Bank of America Corp. cut shares of Blackhawk Network Holdings Inc. (NASDAQ:HAWK) from a buy rating to a neutral rating in a research note released on Friday. They currently have $34.00 price target on the stock, down from their prior price target of $41.00.
“The EMV mandate requires merchants to implement chip-enabled point-of-sale systems or accept liability of fraud (previously assumed by card networks/banks). Implementation delays have led to some of HAWK’s partners taking action to limit open loop card fraud. Actions include pulling cards off shelves, cash/debit only purchases, & removal of high value products,,” the firm’s analyst commented.
Several other brokerages have also commented on HAWK. Zacks Investment Research lowered Blackhawk Network Holdings from a buy rating to a hold rating in a research report on Wednesday, September 21st. Credit Agricole SA upgraded Blackhawk Network Holdings from an underperform rating to an outperform rating and raised their price target for the company from $34.00 to $36.00 in a report on Wednesday, September 21st. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Blackhawk Network Holdings has a consensus rating of Buy and an average price target of $42.75.
Blackhawk Network Holdings (NASDAQ:HAWK) opened at 34.09 on Friday. The company has a 50 day moving average of $31.82 and a 200-day moving average of $33.15. Blackhawk Network Holdings has a one year low of $28.88 and a one year high of $48.40. The stock has a market capitalization of $1.92 billion, a P/E ratio of 84.38 and a beta of 0.67.
Blackhawk Network Holdings (NASDAQ:HAWK) last announced its quarterly earnings data on Tuesday, October 11th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.10 by $0.04. The business earned $361.60 million during the quarter. Blackhawk Network Holdings had a return on equity of 15.40% and a net margin of 1.24%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 EPS. Equities research analysts predict that Blackhawk Network Holdings will post $1.57 earnings per share for the current fiscal year.
In related news, Director Arun Sarin sold 25,000 shares of Blackhawk Network Holdings stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $35.92, for a total value of $898,000.00. Following the completion of the sale, the director now directly owns 40,529 shares in the company, valued at approximately $1,455,801.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.24% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Standard Life Investments LTD increased its stake in Blackhawk Network Holdings by 85.7% in the second quarter. Standard Life Investments LTD now owns 4,800,778 shares of the company’s stock worth $160,874,000 after buying an additional 2,214,977 shares in the last quarter. Franklin Resources Inc. purchased a new stake in Blackhawk Network Holdings during the second quarter worth about $21,668,000. Bloom Tree Partners LLC increased its stake in Blackhawk Network Holdings by 38.4% in the first quarter. Bloom Tree Partners LLC now owns 1,721,218 shares of the company’s stock worth $59,038,000 after buying an additional 477,889 shares in the last quarter. Royal Bank of Canada increased its stake in Blackhawk Network Holdings by 1,986.0% in the second quarter. Royal Bank of Canada now owns 470,984 shares of the company’s stock worth $15,773,000 after buying an additional 448,406 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Blackhawk Network Holdings by 128.7% in the first quarter. Renaissance Technologies LLC now owns 760,063 shares of the company’s stock worth $26,070,000 after buying an additional 427,700 shares in the last quarter. Institutional investors and hedge funds own 91.35% of the company’s stock.
About Blackhawk Network Holdings
Blackhawk Network Holdings, Inc is a prepaid payment network. The Company offers a range of prepaid gift, telecom and debit cards, in physical and electronic forms, as well as related prepaid products and payment services. The Company’s segments are US Retail, International Retail and Incentives & Rewards.
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