Essendant Inc. (ESND) Position Lowered by Algert Global LLC
Algert Global LLC reduced its position in shares of Essendant Inc. (NASDAQ:ESND) by 9.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,478 shares of the company’s stock after selling 8,833 shares during the period. Algert Global LLC’s holdings in Essendant were worth $1,312,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ESND. Clinton Group Inc. increased its position in Essendant by 93.5% in the first quarter. Clinton Group Inc. now owns 44,427 shares of the company’s stock worth $673,000 after buying an additional 21,464 shares during the last quarter. Prudential Financial Inc. increased its position in Essendant by 38.1% in the first quarter. Prudential Financial Inc. now owns 209,669 shares of the company’s stock worth $3,176,000 after buying an additional 57,829 shares during the last quarter. California Public Employees Retirement System increased its position in Essendant by 9.6% in the first quarter. California Public Employees Retirement System now owns 177,800 shares of the company’s stock worth $2,694,000 after buying an additional 15,500 shares during the last quarter. OppenheimerFunds Inc. increased its position in Essendant by 63.6% in the first quarter. OppenheimerFunds Inc. now owns 265,380 shares of the company’s stock worth $4,021,000 after buying an additional 103,196 shares during the last quarter. Finally, Great West Life Assurance Co. Can increased its position in Essendant by 11.3% in the first quarter. Great West Life Assurance Co. Can now owns 54,269 shares of the company’s stock worth $821,000 after buying an additional 5,513 shares during the last quarter. Institutional investors and hedge funds own 91.91% of the company’s stock.
Essendant Inc. (NASDAQ ESND) opened at 12.06 on Thursday. Essendant Inc. has a 1-year low of $11.61 and a 1-year high of $22.52. The stock’s market cap is $452.60 million. The company’s 50-day moving average price is $13.71 and its 200-day moving average price is $16.14.
Essendant (NASDAQ:ESND) last announced its quarterly earnings data on Wednesday, July 26th. The company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.09. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.31 billion. Essendant had a negative net margin of 2.87% and a positive return on equity of 5.75%. The firm’s quarterly revenue was down 6.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.55 earnings per share. Analysts predict that Essendant Inc. will post $1.09 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 15th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 4.64%. The ex-dividend date of this dividend is Thursday, September 14th. Essendant’s dividend payout ratio is currently -13.73%.
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A number of research analysts recently issued reports on ESND shares. TheStreet downgraded Essendant from a “c-” rating to a “d+” rating in a research note on Thursday, July 27th. BidaskClub downgraded Essendant from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Zacks Investment Research upgraded Essendant from a “strong sell” rating to a “strong-buy” rating and set a $19.00 price target on the stock in a research note on Tuesday, May 2nd. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $17.33.
Essendant Company Profile
Essendant Inc (Essendant) is a wholesale distributor of workplace items. The Company’s product portfolio includes Janitorial, Foodservice and Breakroom Supplies (JanSan), Technology Products, Traditional Office Products, Industrial Supplies, Cut Sheet Paper Products, Automotive Products and Office Furniture.
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