JOANN Inc. to Issue Quarterly Dividend of $0.11 (NASDAQ:JOAN)

JOANN Inc. (NASDAQ:JOANGet 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:JOANGet 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.

In other JOANN news, Director Darrell Webb sold 94,568 shares of the firm’s stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $12.50, for a total transaction of $1,182,100.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 97,575 shares of company stock worth $1,218,014. 71.10% of the stock is owned by corporate insiders.

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.

See Also

Dividend History for JOANN (NASDAQ:JOAN)

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