BlackRock Inc. Raises Holdings in Planet Fitness Inc (PLNT)
BlackRock Inc. boosted its holdings in shares of Planet Fitness Inc (NYSE:PLNT) by 5.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 5,383,805 shares of the company’s stock after purchasing an additional 273,727 shares during the period. BlackRock Inc. owned approximately 5.47% of Planet Fitness worth $186,442,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Bank of Montreal Can acquired a new stake in shares of Planet Fitness in the 4th quarter worth $104,000. SG Americas Securities LLC acquired a new stake in shares of Planet Fitness in the 4th quarter worth $114,000. Envestnet Asset Management Inc. lifted its stake in shares of Planet Fitness by 164.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 4,865 shares of the company’s stock worth $131,000 after acquiring an additional 3,022 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Planet Fitness by 81.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,994 shares of the company’s stock worth $173,000 after acquiring an additional 2,244 shares during the period. Finally, Strs Ohio lifted its stake in shares of Planet Fitness by 69.7% in the 4th quarter. Strs Ohio now owns 5,600 shares of the company’s stock worth $193,000 after acquiring an additional 2,300 shares during the period. 98.02% of the stock is currently owned by institutional investors.
Shares of Planet Fitness stock opened at $38.39 on Monday. The company has a quick ratio of 1.56, a current ratio of 1.58 and a debt-to-equity ratio of -5.09. Planet Fitness Inc has a 52 week low of $18.32 and a 52 week high of $40.04. The company has a market cap of $3,776.89, a PE ratio of 87.25, a P/E/G ratio of 1.68 and a beta of 0.56.
Planet Fitness declared that its Board of Directors has initiated a share repurchase program on Thursday, February 22nd that allows the company to buyback $80.00 million in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Several analysts have recently commented on the stock. DA Davidson assumed coverage on shares of Planet Fitness in a research note on Monday, November 20th. They issued a “buy” rating for the company. Piper Jaffray Companies reiterated an “overweight” rating on shares of Planet Fitness in a research note on Monday, December 18th. Jefferies Group reiterated a “hold” rating and issued a $35.00 price objective on shares of Planet Fitness in a research note on Friday, February 23rd. Guggenheim reiterated a “buy” rating on shares of Planet Fitness in a research note on Friday, February 23rd. Finally, Cowen set a $41.00 price objective on shares of Planet Fitness and gave the company a “buy” rating in a research note on Friday, February 23rd. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $36.38.
In other Planet Fitness news, CEO Christopher Rondeau sold 40,000 shares of Planet Fitness stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $30.42, for a total transaction of $1,216,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 340,000 shares of company stock valued at $11,418,000 in the last quarter. Company insiders own 19.87% of the company’s stock.
About Planet Fitness
Planet Fitness, Inc is a franchisor and operator of fitness centers in the United States. The Company operates through three segments: Franchise; Corporate-owned stores, and Equipment. The Franchise segment includes operations related to the Company’s franchising business in the United States, Puerto Rico, the Dominican Republic and Canada.
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