1832 Asset Management L.P. increased its stake in Planet Fitness Inc (NYSE:PLNT) by 13.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 544,600 shares of the company’s stock after acquiring an additional 64,900 shares during the quarter. 1832 Asset Management L.P. owned approximately 0.56% of Planet Fitness worth $29,198,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Planet Fitness by 3.4% during the third quarter. Vanguard Group Inc. now owns 8,597,408 shares of the company’s stock worth $464,518,000 after buying an additional 280,726 shares in the last quarter. Vanguard Group Inc grew its holdings in shares of Planet Fitness by 3.4% during the third quarter. Vanguard Group Inc now owns 8,597,408 shares of the company’s stock worth $464,518,000 after buying an additional 280,726 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Planet Fitness by 4.3% during the fourth quarter. BlackRock Inc. now owns 6,386,708 shares of the company’s stock worth $342,456,000 after buying an additional 265,922 shares in the last quarter. FMR LLC grew its holdings in shares of Planet Fitness by 79.0% during the third quarter. FMR LLC now owns 4,524,429 shares of the company’s stock worth $244,456,000 after buying an additional 1,997,286 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in shares of Planet Fitness by 10.2% during the fourth quarter. Lord Abbett & CO. LLC now owns 2,283,796 shares of the company’s stock worth $122,457,000 after buying an additional 210,503 shares in the last quarter. 94.04% of the stock is owned by institutional investors and hedge funds.
In other Planet Fitness news, CFO Dorvin D. Lively sold 100,000 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $63.52, for a total value of $6,352,000.00. Following the transaction, the chief financial officer now owns 98,883 shares of the company’s stock, valued at $6,281,048.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher Rondeau sold 200,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $65.86, for a total transaction of $13,172,000.00. The disclosure for this sale can be found here. Insiders sold 466,291 shares of company stock worth $29,813,238 in the last ninety days. 16.38% of the stock is currently owned by corporate insiders.
NYSE PLNT opened at $68.07 on Wednesday. Planet Fitness Inc has a 12 month low of $35.92 and a 12 month high of $68.46. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 55.80, a P/E/G ratio of 2.36 and a beta of 0.71.
Planet Fitness (NYSE:PLNT) last posted its earnings results on Tuesday, February 26th. The company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.02. Planet Fitness had a net margin of 15.36% and a negative return on equity of 67.65%. The company had revenue of $174.40 million for the quarter, compared to analysts’ expectations of $173.76 million. During the same quarter in the prior year, the company posted $0.24 earnings per share. Planet Fitness’s revenue for the quarter was up 30.1% compared to the same quarter last year. Equities research analysts forecast that Planet Fitness Inc will post 1.54 EPS for the current fiscal year.
A number of equities research analysts recently issued reports on the stock. Bank of America reissued a “neutral” rating and issued a $68.00 price objective (up previously from $62.00) on shares of Planet Fitness in a report on Thursday, December 6th. Zacks Investment Research raised shares of Planet Fitness from a “hold” rating to a “buy” rating and set a $59.00 price objective for the company in a report on Tuesday, January 1st. Jefferies Financial Group raised shares of Planet Fitness from a “hold” rating to a “buy” rating and upped their price objective for the company from $49.00 to $75.00 in a report on Friday, February 22nd. They noted that the move was a valuation call. Wedbush upped their price objective on shares of Planet Fitness from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, February 27th. Finally, DA Davidson upped their price objective on shares of Planet Fitness to $70.00 and gave the company a “buy” rating in a report on Wednesday, February 27th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $58.36.
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Planet Fitness Profile
Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.
See Also: Outstanding Shares
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