Principal Financial Group Inc. Reduces Stock Position in Planet Fitness, Inc. $PLNT

Principal Financial Group Inc. lowered its position in Planet Fitness, Inc. (NYSE:PLNT) by 26.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 227,850 shares of the company’s stock after selling 79,927 shares during the period. Principal Financial Group Inc. owned approximately 0.27% of Planet Fitness worth $23,651,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the business. ABN AMRO Bank N.V. purchased a new stake in shares of Planet Fitness in the second quarter valued at approximately $13,214,000. Inceptionr LLC acquired a new stake in Planet Fitness during the 2nd quarter worth $356,000. Federated Hermes Inc. boosted its position in Planet Fitness by 21.0% during the third quarter. Federated Hermes Inc. now owns 753,079 shares of the company’s stock worth $78,170,000 after acquiring an additional 130,687 shares during the last quarter. Advantage Alpha Capital Partners LP acquired a new position in shares of Planet Fitness during the 2nd quarter worth approximately $2,633,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Planet Fitness during the second quarter worth $883,000. 95.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PLNT shares. Macquarie Infrastructure reduced their target price on shares of Planet Fitness from $112.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday, January 29th. Royal Bank Of Canada reissued an “outperform” rating and issued a $135.00 price target on shares of Planet Fitness in a research report on Tuesday, December 9th. William Blair reaffirmed an “outperform” rating on shares of Planet Fitness in a research report on Tuesday, January 13th. Stifel Nicolaus lifted their price objective on Planet Fitness from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, November 14th. Finally, Morgan Stanley increased their price objective on shares of Planet Fitness from $123.00 to $128.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $122.27.

Planet Fitness Price Performance

Shares of NYSE:PLNT opened at $91.77 on Friday. Planet Fitness, Inc. has a 12 month low of $87.72 and a 12 month high of $114.47. The firm has a market capitalization of $7.64 billion, a P/E ratio of 37.46, a P/E/G ratio of 1.40 and a beta of 1.26. The company’s fifty day moving average price is $103.23 and its 200 day moving average price is $102.97.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.08. Planet Fitness had a negative return on equity of 126.58% and a net margin of 15.97%.The company had revenue of $330.35 million for the quarter, compared to analyst estimates of $323.95 million. During the same quarter last year, the company posted $0.64 earnings per share. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Planet Fitness, Inc. will post 2.51 EPS for the current year.

About Planet Fitness

Planet Fitness, Inc is a franchisor and operator of fitness centers based in Hampton, New Hampshire. Established in 1992, the company designs and equips its clubs to offer a non-intimidating workout environment, often marketed under its “Judgment Free Zone” philosophy. Planet Fitness markets affordable membership plans and a variety of cardio and strength-training equipment, positioning itself to attract casual and first-time gym users.

The company operates through a network of franchised and company-owned clubs.