Panagora Asset Management Inc. has increased its stake in PriceSmart, Inc. (NASDAQ:PSMT) during the first quarter of this year, according to the company’s recent disclosure with the Securities & Exchange Commission. The asset management firm acquired an additional 3,820 shares of PriceSmart, bringing its total ownership to 141,978 shares. This represents a 2.8% increase in stake for Panagora Asset Management Inc.
Based on its most recent filing with the SEC, Panagora Asset Management Inc.’s stake in PriceSmart is valued at $10,149,000. This indicates that the asset management firm holds approximately 0.46% of the company’s stock.
In other news related to PriceSmart, Director Sherry S. Bahrambeygui recently sold 800 shares of stock in a transaction that took place on July 18th. The shares were sold at an average price of $78.74, resulting in a total value of $62,992. With this sale, the director now directly owns 83,395 shares of PriceSmart’s stock with an approximate value of $6,566,522.30.
This transaction was disclosed through a filing with the Securities & Exchange Commission and can be accessed via this link. It is worth noting that corporate insiders currently hold 17.40% of PriceSmart’s stock.
These developments signify noteworthy activity within PriceSmart and offer insights into investor sentiments and market trends surrounding the company’s stock.
PriceSmart operates as a membership warehouse club dedicated to providing high-quality products at competitive prices to its members across various countries in Latin America and the Caribbean region.
It is important for potential investors and stakeholders to stay updated on such disclosures by regularly accessing reports and filings made by companies with regulatory bodies like the Securities & Exchange Commission.
While Panagora Asset Management Inc.’s increased stake suggests confidence in PriceSmart’s potential, it is prudent for investors to conduct thorough research and analysis before making any investment decisions. Safeguarding interests and understanding market dynamics are crucial when navigating the stock market.
For the latest research report on PriceSmart and comprehensive information regarding its financial performance, business strategy, and future prospects, investors are encouraged to avail themselves of reputable sources such as professional brokerage firms or consult with experienced financial advisors.
Please note that this article is based on the referenced text dated September 3, 2023. As the financial landscape can change rapidly, it is essential to seek updated information from reliable sources when making investment decisions.
Institutional Investors and Hedge Funds Adjust Stakes in PriceSmart, Inc. (NASDAQ: PSMT) as Earnings Surpass Expectations
Institutional investors and hedge funds have been making adjustments to their stakes in the stock of PriceSmart, Inc. (NASDAQ: PSMT) in recent months. JPMorgan Chase & Co., for instance, has significantly increased its stake by 175.0% during the first quarter of this year. The financial giant now owns 103,697 shares of PriceSmart’s stock, amounting to a value of $8,178,000 after acquiring an additional 65,984 shares.
Additionally, Bank of New York Mellon Corp has slightly boosted its position in PriceSmart by 1.4% during the same time frame. The bank’s holdings now consist of 301,840 shares of the company’s stock with an estimated worth of $23,806,000 after acquiring an additional 4,066 shares.
Furthermore,PNC Financial Services Group Inc.’s position in PriceSmart has seen a significant increase of 43.1% during the first quarter. The group currently owns 1,737 shares worth approximately $137,000 after acquiring an additional 523 shares.
Bank of Montreal Can has also added to its stake in PriceSmart by approximately 2.1% during the first quarter. Currently holding around 22,060 shares worth $1,766,000 after acquiring an additional 446 shares.
Lastly,MetLife Investment Management LLC saw its holdings in PriceSmart rise by 61.0% during the first quarter as well.The investment management firm now possesses approximately12,883 shares worth approximately$1,o16o000 after acquiring another4881shares.In total,hedge funds,and other institutional investors own81.19o/oofthe company’sstock.
On a separate note,research platform StockNews.com initiated coverage on PriceSmart with a “buy” rating on August17th.This indicates their positive outlook onthe stock followed by analyzing pertinent factors such as earnings performance and market trends
On Friday, September 3rd, PriceSmart, Inc. (NASDAQ: PSMT) opened at $79.48.As of now,it has a 12-month low of $56.29 and a 12-month high of $82.63.The company currently maintains a 50-day moving average of $77.30 and a two-hundred-day moving average of $74.07.PriceSmart’s debt-to-equity ratio is recorded at 0.11 with a current ratio of 1.44 and a quick ratio of 0.69.Currently,the company hasa market capitalization worth an estimated $2,47 billionwith,a price-to-earningsratioof21.14andabetaof0.,9.
PriceSmart recently released its quarterly earnings results on Tuesday, July 11th.The company reported earnings per share (EPS) of$0.94for the quarter, surpassing analyst expectations by $0.09.The firm’s revenue for the quarter was marked at$1,lOobillion,which is in line with consensus estimates.PriceSmart’snet margin stood at2.71%whilethe return on equity amounted to12.,20o/o.Compared to the previous year,the company experienceda6.-4orespectiveriseinrevenue.Simila-rly.during the same period from last year,thefirm earned an EPSof$0.,62