Fort Pitt Capital Group LLC Invests $3.43 Million in The Hershey Company (NYSE:HSY)

Fort Pitt Capital Group LLC purchased a new stake in shares of The Hershey Company (NYSE:HSY) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 17,862 shares of the company’s stock, valued at approximately $3,426,000.

Several other institutional investors have also recently made changes to their positions in the company. Janney Montgomery Scott LLC increased its stake in shares of Hershey by 6.1% during the third quarter. Janney Montgomery Scott LLC now owns 168,030 shares of the company’s stock valued at $32,225,000 after buying an additional 9,621 shares during the period. Conning Inc. increased its stake in shares of Hershey by 78.9% during the third quarter. Conning Inc. now owns 2,029 shares of the company’s stock valued at $389,000 after buying an additional 895 shares during the period. Fullcircle Wealth LLC purchased a new position in shares of Hershey during the third quarter valued at $257,000. Weatherly Asset Management L. P. increased its stake in shares of Hershey by 4.0% during the third quarter. Weatherly Asset Management L. P. now owns 2,812 shares of the company’s stock valued at $539,000 after buying an additional 107 shares during the period. Finally, Silver Coast Investments LLC increased its stake in shares of Hershey by 27.3% during the third quarter. Silver Coast Investments LLC now owns 3,768 shares of the company’s stock valued at $723,000 after buying an additional 809 shares during the period. Hedge funds and other institutional investors own 57.96% of the company’s stock.

Insider Buying and Selling

In related news, CAO Jennifer Mccalman sold 538 shares of Hershey stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $199.17, for a total transaction of $107,153.46. Following the completion of the sale, the chief accounting officer now owns 3,238 shares of the company’s stock, valued at $644,912.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on HSY. Redburn Atlantic began coverage on Hershey in a research note on Tuesday, October 22nd. They issued a “sell” rating and a $165.00 target price on the stock. Piper Sandler cut their target price on Hershey from $179.00 to $165.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. Citigroup lowered Hershey from a “neutral” rating to a “sell” rating and cut their target price for the company from $195.00 to $182.00 in a research note on Tuesday, August 27th. The Goldman Sachs Group began coverage on Hershey in a research note on Monday, August 12th. They issued a “sell” rating and a $185.00 target price on the stock. Finally, JPMorgan Chase & Co. cut their target price on Hershey from $188.00 to $180.00 and set a “neutral” rating on the stock in a research note on Monday, October 14th. Five investment analysts have rated the stock with a sell rating and fourteen have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $191.61.

Hershey Trading Up 0.9 %

Hershey stock opened at $179.26 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.86 and a debt-to-equity ratio of 0.87. The Hershey Company has a 52 week low of $176.78 and a 52 week high of $211.92. The company has a market capitalization of $36.26 billion, a price-to-earnings ratio of 19.92, a price-to-earnings-growth ratio of 4.09 and a beta of 0.38. The stock has a 50-day moving average price of $190.76 and a 200 day moving average price of $192.46.

Hershey (NYSE:HSY) last released its earnings results on Thursday, August 1st. The company reported $1.27 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.17). Hershey had a return on equity of 45.36% and a net margin of 16.76%. The firm had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same period last year, the firm earned $2.01 EPS. The company’s revenue for the quarter was down 16.7% compared to the same quarter last year. Sell-side analysts anticipate that The Hershey Company will post 9.42 EPS for the current year.

Hershey Profile

The Hershey Company, together with its subsidiaries, engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally. The company operates through three segments: North America Confectionery, North America Salty Snacks, and International. It offers chocolate and non-chocolate confectionery products; gum and mint refreshment products, including mints, chewing gums, and bubble gums; protein bars; pantry items, such as baking ingredients, toppings, beverages, and sundae syrups; and snack items comprising spreads, bars, snack bites, mixes, popcorn, and pretzels.