Southernsun Asset Management LLC purchased a new position in shares of Traeger, Inc. (NYSE:COOK – Get Rating) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,098,194 shares of the company's stock, valued at approximately $15,611,000. Traeger accounts for about 1.7% of Southernsun Asset Management LLC's portfolio, making the stock its 22nd biggest holding. Southernsun Asset Management LLC owned about 1.77% of Traeger at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Capital World Investors lifted its holdings in shares of Traeger by 9.0% in the 4th quarter. Capital World Investors now owns 4,702,640 shares of the company's stock valued at $57,184,000 after buying an additional 388,470 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Traeger by 20.9% in the 4th quarter. Nuveen Asset Management LLC now owns 2,942,401 shares of the company's stock valued at $35,780,000 after buying an additional 508,446 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Traeger by 27.2% in the 1st quarter. Vanguard Group Inc. now owns 2,682,974 shares of the company's stock valued at $19,962,000 after buying an additional 574,500 shares during the period. BlackRock Inc. lifted its holdings in shares of Traeger by 17.2% in the 1st quarter. BlackRock Inc. now owns 1,774,890 shares of the company's stock valued at $13,204,000 after buying an additional 260,933 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Traeger by 1,187.7% in the 4th quarter. Bank of America Corp DE now owns 1,089,907 shares of the company's stock valued at $13,253,000 after buying an additional 1,005,269 shares during the period. Institutional investors and hedge funds own 43.01% of the company's stock.
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Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on COOK. Telsey Advisory Group decreased their price objective on Traeger from $5.00 to $4.00 and set a "market perform" rating for the company in a report on Thursday, August 11th. Credit Suisse Group cut Traeger from an "outperform" rating to a "neutral" rating and reduced their price target for the stock from $9.00 to $4.00 in a report on Tuesday, July 26th. Robert W. Baird cut Traeger from an "outperform" rating to a "neutral" rating and reduced their price target for the stock from $7.00 to $4.00 in a report on Thursday, August 11th. Morgan Stanley reduced their price target on Traeger from $8.00 to $6.00 and set an "equal weight" rating for the company in a report on Friday, August 19th. Finally, Royal Bank of Canada reduced their price target on Traeger from $12.00 to $7.00 and set an "outperform" rating for the company in a report on Thursday, August 11th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Traeger has a consensus rating of "Hold" and a consensus price target of $6.94.
Insider Activity
In other news, CFO Dominic Blosil sold 27,476 shares of the company's stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $3.92, for a total value of $107,705.92. Following the completion of the sale, the chief financial officer now directly owns 788,473 shares in the company, valued at $3,090,814.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.70% of the company's stock.
Traeger Stock Up 6.2 %
COOK stock opened at $3.08 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 1.53. The business has a 50 day simple moving average of $3.49 and a 200-day simple moving average of $5.51. Traeger, Inc. has a 1 year low of $2.52 and a 1 year high of $25.95.
Traeger (NYSE:COOK – Get Rating) last posted its quarterly earnings results on Wednesday, August 10th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.06). The business had revenue of $200.27 million during the quarter, compared to analyst estimates of $207.10 million. Traeger had a negative return on equity of 14.23% and a negative net margin of 34.64%. The business's revenue was down 6.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.13 earnings per share. Sell-side analysts anticipate that Traeger, Inc. will post -0.5 EPS for the current year.
Traeger Profile
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Traeger, Inc, together with its subsidiaries, designs, sources, sells, and supports wood pellet fueled barbeque grills for retailers, distributors, and direct to consumers in the United States. Its wood pellet grills are internet of things devices that allow owners to program, monitor, and control their grill through its Traeger app.
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