A number of other hedge funds also recently made changes to their positions in the stock. Spark Investment Management LLC boosted its stake in shares of Essendant by 5.5% in the first quarter. Spark Investment Management LLC now owns 24,900 shares of the company’s stock valued at $377,000 after buying an additional 1,300 shares during the period. Cornerstone Capital Management Holdings LLC. acquired a new stake in Essendant during the first quarter worth $579,000. Arizona State Retirement System boosted its stake in Essendant by 2.6% in the first quarter. Arizona State Retirement System now owns 19,540 shares of the company’s stock worth $296,000 after buying an additional 500 shares during the last quarter. Clinton Group Inc. boosted its stake 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. Finally, SG Americas Securities LLC boosted its stake in Essendant by 6.2% in the first quarter. SG Americas Securities LLC now owns 22,002 shares of the company’s stock worth $333,000 after buying an additional 1,284 shares during the last quarter. 92.10% of the stock is currently owned by institutional investors and hedge funds.
Municipal Employees Retirement System of Michigan continued to hold its position in shares of Essendant Inc. (NASDAQ:ESND) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,470 shares of the company’s stock at the end of the first quarter. Municipal Employees Retirement System of Michigan’s holdings in Essendant were worth $128,000 as of its most recent SEC filing.
Essendant Inc. (NASDAQ ESND) traded down 2.66% during midday trading on Wednesday, reaching $12.07. The company had a trading volume of 243,036 shares. The firm’s 50 day moving average is $14.27 and its 200 day moving average is $16.43. Essendant Inc. has a 1-year low of $11.61 and a 1-year high of $22.52. The stock’s market capitalization is $452.98 million.
Essendant (NASDAQ:ESND) last released its quarterly earnings results on Wednesday, July 26th. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter last year, the firm posted $0.55 earnings per share. The firm’s quarterly revenue was down 6.9% compared to the same quarter last year. On average, equities analysts anticipate that Essendant Inc. will post $1.20 EPS for the current fiscal year.
The firm also recently announced 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. The ex-dividend date is Thursday, September 14th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.64%. Essendant’s payout ratio is currently -13.73%.
A number of brokerages recently issued reports on ESND. BidaskClub lowered Essendant from a “hold” rating to a “sell” rating in a research note on Monday. TheStreet lowered Essendant from a “c-” rating to a “d+” rating in a research note on Thursday, July 27th. Finally, Zacks Investment Research cut Essendant from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Two investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. Essendant has a consensus rating of “Hold” and an average target price of $17.33.
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.