California Public Employees Retirement System increased its stake in Essendant Inc. (NASDAQ:ESND) by 9.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 177,800 shares of the company’s stock after buying an additional 15,500 shares during the period. California Public Employees Retirement System owned approximately 0.47% of Essendant worth $2,694,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Pzena Investment Management LLC raised its stake in Essendant by 48.3% in the first quarter. Pzena Investment Management LLC now owns 3,434,765 shares of the company’s stock valued at $52,037,000 after buying an additional 1,119,132 shares during the last quarter. State Street Corp raised its stake in Essendant by 9.3% in the fourth quarter. State Street Corp now owns 880,846 shares of the company’s stock valued at $18,412,000 after buying an additional 74,623 shares during the last quarter. Norges Bank bought a new stake in Essendant during the fourth quarter valued at about $18,233,000. Bank of New York Mellon Corp raised its stake in Essendant by 7.1% in the first quarter. Bank of New York Mellon Corp now owns 695,945 shares of the company’s stock valued at $10,542,000 after buying an additional 46,218 shares during the last quarter. Finally, First Manhattan Co. raised its stake in Essendant by 803.5% in the first quarter. First Manhattan Co. now owns 447,171 shares of the company’s stock valued at $9,175,000 after buying an additional 397,680 shares during the last quarter. Institutional investors and hedge funds own 94.03% of the company’s stock.
Essendant Inc. (NASDAQ ESND) traded up 0.09% during mid-day trading on Friday, reaching $11.50. The company’s stock had a trading volume of 226,092 shares. The company’s market cap is $431.58 million. The firm has a 50 day moving average price of $13.11 and a 200 day moving average price of $15.72. Essendant Inc. has a 52-week low of $11.26 and a 52-week high of $22.52.
Essendant (NASDAQ:ESND) last posted its earnings results on Wednesday, July 26th. The company reported $0.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.09. Essendant had a positive return on equity of 5.75% and a negative net margin of 2.87%. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the business earned $0.55 EPS. Essendant’s quarterly revenue was down 6.9% compared to the same quarter last year. Equities research analysts anticipate that Essendant Inc. will post $1.09 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 15th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.56 annualized dividend and a dividend yield of 4.87%. Essendant’s dividend payout ratio is currently -13.73%.
Several analysts have issued reports on ESND shares. BidaskClub lowered Essendant from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. TheStreet lowered Essendant from a “c-” rating to a “d+” rating in a research note on Thursday, July 27th. Finally, Zacks Investment Research lowered Essendant from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 27th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. Essendant currently has a consensus rating of “Hold” and an average price target 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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