Shares of JOANN Inc. (NASDAQ:JOAN – Get Rating) have been given a consensus rating of “Hold” by the seven research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $6.67.
Several brokerages have issued reports on JOAN. Loop Capital cut JOANN from a “buy” rating to a “hold” rating and dropped their target price for the stock from $10.00 to $8.00 in a research report on Wednesday, June 29th. Wells Fargo & Company lowered their price objective on JOANN from $10.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Friday, June 3rd. Bank of America cut JOANN from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $20.00 to $8.00 in a research report on Friday, June 3rd. Barclays decreased their target price on JOANN from $9.00 to $5.00 and set an “underweight” rating on the stock in a research note on Monday, June 6th. Finally, Piper Sandler reduced their price objective on JOANN from $11.00 to $6.00 and set a “neutral” rating on the stock in a research note on Monday, June 6th.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the company. Geneos Wealth Management Inc. increased its holdings in shares of JOANN by 86.7% in the first quarter. Geneos Wealth Management Inc. now owns 2,800 shares of the company’s stock valued at $31,000 after purchasing an additional 1,300 shares during the period. Brown Advisory Inc. boosted its stake in shares of JOANN by 0.6% in the fourth quarter. Brown Advisory Inc. now owns 395,469 shares of the company’s stock worth $4,105,000 after buying an additional 2,267 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of JOANN by 14.1% in the fourth quarter. First Trust Advisors LP now owns 18,465 shares of the company’s stock worth $192,000 after buying an additional 2,281 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of JOANN by 4.7% in the first quarter. SummerHaven Investment Management LLC now owns 55,932 shares of the company’s stock worth $638,000 after buying an additional 2,490 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of JOANN by 1.9% in the first quarter. State Street Corp now owns 210,672 shares of the company’s stock worth $2,427,000 after buying an additional 3,843 shares during the last quarter. 95.63% of the stock is owned by institutional investors and hedge funds.
JOANN Trading Down 3.0 %
Shares of NASDAQ:JOAN opened at $8.29 on Monday. The stock has a market capitalization of $337.13 million, a price-to-earnings ratio of 75.37 and a beta of 1.02. The company has a debt-to-equity ratio of 8.10, a quick ratio of 0.16 and a current ratio of 1.52. The stock’s 50-day simple moving average is $8.02 and its two-hundred day simple moving average is $9.97. JOANN has a 52-week low of $6.23 and a 52-week high of $16.32.
JOANN (NASDAQ:JOAN – Get Rating) last announced its earnings results on Thursday, June 2nd. The company reported ($0.24) earnings per share (EPS) for the quarter. The firm had revenue of $498.00 million during the quarter, compared to analysts’ expectations of $517.09 million. JOANN had a return on equity of 44.49% and a net margin of 0.28%. The company’s revenue for the quarter was down 13.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 earnings per share. Analysts expect that JOANN will post 0.18 EPS for the current year.
JOANN Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Stockholders of record on Friday, June 10th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.31%. The ex-dividend date of this dividend was Thursday, June 9th. JOANN’s dividend payout ratio is presently 400.04%.
About JOANN
JOANN Inc operates as a specialty retailer of sewing and fabrics, and arts and crafts category products in the United States. Its products in sewing category include cotton fabrics; warm fabrics, such as fleece and flannel fabrics; home decorating and utility fabrics and accessories; fashion and sportswear fabrics; special occasion fabrics; seasonally themed and licensed fabric designs; and sewing construction supplies comprising cutting implements, threads, zippers, trims, tapes, pins, elastic, and buttons, as well as patterns for sewing projects.