Farmer Bros (NASDAQ:FARM) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Farmer Bros (NASDAQ:FARM) from a strong sell rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

According to Zacks, “Farmer Bros. Co. is in the business of roasting, packaging and distributing coffee and allied products to restaurants, hotels, hospitals, convenience stores and fast food outlets. The company’s primary raw material is green coffee. Green coffee is purchased through domestic commodity brokers. Coffee is an agricultural commodity, and is subject to fluctuations of both price and supply. “

FARM has been the topic of several other reports. TheStreet upgraded WillScot from a d- rating to a c- rating in a research note on Wednesday, May 8th. Roth Capital reiterated a neutral rating and issued a $20.00 price objective (down from $28.00) on shares of Farmer Bros in a research note on Wednesday, May 8th. Lake Street Capital lowered their price objective on Farmer Bros from $36.00 to $26.00 and set a buy rating on the stock in a research note on Wednesday, May 8th. ValuEngine lowered Virtu Financial from a hold rating to a sell rating in a research note on Tuesday, June 18th. Finally, BidaskClub upgraded Misonix from a buy rating to a strong-buy rating in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $22.33.

Shares of FARM opened at $17.05 on Wednesday. Farmer Bros has a 12-month low of $15.58 and a 12-month high of $30.20. The company has a quick ratio of 0.93, a current ratio of 2.03 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $290.53 million, a price-to-earnings ratio of 131.15, a price-to-earnings-growth ratio of 10.14 and a beta of 0.12. The firm’s 50-day moving average price is $17.81.

Farmer Bros (NASDAQ:FARM) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($3.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($3.11). Farmer Bros had a negative net margin of 10.72% and a negative return on equity of 3.34%. The firm had revenue of $146.70 million for the quarter, compared to the consensus estimate of $152.03 million. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. The company’s revenue was down 7.1% on a year-over-year basis. On average, equities research analysts expect that Farmer Bros will post -0.81 earnings per share for the current fiscal year.

In other Farmer Bros news, major shareholder Levin Easterly Partners Llc purchased 129,979 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were acquired at an average cost of $17.43 per share, for a total transaction of $2,265,533.97. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders bought 259,730 shares of company stock worth $4,805,208. Corporate insiders own 10.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Trigran Investments Inc. grew its position in Farmer Bros by 1.1% during the 1st quarter. Trigran Investments Inc. now owns 1,749,278 shares of the company’s stock worth $35,003,000 after acquiring an additional 19,593 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Farmer Bros by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 929,387 shares of the company’s stock worth $21,682,000 after acquiring an additional 10,015 shares during the last quarter. BlackRock Inc. grew its position in Farmer Bros by 6.1% during the 4th quarter. BlackRock Inc. now owns 709,790 shares of the company’s stock worth $16,558,000 after acquiring an additional 40,612 shares during the last quarter. Granite Investment Partners LLC grew its position in Farmer Bros by 21.6% during the 1st quarter. Granite Investment Partners LLC now owns 507,599 shares of the company’s stock worth $10,157,000 after acquiring an additional 90,019 shares during the last quarter. Finally, Kennedy Capital Management Inc. grew its position in Farmer Bros by 10.1% during the 1st quarter. Kennedy Capital Management Inc. now owns 446,082 shares of the company’s stock worth $8,926,000 after acquiring an additional 40,869 shares during the last quarter. Institutional investors and hedge funds own 65.40% of the company’s stock.

Farmer Bros Company Profile

Farmer Bros. Co engages in the manufacture, wholesale, and distribution of coffee, tea, and culinary products in the United States. The company offers roast and ground coffee; frozen liquid coffee; flavored and unflavored iced and hot teas; culinary products, including gelatins and puddings, soup bases, dressings, gravy and sauce mixes, pancake and biscuit mixes, jellies and preserves, and coffee-related products, such as coffee filters, sugar, and creamers; spices; and other beverages comprising cappuccino, cocoa, granitas, and ready-to-drink cold brew and iced coffee.

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