Pzena Investment Management LLC grew its stake in Essendant Inc. (NASDAQ:ESND) by 23.8% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 4,325,038 shares of the company’s stock after buying an additional 832,767 shares during the quarter. Pzena Investment Management LLC owned 11.50% of Essendant worth $56,961,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. State of Alaska Department of Revenue boosted its stake in shares of Essendant by 77.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 7,344 shares of the company’s stock valued at $108,000 after buying an additional 3,204 shares during the period. Smith Asset Management Group LP purchased a new stake in Essendant during the third quarter worth approximately $154,000. Hartford Investment Management Co. purchased a new stake in Essendant during the second quarter worth approximately $163,000. Cubist Systematic Strategies LLC purchased a new stake in Essendant during the second quarter worth approximately $179,000. Finally, Nisa Investment Advisors LLC lifted its stake in Essendant by 5.7% during the second quarter. Nisa Investment Advisors LLC now owns 12,900 shares of the company’s stock worth $191,000 after purchasing an additional 700 shares during the last quarter. Institutional investors and hedge funds own 90.99% of the company’s stock.
Several research firms recently weighed in on ESND. ValuEngine cut Essendant from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Zacks Investment Research upgraded Essendant from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 26th. BidaskClub cut Essendant from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, TheStreet cut Essendant from a “c-” rating to a “d+” rating in a research note on Thursday, July 27th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $16.50.
Essendant Inc. (NASDAQ:ESND) traded down $0.06 during mid-day trading on Friday, reaching $9.02. The company had a trading volume of 199,045 shares, compared to its average volume of 305,246. The stock has a market capitalization of $341.52, a PE ratio of 16.82 and a beta of 1.21. Essendant Inc. has a 12-month low of $8.79 and a 12-month high of $22.52. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.02 and a current ratio of 2.04.
Essendant (NASDAQ:ESND) last posted its earnings results on Wednesday, October 25th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.30). The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Essendant had a positive return on equity of 3.20% and a negative net margin of 5.26%. Essendant’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Shareholders of record on Friday, December 15th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 6.21%. The ex-dividend date of this dividend is Thursday, December 14th. Essendant’s dividend payout ratio is currently -7.67%.
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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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