State Street Corp Increases Stock Position in Bowlero Corp. (NYSE:BOWL)

State Street Corp boosted its position in Bowlero Corp. (NYSE:BOWL) by 43.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 285,534 shares of the company’s stock after acquiring an additional 86,083 shares during the quarter. State Street Corp owned 0.19% of Bowlero worth $3,352,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BOWL. Portolan Capital Management LLC acquired a new stake in Bowlero in the third quarter valued at approximately $8,281,000. Marshall Wace LLP raised its holdings in Bowlero by 101.5% during the second quarter. Marshall Wace LLP now owns 363,784 shares of the company’s stock worth $5,271,000 after purchasing an additional 183,252 shares in the last quarter. Squarepoint Ops LLC raised its holdings in Bowlero by 201.2% during the second quarter. Squarepoint Ops LLC now owns 82,803 shares of the company’s stock worth $1,200,000 after purchasing an additional 164,603 shares in the last quarter. Systematic Financial Management LP raised its holdings in Bowlero by 24.0% during the third quarter. Systematic Financial Management LP now owns 838,090 shares of the company’s stock worth $9,839,000 after purchasing an additional 161,951 shares in the last quarter. Finally, King Luther Capital Management Corp raised its holdings in Bowlero by 51.0% during the third quarter. King Luther Capital Management Corp now owns 356,105 shares of the company’s stock worth $4,181,000 after purchasing an additional 120,215 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Bowlero Price Performance

NYSE:BOWL opened at $10.78 on Tuesday. The firm’s fifty day moving average price is $11.43 and its 200 day moving average price is $12.01. Bowlero Corp. has a 1-year low of $9.70 and a 1-year high of $15.47. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of -17.67 and a beta of 0.70.

Bowlero (NYSE:BOWL) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.30. Bowlero had a negative net margin of 6.63% and a negative return on equity of 31.58%. The firm had revenue of $260.20 million for the quarter, compared to analyst estimates of $249.42 million. During the same period last year, the firm posted ($0.10) EPS. As a group, analysts expect that Bowlero Corp. will post 0.45 earnings per share for the current fiscal year.

Bowlero Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $0.055 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $0.22 dividend on an annualized basis and a yield of 2.04%. Bowlero’s dividend payout ratio (DPR) is -36.07%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. B. Riley reissued a “buy” rating and set a $17.00 price objective on shares of Bowlero in a report on Tuesday, September 3rd. JPMorgan Chase & Co. cut their price objective on shares of Bowlero from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Truist Financial started coverage on shares of Bowlero in a report on Tuesday, December 10th. They set a “buy” rating and a $16.00 price objective on the stock. Royal Bank of Canada upgraded shares of Bowlero to a “moderate buy” rating in a research report on Thursday, October 3rd. Finally, Piper Sandler started coverage on shares of Bowlero in a research report on Monday, October 28th. They set a “neutral” rating and a $12.00 target price on the stock. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $15.89.

Bowlero Company Profile

Bowlero Corp. operates bowling entertainment centers under the AMF, Bowlmor Lanes, and Bowlero brand names. The company also provides hosting and overseeing professional and non-professional bowling tournaments and related broadcasting. It operates bowling centers in the United States, Mexico, and Canada.