Chase Investment Counsel Corp purchased a new position in PriceSmart, Inc. (NASDAQ:PSMT – Free Report) during the second quarter, HoldingsChannel reports. The firm purchased 5,526 shares of the company’s stock, valued at approximately $1,079,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the company. Progeny 3 Inc. bought a new position in shares of PriceSmart in the third quarter worth approximately $27,825,000. Bank of New York Mellon Corp bought a new stake in shares of PriceSmart during the second quarter valued at approximately $40,930,000. Invesco Ltd. increased its position in shares of PriceSmart by 54.7% during the second quarter. Invesco Ltd. now owns 551,566 shares of the company’s stock valued at $57,936,000 after acquiring an additional 194,980 shares in the last quarter. Fisher Asset Management LLC raised its holdings in PriceSmart by 821.3% in the 4th quarter. Fisher Asset Management LLC now owns 217,000 shares of the company’s stock worth $26,619,000 after acquiring an additional 193,446 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in PriceSmart by 5,150.6% in the 3rd quarter. Millennium Management LLC now owns 114,936 shares of the company’s stock worth $13,929,000 after acquiring an additional 112,747 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on PSMT shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $198.00 price objective on shares of PriceSmart in a research report on Wednesday. Weiss Ratings cut PriceSmart from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, May 29th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $198.00.
Insider Buying and Selling at PriceSmart
In related news, Director Sherry S. Bahrambeygui sold 3,499 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $197.38, for a total transaction of $690,632.62. Following the completion of the sale, the director owned 32,150 shares in the company, valued at approximately $6,345,767. This represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Beatriz V. Infante sold 800 shares of the company’s stock in a transaction on Monday, July 13th. The shares were sold at an average price of $195.98, for a total value of $156,784.00. Following the sale, the director owned 11,210 shares of the company’s stock, valued at approximately $2,196,935.80. This trade represents a 6.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,399 shares of company stock worth $1,446,056 over the last three months. Insiders own 17.00% of the company’s stock.
PriceSmart Stock Performance
Shares of PSMT stock opened at $180.22 on Monday. The company has a 50 day moving average price of $186.59 and a 200-day moving average price of $166.23. PriceSmart, Inc. has a 52 week low of $105.46 and a 52 week high of $199.84. The firm has a market capitalization of $5.56 billion, a PE ratio of 34.59 and a beta of 0.76. The company has a quick ratio of 0.53, a current ratio of 1.28 and a debt-to-equity ratio of 0.08.
PriceSmart (NASDAQ:PSMT – Get Free Report) last issued its quarterly earnings data on Wednesday, July 8th. The company reported $1.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.04). PriceSmart had a net margin of 2.82% and a return on equity of 12.16%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the company earned $1.14 EPS. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis.
PriceSmart Company Profile
PriceSmart, Inc (NASDAQ: PSMT) is a U.S.-based retailer specializing in membership warehouse clubs. Founded in 1993, the company operates under a business model that offers bulk quantities of goods at discounted prices to individuals and businesses that purchase annual memberships. PriceSmart’s value proposition centers on low-cost operations, high-volume purchasing, and a no-frills shopping environment designed to pass savings directly to its members.
The company’s product assortment covers a broad range of merchandise categories, including groceries and fresh produce, household essentials, electronics, appliances, office supplies, furniture, and health and beauty items.
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