Bank of New York Mellon Corp Reduces Position in Planet Fitness, Inc. (NYSE:PLNT)

Bank of New York Mellon Corp lowered its stake in Planet Fitness, Inc. (NYSE:PLNT) by 20.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,059,177 shares of the company’s stock after selling 532,959 shares during the period. Bank of New York Mellon Corp owned 2.34% of Planet Fitness worth $151,535,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. LRI Investments LLC raised its stake in Planet Fitness by 61.2% in the 2nd quarter. LRI Investments LLC now owns 403 shares of the company’s stock worth $30,000 after acquiring an additional 153 shares during the last quarter. Retirement Systems of Alabama increased its holdings in shares of Planet Fitness by 0.7% in the second quarter. Retirement Systems of Alabama now owns 108,032 shares of the company’s stock valued at $7,950,000 after purchasing an additional 743 shares during the period. Louisiana State Employees Retirement System raised its stake in shares of Planet Fitness by 0.8% in the second quarter. Louisiana State Employees Retirement System now owns 24,800 shares of the company’s stock worth $1,825,000 after purchasing an additional 200 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new position in shares of Planet Fitness in the second quarter worth about $266,000. Finally, Fifth Third Bancorp lifted its holdings in shares of Planet Fitness by 60.2% during the second quarter. Fifth Third Bancorp now owns 191,903 shares of the company’s stock worth $14,122,000 after purchasing an additional 72,131 shares during the period. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Planet Fitness Stock Up 1.0 %

NYSE:PLNT opened at $81.87 on Tuesday. Planet Fitness, Inc. has a 52 week low of $44.13 and a 52 week high of $82.82. The stock has a market capitalization of $7.22 billion, a PE ratio of 47.05, a price-to-earnings-growth ratio of 2.65 and a beta of 1.49. The stock’s 50-day moving average price is $75.65 and its 200-day moving average price is $67.77.

Planet Fitness (NYSE:PLNT) last posted its earnings results on Tuesday, August 6th. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The firm had revenue of $300.94 million for the quarter, compared to analysts’ expectations of $290.17 million. During the same period last year, the firm earned $0.65 EPS. The company’s quarterly revenue was up 5.1% on a year-over-year basis. Sell-side analysts expect that Planet Fitness, Inc. will post 2.43 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Brian O’donnell sold 6,424 shares of Planet Fitness stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total value of $497,153.36. Following the sale, the chief accounting officer now directly owns 6,778 shares in the company, valued at approximately $524,549.42. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 5.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PLNT. DA Davidson reissued a “neutral” rating and set a $62.00 price target on shares of Planet Fitness in a research report on Friday, June 14th. JPMorgan Chase & Co. raised their target price on shares of Planet Fitness from $78.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Raymond James boosted their target price on shares of Planet Fitness from $75.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Friday, May 10th. Stifel Nicolaus downgraded Planet Fitness from a “buy” rating to a “hold” rating and cut their price target for the stock from $80.00 to $70.00 in a research report on Friday, May 10th. Finally, Jefferies Financial Group raised Planet Fitness from a “hold” rating to a “buy” rating and boosted their price objective for the company from $62.00 to $100.00 in a report on Monday, June 10th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $79.87.

Planet Fitness Company Profile

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.