Neuberger Berman Group LLC lifted its holdings in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN – Get Rating) by 1.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,961,346 shares of the company's stock after acquiring an additional 42,550 shares during the period. Neuberger Berman Group LLC owned 2.36% of Driven Brands worth $104,104,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in DRVN. JPMorgan Chase & Co. grew its stake in shares of Driven Brands by 17.1% in the 1st quarter. JPMorgan Chase & Co. now owns 4,398,461 shares of the company's stock valued at $115,592,000 after purchasing an additional 641,522 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Driven Brands by 9.4% in the fourth quarter. Rhumbline Advisers now owns 43,794 shares of the company's stock valued at $1,472,000 after buying an additional 3,761 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Driven Brands by 0.5% in the fourth quarter. Alliancebernstein L.P. now owns 4,065,304 shares of the company's stock valued at $136,676,000 after buying an additional 20,782 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Driven Brands in the fourth quarter valued at approximately $325,000. Finally, American Century Companies Inc. boosted its stake in shares of Driven Brands by 24.7% in the first quarter. American Century Companies Inc. now owns 1,774,784 shares of the company's stock valued at $46,641,000 after buying an additional 351,861 shares in the last quarter. Hedge funds and other institutional investors own 33.09% of the company's stock.
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Insider Transactions at Driven Brands
In other news, Director Neal K. Aronson sold 7,000,000 shares of the business's stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $32.19, for a total value of $225,330,000.00. Following the completion of the transaction, the director now directly owns 32,758,952 shares of the company's stock, valued at $1,054,510,664.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Neal K. Aronson sold 7,000,000 shares of the business's stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $32.19, for a total value of $225,330,000.00. Following the completion of the transaction, the director now directly owns 32,758,952 shares of the company's stock, valued at $1,054,510,664.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Rc Iv Cayman Icw Holdings Llc sold 2,257,203 shares of the business's stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $32.19, for a total value of $72,659,364.57. Following the completion of the transaction, the insider now directly owns 14,056,415 shares of the company's stock, valued at $452,475,998.85. The disclosure for this sale can be found here. Insiders sold a total of 9,273,203 shares of company stock valued at $298,492,725 over the last three months. 2.60% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
Separately, Morgan Stanley lifted their price target on Driven Brands from $37.00 to $38.00 and gave the company an "overweight" rating in a research note on Monday, August 1st.
Driven Brands Stock Performance
Shares of DRVN stock opened at $32.26 on Friday. The stock has a fifty day moving average price of $31.20 and a 200 day moving average price of $28.69. The stock has a market cap of $5.40 billion, a PE ratio of -179.21, a P/E/G ratio of 1.57 and a beta of 0.57. Driven Brands Holdings Inc. has a 1 year low of $24.62 and a 1 year high of $35.45. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.02 and a current ratio of 1.14.
Driven Brands (NASDAQ:DRVN – Get Rating) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. The firm had revenue of $508.60 million during the quarter, compared to analysts' expectations of $480.37 million. Driven Brands had a positive return on equity of 10.64% and a negative net margin of 1.62%. Driven Brands's revenue was up 35.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 earnings per share. Sell-side analysts forecast that Driven Brands Holdings Inc. will post 1.12 earnings per share for the current fiscal year.
Driven Brands Company Profile
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Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. The company offers various services, such as paint, collision, glass, vehicle repair, car wash, oil change, and maintenance services.
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