State Street Corp Sells 6,499 Shares of Aramark (NYSE:ARMK)

State Street Corp decreased its holdings in shares of Aramark (NYSE:ARMK) by 0.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,869,716 shares of the company’s stock after selling 6,499 shares during the period. State Street Corp owned 2.99% of Aramark worth $304,794,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Huntington National Bank boosted its holdings in shares of Aramark by 100.3% during the 3rd quarter. Huntington National Bank now owns 681 shares of the company’s stock worth $26,000 after buying an additional 341 shares in the last quarter. Capital Performance Advisors LLP bought a new position in Aramark during the third quarter worth $28,000. UMB Bank n.a. grew its holdings in Aramark by 360.1% in the third quarter. UMB Bank n.a. now owns 773 shares of the company’s stock worth $30,000 after purchasing an additional 605 shares during the period. Friedenthal Financial bought a new stake in Aramark in the third quarter valued at $52,000. Finally, CWM LLC raised its holdings in shares of Aramark by 112.6% during the third quarter. CWM LLC now owns 1,822 shares of the company’s stock valued at $71,000 after purchasing an additional 965 shares during the period.

Analyst Upgrades and Downgrades

ARMK has been the topic of a number of research reports. Stifel Nicolaus upped their price target on Aramark from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. JPMorgan Chase & Co. increased their target price on Aramark from $41.00 to $45.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. Morgan Stanley boosted their price target on shares of Aramark from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 12th. Truist Financial raised their price objective on shares of Aramark from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Robert W. Baird boosted their target price on shares of Aramark from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $42.23.

Aramark Stock Performance

Shares of ARMK opened at $40.12 on Wednesday. The stock has a 50 day moving average of $39.08 and a 200 day moving average of $36.24. The company has a market capitalization of $10.59 billion, a price-to-earnings ratio of 40.53 and a beta of 1.63. Aramark has a 12 month low of $26.58 and a 12 month high of $42.49. The company has a current ratio of 0.81, a quick ratio of 0.72 and a debt-to-equity ratio of 1.42.

Aramark (NYSE:ARMK) last released its earnings results on Monday, November 11th. The company reported $0.54 EPS for the quarter, hitting analysts’ consensus estimates of $0.54. The company had revenue of $4.42 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Aramark had a return on equity of 14.06% and a net margin of 1.51%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.64 EPS. As a group, sell-side analysts forecast that Aramark will post 1.92 earnings per share for the current year.

Aramark Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.001 per share. This represents a $0.00 annualized dividend and a yield of 0.01%. The ex-dividend date is Monday, December 2nd. Aramark’s dividend payout ratio (DPR) is 42.42%.

About Aramark

Aramark provides food and facilities services to education, healthcare, business and industry, sports, leisure, and corrections clients in the United States and internationally. It operates through two segments, Food and Support Services United States, and Food and Support Services International. The company offers food-related managed services, including dining, catering, food service management, and convenience-oriented retail services; non-clinical food and food-related support services, such as patient food and nutrition, retail food, environmental services, and procurement services; and plant operations and maintenance, custodial/housekeeping, energy management, grounds keeping, and capital project management services.