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Pool Corporation (NASDAQ:POOL) Stock Price Down 9.4% on Disappointing Earnings
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The specialty retailer reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.24 by $0.03. The business had revenue of $988.20 million for the quarter. Pool Corporation had a net margin of 5.95% and a return on equity of 61.85%. The company’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.98 EPS.
Pool Corporation declared that its board has authorized a share repurchase plan on Wednesday, May 3rd that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the specialty retailer to reacquire up to 3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
Several research analysts recently commented on POOL shares. Zacks Investment Research downgraded shares of Pool Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 23rd. Wedbush reiterated an “outperform” rating and issued a $128.00 target price on shares of Pool Corporation in a report on Friday, April 7th. Finally, BidaskClub upgraded shares of Pool Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, June 16th.
In other Pool Corporation news, insider Hart Melanie Housey sold 3,000 shares of the firm’s stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $119.14, for a total value of $357,420.00. Following the sale, the insider now directly owns 11,082 shares in the company, valued at approximately $1,320,309.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO De La Mesa Manuel J. Perez sold 12,372 shares of the firm’s stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $122.12, for a total transaction of $1,510,868.64. Following the completion of the sale, the chief executive officer now owns 51,953 shares in the company, valued at $6,344,500.36. The disclosure for this sale can be found here. Company insiders own 7.00% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its stake in Pool Corporation by 12,429.3% in the first quarter. BlackRock Inc. now owns 3,260,758 shares of the specialty retailer’s stock valued at $389,106,000 after buying an additional 3,234,733 shares in the last quarter. Congress Asset Management Co. MA raised its stake in Pool Corporation by 7,689.4% in the first quarter. Congress Asset Management Co. MA now owns 510,281 shares of the specialty retailer’s stock valued at $60,892,000 after buying an additional 503,730 shares in the last quarter. Norges Bank bought a new stake in Pool Corporation during the fourth quarter valued at about $36,100,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Pool Corporation during the first quarter valued at about $35,589,000. Finally, Columbia Wanger Asset Management LLC raised its stake in Pool Corporation by 188.9% in the first quarter. Columbia Wanger Asset Management LLC now owns 390,336 shares of the specialty retailer’s stock valued at $46,579,000 after buying an additional 255,229 shares in the last quarter. Institutional investors own 91.89% of the company’s stock.
The company has a market cap of $4.41 billion, a P/E ratio of 29.53 and a beta of 0.93. The stock has a 50 day moving average of $120.15 and a 200-day moving average of $116.36.
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Pool Corporation Company Profile
Pool Corporation is a distributor of swimming pool supplies, equipment and related leisure products. The Company is a distributor of irrigation and landscape products in the United States. As of December 31, 2016, the Company operated 344 sales centers in North America, Europe, South America and Australia, through its four distribution networks, including SCP Distributors (SCP), Superior Pool Products (Superior), Horizon Distributors (Horizon) and National Pool Tile (NPT).