Aramark (NYSE:ARMK) Shares Down 2.3%

Aramark (NYSE:ARMK) traded down 2.3% during trading on Thursday . The stock traded as low as $35.13 and last traded at $35.13. 681,510 shares changed hands during trading, a decline of 71% from the average session volume of 2,323,623 shares. The stock had previously closed at $35.97.

Wall Street Analysts Forecast Growth

ARMK has been the subject of several recent analyst reports. Truist Financial cut shares of Aramark from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Robert W. Baird lifted their price target on Aramark from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. upped their price objective on Aramark from $35.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft raised Aramark from a “hold” rating to a “buy” rating and raised their target price for the stock from $36.00 to $39.00 in a research report on Wednesday, August 7th. Finally, Bank of America upped their price target on Aramark from $36.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $35.82.

Aramark Price Performance

The company has a fifty day moving average price of $33.58 and a two-hundred day moving average price of $32.20. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of 14.86, a P/E/G ratio of 1.77 and a beta of 1.59. The company has a quick ratio of 1.11, a current ratio of 1.25 and a debt-to-equity ratio of 2.03.

Aramark (NYSE:ARMK) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.01. Aramark had a net margin of 3.43% and a return on equity of 13.82%. The company had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same period last year, the firm posted $0.36 EPS. Aramark’s revenue for the quarter was up 8.0% on a year-over-year basis. On average, equities research analysts expect that Aramark will post 1.57 EPS for the current fiscal year.

Aramark Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th will be given a dividend of $0.095 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $0.38 dividend on an annualized basis and a yield of 1.07%. Aramark’s payout ratio is 15.97%.

Institutional Investors Weigh In On Aramark

Several hedge funds have recently modified their holdings of the stock. Millennium Management LLC raised its holdings in Aramark by 822.3% during the second quarter. Millennium Management LLC now owns 1,677,629 shares of the company’s stock worth $57,073,000 after purchasing an additional 1,495,737 shares in the last quarter. Maverick Capital Ltd. acquired a new position in Aramark during the 2nd quarter worth approximately $1,314,000. AQR Capital Management LLC increased its position in Aramark by 1.0% during the 2nd quarter. AQR Capital Management LLC now owns 896,698 shares of the company’s stock worth $30,282,000 after purchasing an additional 8,576 shares during the period. Armistice Capital LLC purchased a new position in shares of Aramark during the 2nd quarter worth approximately $247,000. Finally, Stanley Capital Management LLC boosted its stake in shares of Aramark by 53.7% in the second quarter. Stanley Capital Management LLC now owns 234,600 shares of the company’s stock valued at $7,981,000 after buying an additional 82,000 shares in the last quarter.

Aramark Company Profile

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.