SpartanNash (NASDAQ:SPTN) Shares Gap Down Following Weak Earnings

SpartanNash (NASDAQ:SPTN - Get Free Report)'s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $19.48, but opened at $18.65. SpartanNash shares last traded at $19.14, with a volume of 62,135 shares changing hands.

The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.08). The company had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.87 billion. During the same period in the prior year, the company earned $0.53 EPS. SpartanNash's revenue for the quarter was up 3.7% on a year-over-year basis.

SpartanNash Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, June 13th. This represents a $0.88 dividend on an annualized basis and a yield of 4.58%. SpartanNash's dividend payout ratio is currently -275.00%.

Wall Street Analyst Weigh In

SPTN has been the subject of a number of analyst reports. Northcoast Research lowered SpartanNash from a "buy" rating to a "neutral" rating and set a $10.00 price objective for the company. in a research report on Wednesday, February 19th. Wall Street Zen lowered shares of SpartanNash from a "buy" rating to a "hold" rating in a research note on Friday.

Institutional Investors Weigh In On SpartanNash

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of SpartanNash by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 3,250,372 shares of the company's stock valued at $59,547,000 after purchasing an additional 57,458 shares during the period. Invesco Ltd. increased its stake in shares of SpartanNash by 25.1% in the fourth quarter. Invesco Ltd. now owns 1,243,507 shares of the company's stock valued at $22,781,000 after purchasing an additional 249,616 shares during the period. American Century Companies Inc. increased its stake in shares of SpartanNash by 13.0% in the first quarter. American Century Companies Inc. now owns 1,177,857 shares of the company's stock valued at $23,863,000 after purchasing an additional 135,665 shares during the period. LSV Asset Management increased its stake in shares of SpartanNash by 12.2% in the first quarter. LSV Asset Management now owns 1,096,261 shares of the company's stock valued at $22,210,000 after purchasing an additional 118,863 shares during the period. Finally, Millennium Management LLC increased its stake in shares of SpartanNash by 837.8% in the first quarter. Millennium Management LLC now owns 515,436 shares of the company's stock valued at $10,443,000 after purchasing an additional 460,474 shares during the period. Institutional investors and hedge funds own 84.59% of the company's stock.

SpartanNash Stock Down 1.3%

The firm's 50 day simple moving average is $19.65 and its 200 day simple moving average is $19.24. The company has a market cap of $650.34 million, a price-to-earnings ratio of -1,924.80 and a beta of 0.42. The company has a quick ratio of 0.78, a current ratio of 1.57 and a debt-to-equity ratio of 1.00.

About SpartanNash

SpartanNash Company distributes and retails grocery products in the United States of America. It operates through Wholesale and Retail segments. The Wholesale segment offers grocery products and perishable food products, including dry groceries, produce, dairy products, meat, delicatessen items, bakery goods, frozen food, seafood, floral products, general merchandise, beverages, tobacco products, health and beauty care, and pharmaceutical products to independent retailers, national accounts, food service distributors, e-commerce providers, and corporate owned retail stores.