Cereal maker Post buying Bob Evans Farms in $1.53B deal

Related Reading Bob Evans Farms bids farewell to restaurant business unit

Related Reading Bob Evans Farms bids farewell to restaurant business unit

The rating was maintained by Maxim Group with "Buy" on Wednesday, August 30. (NYSE:APRN)'s stock on Monday traded at beginning with a price of $6.24 and when day-trade ended the stock finally slumped -6.44% to reach at $5.67. As per Tuesday, June 13, the company rating was maintained by Maxim Group.

Cost synergies are expected to be about $25 million annually by the third year after closing. Zacks Investment Research raised shares of Bob Evans Farms from a "sell" rating to a "hold" rating in a report on Friday, June 16th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Bob Evans Farms's payout ratio is 22.08%. The mean target price as estimated by the analysts for the company has been recorded at $75.75. Oppenheimer Holdings, Inc. reissued a "market perform" rating and issued a $77.00 target price on shares of Bob Evans Farms in a report on Monday, June 5th. Wells Fargo & Mn has 0% invested in Bob Evans Farms Inc (NASDAQ:BOBE).

Stock has got OUTPERFORM rating from 2 analyst (s) whereas last month 2 analyst (s) have given outperform rating. Bob Evans Farms presently has an average rating of "Buy" and an average target price of $74.77.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 18th.

Analysts await Bob Evans Farms Inc (NASDAQ:BOBE) to report earnings on December, 4.

The deal joins Post, which markets favorites such as Honey Bunches of Oats and Pebbles, with Evans' pork sausages to provide the St. Louis-based company a bigger share of the breakfast market.

Company shares last traded at $71.91 marginally over the 50 day moving average which is $67.08 and which is just a bit higher than the 200 day moving average of $66.76. After $-0.55 actual EPS reported by Sientra Inc for the previous quarter, Wall Street now forecasts 14.55% negative EPS growth. Bob Evans Farms had 16 analyst reports since August 31, 2015 according to SRatingsIntel. As of the last earnings report the EPS was $6.16 and is expected to be $2.19 for the current year with 19,942,000 shares now outstanding.

As Post's own growth prospects weakened amid lessening demand for cereal, the $5.7 billion company has turned to acquisitions to broaden its offerings. Bancorporation Of Montreal Can has 0% invested in Bob Evans Farms Inc (NASDAQ:BOBE). This translates into $6.98M profit for BOBE giving the stock a 55.49 P/E. If you are accessing this article on another publication, it was copied illegally and republished in violation of global trademark and copyright law.

On 6/22/2017 Thomas Alan Ashworth, SVP, sold 7,100 with an average share price of $70.70 per share and the total transaction amounting to $501,970.00. Following the transaction, the senior vice president now owns 4,367 shares in the company, valued at $308,746.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock.

Zacks Investment Research upgraded shares of Bob Evans Farms, Inc. For the quarter, shares are performing at 37.93%. Bob Evans Farms updated its FY18 guidance to $2.10-2.30 EPS. Short shares increased 273,246 over that period.

Bob Evans Farms Inc and Post Holdings Inc are expecting the deal to close during the first quarter of 2018. Netols Asset Management, Inc. now owns 155,904 shares valued at $10,113,000.

Tom Sandell decreased its stake in Bob Evans Farms Inc (Call) (BOBE) by 58.04% based on its latest 2016Q4 regulatory filing with the SEC. PNC Financial Services Group has an ownership of 1,680 stocks of the restaurant operator's shares valued at $109,000 following purchasing an extra 68 shares through out the quarter.

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