Bank of America Corp DE Reduces Stock Holdings in Planet Fitness, Inc. (NYSE:PLNT)

Bank of America Corp DE decreased its stake in Planet Fitness, Inc. (NYSE:PLNT) by 15.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 362,527 shares of the company’s stock after selling 68,014 shares during the period. Bank of America Corp DE’s holdings in Planet Fitness were worth $35,843,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PLNT. Arkadios Wealth Advisors boosted its holdings in shares of Planet Fitness by 26.6% in the 4th quarter. Arkadios Wealth Advisors now owns 10,984 shares of the company’s stock worth $1,086,000 after purchasing an additional 2,305 shares during the period. Artemis Investment Management LLP purchased a new position in Planet Fitness during the 4th quarter valued at $18,767,000. UMB Bank n.a. boosted its holdings in Planet Fitness by 67.4% during the 4th quarter. UMB Bank n.a. now owns 390 shares of the company’s stock valued at $39,000 after acquiring an additional 157 shares during the period. Beaumont Financial Advisors LLC purchased a new position in Planet Fitness during the 4th quarter valued at $202,000. Finally, Cetera Trust Company N.A boosted its holdings in Planet Fitness by 5.2% during the 4th quarter. Cetera Trust Company N.A now owns 2,710 shares of the company’s stock valued at $268,000 after acquiring an additional 135 shares during the period. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Analysts Set New Price Targets

PLNT has been the subject of a number of recent analyst reports. Canaccord Genuity Group initiated coverage on Planet Fitness in a report on Thursday, March 13th. They set a “buy” rating and a $120.00 price objective for the company. Guggenheim restated a “buy” rating and set a $110.00 price objective on shares of Planet Fitness in a report on Monday. Macquarie restated a “neutral” rating and set a $95.00 price objective on shares of Planet Fitness in a report on Tuesday. JPMorgan Chase & Co. boosted their price objective on Planet Fitness from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Roth Mkm restated a “buy” rating and set a $115.00 price objective (up previously from $110.00) on shares of Planet Fitness in a report on Wednesday, February 26th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.00.

Planet Fitness Trading Up 0.1%

PLNT opened at $98.02 on Friday. The firm has a market cap of $8.30 billion, a price-to-earnings ratio of 52.70, a PEG ratio of 2.45 and a beta of 1.33. Planet Fitness, Inc. has a 12 month low of $60.56 and a 12 month high of $110.00. The stock has a fifty day moving average price of $96.35 and a 200-day moving average price of $98.06.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.03). The company had revenue of $276.66 million during the quarter, compared to the consensus estimate of $279.80 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 earnings per share. On average, equities research analysts forecast that Planet Fitness, Inc. will post 2.51 EPS for the current year.

Planet Fitness 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.