Somnigroup International Inc. $SGI Stock Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring increased its Somnigroup stake by 15.6% in the third quarter, adding 517,542 shares to reach 3.84 million shares, valued at about $241.2 million. Institutional investors collectively own 99.86% of the company.
• CEO Scott Thompson purchased 30,000 shares for about $1.89 million. Insiders own 3.99% of Somnigroup.
• The company matched quarterly EPS expectations at $0.58 and reported $1.82 billion in revenue, down 3% year over year. Analysts’ consensus rating is “Moderate Buy,” with a $95 price target.

Allspring Global Investments Holdings LLC grew its stake in Somnigroup International Inc. (NYSE:SGI - Free Report) by 15.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,843,602 shares of the company's stock after purchasing an additional 517,542 shares during the period. Allspring Global Investments Holdings LLC owned about 1.83% of Somnigroup International worth $241,186,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Somnigroup International in the 2nd quarter valued at $1,507,604,000. Linonia Partnership LP acquired a new position in shares of Somnigroup International in the second quarter valued at approximately $519,372,000. Bank of America Corp DE acquired a new position in shares of Somnigroup International in the second quarter valued at approximately $204,632,000. Avala Global LP acquired a new position in shares of Somnigroup International in the second quarter valued at approximately $107,831,000. Finally, Bank of New York Mellon Corp bought a new position in Somnigroup International in the 2nd quarter valued at approximately $106,681,000. 99.86% of the stock is owned by institutional investors.

Insider Transactions at Somnigroup International

In other news, CEO Scott Thompson purchased 30,000 shares of the stock in a transaction on Thursday, August 27th. The stock was purchased at an average price of $62.84 per share, for a total transaction of $1,885,200.00. Following the acquisition, the chief executive officer owned 4,123,634 shares in the company, valued at $259,129,160.56. This trade represents a 0.73% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.99% of the company's stock.

Somnigroup International Price Performance

Shares of SGI opened at $64.18 on Monday. Somnigroup International Inc. has a 1 year low of $60.08 and a 1 year high of $98.56. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.75 and a quick ratio of 0.37. The company has a market capitalization of $13.50 billion, a price-to-earnings ratio of 25.67, a price-to-earnings-growth ratio of 1.05 and a beta of 1.30. The business has a 50-day moving average of $64.44 and a 200-day moving average of $73.22.

Somnigroup International (NYSE:SGI - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.58 EPS for the quarter, hitting analysts' consensus estimates of $0.58. The company had revenue of $1.82 billion for the quarter. Somnigroup International had a return on equity of 19.32% and a net margin of 7.00%. Somnigroup International's revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.53 earnings per share. As a group, equities research analysts anticipate that Somnigroup International Inc. will post 3.10 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SGI. UBS Group lifted their target price on shares of Somnigroup International from $94.00 to $102.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Piper Sandler restated an "overweight" rating and issued a $100.00 price target (up from $95.00) on shares of Somnigroup International in a research report on Thursday, September 3rd. Morgan Stanley started coverage on shares of Somnigroup International in a research note on Monday, July 27th. They set an "overweight" rating and a $95.00 price target for the company. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Somnigroup International in a research note on Friday, August 21st. Finally, Stephens upgraded shares of Somnigroup International from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $66.00 to $80.00 in a report on Monday, September 14th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Somnigroup International currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.00.

About Somnigroup International

Somnigroup International, Inc is a bedding company that designs, manufactures, distributes and sells mattresses and related sleep products. Its offerings include adjustable bases, pillows and other bedding accessories, marketed under brands such as Tempur-Pedic, Sealy and Stearns & Foster.

The company also operates Mattress Firm, a mattress retailer with stores across the United States. Through its brands, retail business and other sales channels, Somnigroup serves customers in the U.S.

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