JOANN Inc. (NASDAQ:JOAN – Get Rating) declared a quarterly dividend on Monday, May 23rd, Wall Street Journal reports. Shareholders of record on Friday, June 10th will be paid a dividend of 0.11 per share on Friday, June 24th. This represents a $0.44 annualized dividend and a yield of 5.74%. The ex-dividend date is Thursday, June 9th.
JOAN stock traded down $0.17 during mid-day trading on Monday, hitting $7.67. 155,057 shares of the company were exchanged, compared to its average volume of 316,987. The company has a quick ratio of 0.11, a current ratio of 1.25 and a debt-to-equity ratio of 5.20. The firm has a market capitalization of $311.92 million, a P/E ratio of 5.68 and a beta of 1.19. The business has a fifty day simple moving average of $10.75 and a 200-day simple moving average of $10.67. JOANN has a 12-month low of $7.39 and a 12-month high of $17.50.
JOANN (NASDAQ:JOAN – Get Rating) last issued its quarterly earnings results on Thursday, March 17th. The company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.27. The business had revenue of $735.30 million for the quarter, compared to analysts’ expectations of $752.33 million. JOANN had a net margin of 2.35% and a return on equity of 62.50%. The company’s quarterly revenue was down 12.5% compared to the same quarter last year. Research analysts predict that JOANN will post 1.01 EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in JOAN. BlackRock Inc. grew its position in shares of JOANN by 12.2% during the fourth quarter. BlackRock Inc. now owns 675,022 shares of the company’s stock worth $7,007,000 after acquiring an additional 73,416 shares during the last quarter. Invesco Ltd. purchased a new position in shares of JOANN during the first quarter worth approximately $640,000. Morgan Stanley purchased a new position in shares of JOANN during the second quarter worth approximately $716,000. First Manhattan Co. grew its position in shares of JOANN by 13.6% during the first quarter. First Manhattan Co. now owns 375,000 shares of the company’s stock worth $4,278,000 after acquiring an additional 45,000 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of JOANN by 2,168.2% during the second quarter. Wells Fargo & Company MN now owns 44,229 shares of the company’s stock worth $697,000 after acquiring an additional 42,279 shares during the last quarter. 95.63% of the stock is currently owned by institutional investors.
Several analysts have recently issued reports on the stock. Barclays reduced their price target on shares of JOANN from $10.00 to $9.00 and set an “underweight” rating on the stock in a research report on Monday, March 21st. Loop Capital increased their price target on shares of JOANN from $13.00 to $15.00 in a research report on Friday, March 18th. Piper Sandler cut shares of JOANN from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $12.00 to $11.00 in a research report on Friday, March 18th. Zacks Investment Research raised shares of JOANN from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 18th. Finally, Guggenheim cut shares of JOANN from a “buy” rating to a “neutral” rating in a report on Monday, March 21st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $13.14.
About JOANN (Get Rating)
JOANN Inc operates as a specialty retailer of sewing and fabrics, and arts and crafts category products in the United States. Its products in sewing category include cotton fabrics; warm fabrics, such as fleece and flannel fabrics; home decorating and utility fabrics and accessories; fashion and sportswear fabrics; special occasion fabrics; seasonally themed and licensed fabric designs; and sewing construction supplies comprising cutting implements, threads, zippers, trims, tapes, pins, elastic, and buttons, as well as patterns for sewing projects.
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