Credit Suisse AG Has $1.09 Million Position in Essendant Inc. (ESND)

Credit Suisse AG cut its position in shares of Essendant Inc. (NASDAQ:ESND) by 30.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 72,193 shares of the company’s stock after selling 30,956 shares during the period. Credit Suisse AG owned approximately 0.19% of Essendant worth $1,094,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pzena Investment Management LLC increased its position in Essendant by 48.3% in the first quarter. Pzena Investment Management LLC now owns 3,434,765 shares of the company’s stock worth $52,037,000 after buying an additional 1,119,132 shares in the last quarter. First Manhattan Co. increased its position in Essendant by 803.5% in the first quarter. First Manhattan Co. now owns 447,171 shares of the company’s stock worth $9,175,000 after buying an additional 397,680 shares in the last quarter. Vanguard Group Inc. increased its position in Essendant by 9.1% in the first quarter. Vanguard Group Inc. now owns 3,476,012 shares of the company’s stock worth $52,662,000 after buying an additional 290,464 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Essendant by 8.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,417,531 shares of the company’s stock worth $36,625,000 after buying an additional 185,555 shares in the last quarter. Finally, State Street Corp increased its position in Essendant by 14.3% in the first quarter. State Street Corp now owns 1,006,382 shares of the company’s stock worth $15,243,000 after buying an additional 125,536 shares in the last quarter. 94.03% of the stock is owned by hedge funds and other institutional investors.

Essendant Inc. (ESND) traded down 1.39% on Monday, reaching $11.34. The company’s stock had a trading volume of 26,640 shares. The stock’s 50 day moving average is $13.11 and its 200-day moving average is $15.72. Essendant Inc. has a 52 week low of $11.26 and a 52 week high of $22.52. The firm’s market capitalization is $425.58 million.

Essendant (NASDAQ:ESND) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by $0.09. Essendant had a negative net margin of 2.87% and a positive return on equity of 5.75%. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the firm earned $0.55 earnings per share. The company’s revenue was down 6.9% on a year-over-year basis. Analysts predict that Essendant Inc. will post $1.09 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 15th will be paid a dividend of $0.14 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.56 annualized dividend and a yield of 4.87%. Essendant’s dividend payout ratio is -13.73%.

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A number of research analysts have commented on ESND shares. BidaskClub downgraded Essendant from a “hold” rating to a “sell” rating in a report on Monday, July 31st. TheStreet downgraded Essendant from a “c-” rating to a “d+” rating in a report on Thursday, July 27th. Finally, Zacks Investment Research downgraded Essendant from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $17.33.

About Essendant

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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