SpartanNash (NASDAQ:SPTN) Shares Down 6.4% Following Weak Earnings

SpartanNash (NASDAQ:SPTN - Get Free Report)'s stock price traded down 6.4% during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $20.33 and last traded at $20.07. 174,593 shares traded hands during trading, a decline of 36% from the average session volume of 271,837 shares. The stock had previously closed at $21.44.

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

SpartanNash Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.66%. SpartanNash's payout ratio is currently -275.00%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SPTN shares. Northcoast Research lowered shares of SpartanNash from a "buy" rating to a "neutral" rating and set a $10.00 price target on the stock. in a report on Wednesday, February 19th. Wall Street Zen lowered shares of SpartanNash from a "buy" rating to a "hold" rating in a report on Friday.

Institutional Investors Weigh In On SpartanNash

Hedge funds have recently modified their holdings of the company. Barclays PLC increased its stake in shares of SpartanNash by 120.0% in the 3rd quarter. Barclays PLC now owns 86,412 shares of the company's stock valued at $1,936,000 after purchasing an additional 47,141 shares in the last quarter. Yousif Capital Management LLC grew its holdings in SpartanNash by 5.9% in the fourth quarter. Yousif Capital Management LLC now owns 13,696 shares of the company's stock valued at $251,000 after purchasing an additional 768 shares during the period. Empowered Funds LLC increased its position in shares of SpartanNash by 5.1% in the fourth quarter. Empowered Funds LLC now owns 178,347 shares of the company's stock valued at $3,267,000 after buying an additional 8,652 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of SpartanNash by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 163,673 shares of the company's stock worth $2,998,000 after buying an additional 4,596 shares during the period. Finally, Ieq Capital LLC purchased a new position in shares of SpartanNash during the 4th quarter valued at approximately $231,000. 84.59% of the stock is owned by hedge funds and other institutional investors.

SpartanNash Stock Down 0.9%

The business has a 50-day moving average price of $19.63 and a 200-day moving average price of $19.24. The stock has a market cap of $639.50 million, a PE ratio of -1,889.00 and a beta of 0.42. The company has a current ratio of 1.57, a quick ratio of 0.78 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.