JOANN Inc. (NASDAQ:JOAN – Get Rating) has been given an average rating of “Hold” by the seven analysts that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $6.67.
A number of research analysts recently issued reports on the company. Wells Fargo & Company dropped their price target on JOANN from $10.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Friday, June 3rd. Loop Capital downgraded JOANN from a “buy” rating to a “hold” rating and lowered their target price for the company from $10.00 to $8.00 in a research note on Wednesday, June 29th. Barclays lowered their target price on JOANN from $9.00 to $5.00 and set an “underweight” rating on the stock in a research note on Monday, June 6th. Piper Sandler lowered their target price on JOANN from $11.00 to $6.00 and set a “neutral” rating on the stock in a research note on Monday, June 6th. Finally, Bank of America cut JOANN from a “buy” rating to a “neutral” rating and reduced their price target for the company from $20.00 to $8.00 in a report on Friday, June 3rd.
Institutional Investors Weigh In On JOANN
A number of institutional investors have recently added to or reduced their stakes in JOAN. Royce & Associates LP grew its position in JOANN by 55.4% during the second quarter. Royce & Associates LP now owns 2,670,216 shares of the company’s stock valued at $20,694,000 after acquiring an additional 951,860 shares during the period. Crawford Investment Counsel Inc. purchased a new stake in shares of JOANN in the first quarter worth about $3,506,000. Alden Global Capital LLC purchased a new stake in shares of JOANN in the fourth quarter worth about $3,069,000. Intrinsic Edge Capital Management LLC purchased a new stake in shares of JOANN in the second quarter worth about $2,155,000. Finally, Invenomic Capital Management LP boosted its position in shares of JOANN by 242.1% in the fourth quarter. Invenomic Capital Management LP now owns 351,502 shares of the company’s stock worth $3,648,000 after buying an additional 248,750 shares during the period. Hedge funds and other institutional investors own 95.63% of the company’s stock.
JOANN Price Performance
JOANN (NASDAQ:JOAN – Get Rating) last issued its earnings results on Thursday, June 2nd. The company reported ($0.24) earnings per share for the quarter. JOANN had a return on equity of 44.49% and a net margin of 0.28%. The business had revenue of $498.00 million for the quarter, compared to analyst estimates of $517.09 million. During the same period last year, the business posted $0.45 EPS. JOANN’s revenue was down 13.3% on a year-over-year basis. Analysts anticipate that JOANN will post 0.05 earnings per share for the current fiscal year.
JOANN Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Stockholders of record on Friday, June 10th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date was Thursday, June 9th. JOANN’s dividend payout ratio is currently 400.04%.
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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