Insider Sale: JOANN Inc. (NASDAQ: JOAN) Director Sells 7,812 Shares
JOANN Inc. (NASDAQ:JOAN – Get Rating) Director Equity Investors Cf LP Green sold 7,812 shares of the company in a trade on Thursday, September 8. The shares were sold at an average price of $8.43, for a total value of $65,855.16. Following completion of the transaction, the administrator now directly owns 59,280 shares of the company, valued at approximately $499,730.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this link.
JOANN Stock down 0.1%
NASDAQ: JOAN was down $0.01 during Monday trading hours, hitting $8.61. The company’s shares had a trading volume of 636,104 shares, compared to an average volume of 290,282. The company has a market capitalization of $351.18 million, a price-earnings ratio of -6.11 and a beta of 1.35. JOANN Inc. has a one-year minimum of $6.23 and a one-year maximum of $13.55. The company’s 50-day moving average is $8.78 and its 200-day moving average is $9.53. The company has a debt ratio of 19.77, a current ratio of 1.47 and a quick ratio of 0.17.
JOANN (NASDAQ:JOAN – Get Rating) last released its quarterly earnings data on Thursday, September 1. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analyst consensus estimates of ($0.55) by ($0.20). The company posted revenue of $463.30 million in the quarter, versus a consensus estimate of $449.87 million. JOANN had a positive return on equity of 32.67% and a negative net margin of 2.41%. The company’s revenue for the quarter decreased 6.8% year over year. In the same quarter a year earlier, the company posted ($0.20) earnings per share. Equity research analysts expect JOANN Inc. to post EPS of 0.05 for the current year.
JOANN announces dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 23. Investors of record on Friday, September 9 will receive a dividend of $0.11. This represents a dividend of $0.44 on an annualized basis and a yield of 5.11%. The ex-date of this dividend is Thursday, September 8. JOANN’s dividend payout rate is currently -31.21%.
Wall Street analysts predict growth
Several equity analysts weighed in on the stock. Piper Sandler lowered her price target on JOANN shares from $11.00 to $6.00 and set a “neutral” rating on the stock in a Monday, June 6 research report. Barclays lowered its price target on JOANN shares from $9.00 to $5.00 and set an “underweight” rating on the stock in a Monday June 6 report. Loop Capital cut JOANN shares from a “buy” rating to a “hold” rating and lowered its price target for the company from $10.00 to $8.00 in a Wednesday, June 29 report. Wells Fargo & Company lowered its price target on JOANN stock from $5.00 to $4.00 and set an “equal weight” rating on the stock in a Friday, September 2 report. Finally, Bank of America downgraded JOANN shares from a “neutral” rating to an “underperforming” rating in a Wednesday, August 31, report. Two research analysts have rated the stock with a sell rating and five have assigned the stock a hold rating. According to MarketBeat, JOANN has an average rating of “Hold” and a consensus price target of $6.50.
Institutional investors weigh in on JOANN
A number of large investors have recently bought and sold shares of the company. Royce & Associates LP increased its holdings in JOANN by 55.4% in the second quarter. Royce & Associates LP now owns 2,670,216 shares of the company worth $20,694,000 after purchasing an additional 951,860 shares last quarter. Vanguard Group Inc. increased its position in JOANN by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 665,831 shares of the company worth $7,597,000 after acquiring 10,037 additional shares in the last quarter. Brown Advisory Inc. increased its position in JOANN by 2.3% during the 1st quarter. Brown Advisory Inc. now owns 404,689 shares of the company worth $4,618,000 after acquiring 9,220 additional shares in the last quarter. Crawford Investment Counsel Inc. increased its position in JOANN by 30.8% during the second quarter. Crawford Investment Counsel Inc. now owns 401,872 shares of the company worth $3,115,000 after acquiring an additional 94,640 shares in the last quarter. Finally, First Manhattan Co. increased its position in JOANN by 13.6% in the 1st quarter. First Manhattan Co. now owns 375,000 shares of the company worth $4,278,000 after acquiring an additional 45,000 shares in the last quarter. 95.20% of the shares are currently held by institutional investors.
JOANN company profile
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JOANN Inc operates as a specialty retailer of sewing and fabric products, and arts and crafts products in the United States. Its products in the sewing category include cotton fabrics; warm fabrics, such as fleeces and flannels; home decor and utility fabrics and accessories; fashion fabrics and sportswear; fabrics for special occasions; seasonally themed and licensed fabric designs; and sewing construction supplies including cutting tools, threads, zippers, trimmings, ribbons, pins, elastics and buttons, and patterns for sewing projects.
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