Los Angeles Capital Management & Equity Research Inc. cut its holdings in shares of Essendant Inc. (NASDAQ:ESND) by 19.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 119,396 shares of the company’s stock after selling 28,570 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned approximately 0.32% of Essendant worth $1,771,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of ESND. Frontier Capital Management Co. LLC bought a new position in Essendant in the second quarter valued at about $13,369,000. Vanguard Group Inc. lifted its holdings in Essendant by 9.1% in the first quarter. Vanguard Group Inc. now owns 3,476,012 shares of the company’s stock valued at $52,662,000 after acquiring an additional 290,464 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Essendant by 8.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,417,531 shares of the company’s stock valued at $36,625,000 after acquiring an additional 185,555 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in Essendant by 30.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 630,638 shares of the company’s stock valued at $9,353,000 after acquiring an additional 148,014 shares during the period. Finally, Federated Investors Inc. PA lifted its holdings in Essendant by 488.5% in the second quarter. Federated Investors Inc. PA now owns 175,641 shares of the company’s stock valued at $2,605,000 after acquiring an additional 145,796 shares during the period. 94.09% of the stock is currently owned by institutional investors.
Essendant Inc. (NASDAQ:ESND) opened at 12.55 on Monday. The firm has a 50-day moving average price of $11.86 and a 200-day moving average price of $14.42. The company’s market cap is $470.99 million. Essendant Inc. has a 12-month low of $11.26 and a 12-month high of $22.52.
Essendant (NASDAQ:ESND) last posted its quarterly earnings results on Wednesday, July 26th. The company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.09). The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Essendant had a negative net margin of 2.87% and a positive return on equity of 5.75%. The firm’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.55 EPS. On average, analysts forecast that Essendant Inc. will post $1.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 15th will be paid 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 yield of 4.46%. Essendant’s payout ratio is presently -13.73%.
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A number of research firms have weighed in on ESND. BidaskClub downgraded Essendant from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Zacks Investment Research downgraded Essendant from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 27th. TheStreet downgraded Essendant from a “c-” rating to a “d+” rating in a report on Thursday, July 27th. Finally, ValuEngine raised Essendant from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The stock presently 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.
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