Progeny 3 Inc. Raises Holdings in PriceSmart, Inc. $PSMT

Key Points

• Progeny 3 Inc. increased its PriceSmart stake by 18.5% in the first quarter, adding 42,500 shares to own 272,100 shares valued at approximately $41.0 million. Institutional investors and hedge funds collectively own 80.46% of PSMT.
• PriceSmart shares opened at $186.24, near their 12-month high of $199.84, with a $5.75 billion market capitalization and a price-to-earnings ratio of 35.75.
• The company’s latest quarterly revenue rose 12.5% year over year to $1.48 billion, exceeding estimates, although EPS of $1.28 fell short of consensus by $0.04. MarketBeat’s consensus rating remains Buy, despite a recent downgrade by Weiss Ratings.

Progeny 3 Inc. grew its stake in PriceSmart, Inc. (NASDAQ:PSMT - Free Report) by 18.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 272,100 shares of the company's stock after acquiring an additional 42,500 shares during the quarter. PriceSmart comprises about 2.2% of Progeny 3 Inc.'s portfolio, making the stock its 19th biggest position. Progeny 3 Inc. owned approximately 0.88% of PriceSmart worth $40,951,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the company. Comerica Bank lifted its position in PriceSmart by 77.2% during the fourth quarter. Comerica Bank now owns 33,224 shares of the company's stock valued at $4,076,000 after purchasing an additional 14,475 shares during the period. Calamos Advisors LLC acquired a new stake in PriceSmart during the first quarter worth about $4,165,000. Truist Financial Corp purchased a new position in PriceSmart during the fourth quarter valued at approximately $4,393,000. Aubrey Capital Management Ltd acquired a new position in PriceSmart in the first quarter valued at approximately $2,002,000. Finally, Fifth Third Bancorp lifted its holdings in PriceSmart by 5,913.3% in the first quarter. Fifth Third Bancorp now owns 28,984 shares of the company's stock valued at $4,362,000 after acquiring an additional 28,502 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

PriceSmart Stock Performance

PSMT stock opened at $186.24 on Monday. PriceSmart, Inc. has a 12-month low of $104.65 and a 12-month high of $199.84. The business's 50-day moving average is $181.61 and its 200 day moving average is $161.31. The company has a current ratio of 1.28, a quick ratio of 0.53 and a debt-to-equity ratio of 0.08. The stock has a market cap of $5.75 billion, a price-to-earnings ratio of 35.75 and a beta of 0.76.

PriceSmart (NASDAQ:PSMT - Get Free Report) last announced its earnings results on Wednesday, July 8th. The company reported $1.28 EPS for the quarter, missing analysts' consensus estimates of $1.32 by ($0.04). PriceSmart had a net margin of 2.82% and a return on equity of 12.16%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the previous year, the company earned $1.14 EPS. PriceSmart's revenue was up 12.5% compared to the same quarter last year.

Analyst Ratings Changes

Separately, Weiss Ratings cut shares of PriceSmart from a "buy (b+)" rating to a "buy (b)" rating in a research note on Friday, May 29th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, PriceSmart currently has a consensus rating of "Buy".

Insider Buying and Selling at PriceSmart

In related news, EVP Francisco Velasco sold 338 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $158.56, for a total value of $53,593.28. Following the completion of the transaction, the executive vice president directly owned 75,659 shares in the company, valued at approximately $11,996,491.04. This represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gordon H. Hanson sold 635 shares of PriceSmart stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $157.60, for a total value of $100,076.00. Following the completion of the sale, the director owned 8,149 shares in the company, valued at $1,284,282.40. This represents a 7.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 4,032 shares of company stock worth $660,982 in the last quarter. Insiders own 17.00% of the company's stock.

PriceSmart Company Profile

PriceSmart, Inc NASDAQ: PSMT is a U.S.-based retailer specializing in membership warehouse clubs. Founded in 1993, the company operates under a business model that offers bulk quantities of goods at discounted prices to individuals and businesses that purchase annual memberships. PriceSmart's value proposition centers on low-cost operations, high-volume purchasing, and a no-frills shopping environment designed to pass savings directly to its members.

The company's product assortment covers a broad range of merchandise categories, including groceries and fresh produce, household essentials, electronics, appliances, office supplies, furniture, and health and beauty items.

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