Flowers Foods (NYSE:FLO) Shares Gap Up on Better-Than-Expected Earnings

Posted by Defense World Staff on Aug 12th, 2023

Flowers Foods, Inc. (NYSE:FLO – Get Free Report) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $24.77, but opened at $25.55. Flowers Foods shares last traded at $25.79, with a volume of 451,627 shares trading hands.

The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.05. Flowers Foods had a net margin of 4.35% and a return on equity of 17.95%. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same quarter in the previous year, the company earned $0.31 EPS. The business’s revenue was up 8.8% on a year-over-year basis.

Flowers Foods Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 22nd. Shareholders of record on Thursday, June 8th were issued a $0.23 dividend. This is a positive change from Flowers Foods’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend was Wednesday, June 7th. Flowers Foods’s dividend payout ratio (DPR) is currently 92.00%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. StockNews.com lowered shares of Flowers Foods from a “buy” rating to a “hold” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Flowers Foods from $26.00 to $24.00 in a report on Monday, May 22nd. Finally, Stephens reaffirmed an “equal weight” rating and set a $25.00 price target on shares of Flowers Foods in a report on Friday.

View Our Latest Research Report on FLO

Insider Activity at Flowers Foods

In related news, insider H Mark Courtney sold 14,272 shares of Flowers Foods stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $24.39, for a total transaction of $348,094.08. Following the sale, the insider now directly owns 41,488 shares of the company’s stock, valued at approximately $1,011,892.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Flowers Foods

A number of institutional investors have recently added to or reduced their stakes in FLO. Spire Wealth Management grew its holdings in Flowers Foods by 246.3% during the 4th quarter. Spire Wealth Management now owns 1,039 shares of the company’s stock worth $30,000 after acquiring an additional 739 shares during the last quarter. Fortis Capital Advisors LLC bought a new stake in Flowers Foods during the 4th quarter worth approximately $30,000. Altshuler Shaham Ltd bought a new stake in Flowers Foods during the 1st quarter worth approximately $41,000. EverSource Wealth Advisors LLC grew its holdings in Flowers Foods by 313.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,098 shares of the company’s stock worth $58,000 after acquiring an additional 1,591 shares during the last quarter. Finally, CWM LLC grew its holdings in Flowers Foods by 18.8% during the 1st quarter. CWM LLC now owns 2,314 shares of the company’s stock worth $63,000 after acquiring an additional 367 shares during the last quarter. 81.27% of the stock is owned by institutional investors.

Flowers Foods Stock Up 4.3 %

The stock has a market cap of $5.47 billion, a price-to-earnings ratio of 25.83 and a beta of 0.41. The company has a current ratio of 1.32, a quick ratio of 0.98 and a debt-to-equity ratio of 0.73. The stock’s 50-day moving average price is $24.71 and its 200-day moving average price is $26.45.

About Flowers Foods

(Get Free Report)

Flowers Foods, Inc produces and markets packaged bakery food products in the United States. Its principal products include fresh breads, buns, rolls, snack cakes, and tortillas, as well as frozen breads and rolls under the Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, Mrs. Freshley's, and Tastykake brand names.