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Bob Evans shares gain after earnings, upgrade and investor buy

Wednesday, March 8, 2017 8:41
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(Before It's News)

Bob Evans Farms Inc (NASDAQ:BOBE) shares may have opened lower but they quickly advanced on the day on Wednesday after reporting fiscal third-quarter net income of $8.2mln.

The New Albany, Ohio-based company added the as-expected results on the same shelf as its other corporate trophy this week – being upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday.

The brokerage presently has a $65.00 price target on the stock. Zacks Investment Research’s target price indicates a potential upside of 14.54% from the company’s current price.

The company said on Wednesday it had net income of 41 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 75 cents per share – in line with expectations.

The restaurant chain posted revenue of $112.8mln in the period. Its adjusted revenue was $335.9mln.

Meanwhile, it also transpired on Wednesday that investor Russell Investments Group Ltd. purchased a new stake in shares of Bob Evans Farms during the fourth quarter, according to its most recent filing with the SEC. The institutional investor purchased 97,629 shares of the company’s stock, valued at approximately $5,237,000. Russell Investments Group Ltd. owned about 0.49% of Bob Evans Farms as of its most recent SEC filing.

Bob Evans shares were up 2.5% at $58.20 in early Wednesday trading after opening at $55.60 – more than a dollar below the Tuesday closing price.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/174485/bob-evans-shares-gain-after-earnings-upgrade-and-investor-buy-174485.html

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