Aramark (NYSE:ARMK) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D decreased its position in shares of Aramark (NYSE:ARMK) by 32.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 92,072 shares of the company’s stock after selling 44,080 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Aramark were worth $3,132,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of ARMK. Industrial Alliance Investment Management Inc. lifted its holdings in Aramark by 3.3% in the first quarter. Industrial Alliance Investment Management Inc. now owns 10,660 shares of the company’s stock worth $347,000 after purchasing an additional 340 shares during the period. Twin Tree Management LP lifted its holdings in Aramark by 32.0% in the first quarter. Twin Tree Management LP now owns 1,424 shares of the company’s stock worth $46,000 after purchasing an additional 345 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Aramark by 2.3% in the first quarter. Daiwa Securities Group Inc. now owns 19,540 shares of the company’s stock worth $635,000 after purchasing an additional 432 shares during the period. CIBC Asset Management Inc lifted its holdings in Aramark by 7.7% in the second quarter. CIBC Asset Management Inc now owns 7,356 shares of the company’s stock worth $250,000 after purchasing an additional 523 shares during the period. Finally, OLD National Bancorp IN lifted its holdings in Aramark by 6.8% in the second quarter. OLD National Bancorp IN now owns 11,047 shares of the company’s stock worth $376,000 after purchasing an additional 708 shares during the period.

Analyst Upgrades and Downgrades

ARMK has been the subject of several research analyst reports. Bank of America upped their price objective on shares of Aramark from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Truist Financial upped their price target on shares of Aramark from $37.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, September 12th. StockNews.com downgraded shares of Aramark from a “hold” rating to a “sell” rating in a report on Friday, September 13th. Deutsche Bank Aktiengesellschaft raised shares of Aramark from a “hold” rating to a “buy” rating and upped their price target for the company from $36.00 to $39.00 in a report on Wednesday, August 7th. Finally, Oppenheimer upped their price target on shares of Aramark from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $37.36.

Aramark Price Performance

Shares of ARMK opened at $38.60 on Wednesday. The company has a market capitalization of $10.15 billion, a price-to-earnings ratio of 16.22, a P/E/G ratio of 2.04 and a beta of 1.62. Aramark has a fifty-two week low of $23.95 and a fifty-two week high of $38.99. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.96 and a quick ratio of 0.86. The business’s 50-day moving average is $35.12 and its 200-day moving average is $33.30.

Aramark (NYSE:ARMK) last issued its earnings results on Tuesday, August 6th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. The company had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.31 billion. Aramark had a return on equity of 14.09% and a net margin of 1.93%. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. Equities research analysts expect that Aramark will post 1.57 EPS for the current fiscal year.

Aramark Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were issued a $0.095 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.38 dividend on an annualized basis and a yield of 0.98%. Aramark’s dividend payout ratio is currently 15.97%.

About Aramark

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.