66. The company's stock had a trading volume of 1,061,597 shares, compared to its average volume of 1,488,947. The business has a fifty day simple moving average of $108.31 and a two-hundred day simple moving average of $101.89. Planet Fitness, Inc. has a 12-month low of $77.77 and a 12-month high of $114.47. The firm has a market cap of $8.82 billion, a PE ratio of 46.51, a PEG ratio of 2.35 and a beta of 1.40.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.07. The company had revenue of $340.88 million during the quarter, compared to analyst estimates of $329.59 million. Planet Fitness had a negative return on equity of 110.18% and a net margin of 15.11%.The firm's revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.71 earnings per share. As a group, research analysts anticipate that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PLNT shares. Stifel Nicolaus set a $120.00 target price on shares of Planet Fitness and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Planet Fitness in a report on Thursday, August 7th. Morgan Stanley upped their price objective on shares of Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Canaccord Genuity Group set a $126.00 price target on shares of Planet Fitness and gave the stock a "buy" rating in a report on Thursday, June 12th. Finally, Macquarie reissued a "neutral" rating and issued a $95.00 price target on shares of Planet Fitness in a report on Tuesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Planet Fitness currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.38.

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.