Lord Abbett & CO. LLC Purchases 70,515 Shares of The Simply Good Foods Company $SMPL

Key Points

• Lord Abbett & CO. LLC increased its stake in The Simply Good Foods Company by 47% in Q1, owning 220,541 shares valued at approximately $7.6 million as of the last quarter.
• CEO Geoff E. Tanner purchased 6,050 shares at about $33.11 each, raising his ownership to 98,190 shares worth around $3.25 million.
• Simply Good Foods reported Q2 earnings per share of $0.51, slightly exceeding analysts' estimates of $0.50, and noted a 13.8% year-over-year revenue growth.

Lord Abbett & CO. LLC increased its stake in The Simply Good Foods Company (NASDAQ:SMPL - Free Report) by 47.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 220,541 shares of the financial services provider's stock after purchasing an additional 70,515 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.22% of Simply Good Foods worth $7,606,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. lifted its holdings in shares of Simply Good Foods by 52.1% in the first quarter. Victory Capital Management Inc. now owns 1,539,208 shares of the financial services provider's stock valued at $53,087,000 after purchasing an additional 527,089 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Simply Good Foods by 3,306.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 460,827 shares of the financial services provider's stock worth $17,963,000 after purchasing an additional 447,300 shares during the period. Stephens Investment Management Group LLC purchased a new position in Simply Good Foods during the first quarter valued at approximately $14,509,000. Nuveen LLC acquired a new position in Simply Good Foods in the 1st quarter valued at approximately $14,151,000. Finally, Fuller & Thaler Asset Management Inc. lifted its position in Simply Good Foods by 10.6% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 3,811,128 shares of the financial services provider's stock worth $148,558,000 after buying an additional 366,072 shares in the last quarter. 88.45% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Geoff E. Tanner acquired 6,050 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were bought at an average price of $33.11 per share, for a total transaction of $200,315.50. Following the acquisition, the chief executive officer owned 98,190 shares in the company, valued at $3,251,070.90. This trade represents a 6.57% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 9.35% of the stock is currently owned by corporate insiders.

Simply Good Foods Stock Performance

SMPL traded up $0.4780 during trading on Thursday, hitting $29.3180. The stock had a trading volume of 758,774 shares, compared to its average volume of 1,123,957. The firm has a market cap of $2.95 billion, a PE ratio of 20.55, a P/E/G ratio of 2.81 and a beta of 0.59. The company has a current ratio of 3.95, a quick ratio of 2.46 and a debt-to-equity ratio of 0.14. The Simply Good Foods Company has a 12 month low of $28.14 and a 12 month high of $40.53. The company has a 50 day simple moving average of $31.55 and a 200-day simple moving average of $34.23.

Simply Good Foods (NASDAQ:SMPL - Get Free Report) last issued its quarterly earnings results on Thursday, July 10th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.01. Simply Good Foods had a return on equity of 10.29% and a net margin of 9.97%.The company had revenue of $380,956 billion for the quarter, compared to the consensus estimate of $381.68 million. During the same period last year, the business posted $0.50 earnings per share. The firm's revenue was up 13.8% compared to the same quarter last year. Analysts expect that The Simply Good Foods Company will post 1.78 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Mizuho dropped their target price on Simply Good Foods from $47.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 15th. UBS Group set a $36.00 price objective on Simply Good Foods and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Sanford C. Bernstein set a $45.00 price objective on shares of Simply Good Foods and gave the company an "outperform" rating in a research report on Friday, July 11th. Citigroup reduced their target price on shares of Simply Good Foods from $43.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, June 18th. Finally, Stifel Nicolaus decreased their target price on shares of Simply Good Foods from $40.00 to $38.00 and set a "buy" rating for the company in a research report on Friday, June 27th. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $39.88.

About Simply Good Foods

The Simply Good Foods Company operates as a consumer-packaged food and beverage company in North America and internationally. The company develops, markets, and sells snacks and meal replacements. It offers protein bars, ready-to-drink shakes, sweet and salty snacks, cookies, protein chips, and recipes under the Atkins and Quest brand names.