Norges Bank Invests $44.01 Million in The Simply Good Foods Company (NASDAQ:SMPL)

Norges Bank acquired a new stake in The Simply Good Foods Company (NASDAQ:SMPL - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 1,128,938 shares of the financial services provider's stock, valued at approximately $44,006,000. Norges Bank owned 1.12% of Simply Good Foods at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in shares of Simply Good Foods by 49.0% in the fourth quarter. JPMorgan Chase & Co. now owns 428,619 shares of the financial services provider's stock valued at $16,708,000 after purchasing an additional 141,021 shares during the period. Congress Wealth Management LLC DE boosted its position in Simply Good Foods by 7.6% in the 4th quarter. Congress Wealth Management LLC DE now owns 64,201 shares of the financial services provider's stock valued at $2,503,000 after buying an additional 4,508 shares during the period. LPL Financial LLC grew its stake in shares of Simply Good Foods by 3.3% in the fourth quarter. LPL Financial LLC now owns 9,890 shares of the financial services provider's stock worth $386,000 after acquiring an additional 315 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Simply Good Foods during the fourth quarter worth $439,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Simply Good Foods in the fourth quarter valued at $1,193,000. 88.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SMPL has been the topic of several recent research reports. Mizuho cut their price target on Simply Good Foods from $48.00 to $45.00 and set an "outperform" rating on the stock in a report on Friday, January 10th. Morgan Stanley began coverage on Simply Good Foods in a research report on Monday, March 24th. They set an "equal weight" rating and a $36.00 price objective for the company. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Simply Good Foods presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.56.

Remove Ads

Simply Good Foods Stock Up 9.2 %

SMPL stock traded up $3.04 during midday trading on Wednesday, reaching $36.23. 3,349,513 shares of the company were exchanged, compared to its average volume of 918,186. The stock's 50-day simple moving average is $35.75 and its 200 day simple moving average is $36.27. The Simply Good Foods Company has a 1-year low of $31.25 and a 1-year high of $40.53. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.75 and a current ratio of 4.23. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 25.70, a price-to-earnings-growth ratio of 3.23 and a beta of 0.63.

Simply Good Foods (NASDAQ:SMPL - Get Free Report) last announced its quarterly earnings results on Wednesday, April 9th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.06. Simply Good Foods had a net margin of 10.40% and a return on equity of 10.25%. The firm had revenue of $359.70 million during the quarter, compared to analysts' expectations of $354.50 million. During the same period in the previous year, the company earned $0.40 earnings per share. Simply Good Foods's quarterly revenue was up 15.2% compared to the same quarter last year. On average, equities analysts forecast that The Simply Good Foods Company will post 1.78 earnings per share for the current year.

Simply Good Foods Profile

The Simply Good Foods Company operates as a consumer-packaged food and beverage company in North America and internationally. The company develops, markets, and sells snacks and meal replacements. It offers protein bars, ready-to-drink shakes, sweet and salty snacks, cookies, protein chips, and recipes under the Atkins and Quest brand names.