JPMorgan Chase & Co. Reduces Stock Position in Driven Brands Holdings Inc. (NASDAQ:DRVN)

JPMorgan Chase & Co. lessened its position in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 13.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,305,096 shares of the company’s stock after selling 667,906 shares during the period. JPMorgan Chase & Co. owned about 2.62% of Driven Brands worth $61,434,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in shares of Driven Brands by 39.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 233,040 shares of the company’s stock worth $2,967,000 after purchasing an additional 65,567 shares during the period. Rhumbline Advisers increased its stake in shares of Driven Brands by 44.3% during the 2nd quarter. Rhumbline Advisers now owns 83,075 shares of the company’s stock valued at $1,058,000 after acquiring an additional 25,486 shares during the last quarter. Quest Partners LLC lifted its holdings in shares of Driven Brands by 79.3% during the 2nd quarter. Quest Partners LLC now owns 28,001 shares of the company’s stock worth $356,000 after acquiring an additional 12,386 shares during the period. Meeder Asset Management Inc. purchased a new stake in Driven Brands in the second quarter valued at approximately $352,000. Finally, Edgestream Partners L.P. acquired a new position in Driven Brands during the second quarter worth approximately $816,000. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Wall Street Analysts Forecast Growth

DRVN has been the topic of several research reports. Royal Bank of Canada increased their target price on Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Canaccord Genuity Group boosted their price objective on shares of Driven Brands from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, Stifel Nicolaus raised their price objective on Driven Brands from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.86.

Driven Brands Trading Down 1.1 %

DRVN opened at $15.85 on Friday. Driven Brands Holdings Inc. has a 12-month low of $10.59 and a 12-month high of $17.45. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.90 and a quick ratio of 1.72. The stock has a market capitalization of $2.60 billion, a PE ratio of 396.25, a P/E/G ratio of 1.14 and a beta of 1.15. The firm’s fifty day moving average price is $16.26 and its 200 day moving average price is $14.56.

Driven Brands (NASDAQ:DRVN) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. Driven Brands had a return on equity of 14.86% and a net margin of 0.27%. The business had revenue of $591.70 million during the quarter, compared to the consensus estimate of $598.49 million. During the same period last year, the firm earned $0.19 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, research analysts expect that Driven Brands Holdings Inc. will post 0.86 EPS for the current fiscal year.

Driven Brands Profile

Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. It offers various services, such as paint, collision, glass, repair, car wash, oil change, and maintenance services. The company also distributes automotive parts, including radiators, air conditioning components, and exhaust products to automotive repair shops, auto parts stores, body shops, and other auto repair outlets; windshields and glass accessories through a network of distribution centers; and consumable products, such as oil filters and wiper blades, as well as training services to repair and maintenance, and paint and collision shops.