Mutual of America Capital Management LLC Cuts Stock Position in Planet Fitness, Inc. (NYSE:PLNT)

Mutual of America Capital Management LLC lessened its holdings in Planet Fitness, Inc. (NYSE:PLNT) by 1.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 50,113 shares of the company’s stock after selling 795 shares during the period. Mutual of America Capital Management LLC’s holdings in Planet Fitness were worth $3,688,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PLNT. Dorsal Capital Management LP purchased a new position in shares of Planet Fitness in the 4th quarter worth approximately $182,500,000. William Blair Investment Management LLC bought a new position in Planet Fitness during the second quarter valued at $166,978,000. Greenvale Capital LLP lifted its holdings in shares of Planet Fitness by 291.3% in the 4th quarter. Greenvale Capital LLP now owns 1,741,140 shares of the company’s stock worth $127,103,000 after acquiring an additional 1,296,140 shares during the last quarter. Norges Bank purchased a new position in shares of Planet Fitness during the 4th quarter worth about $65,674,000. Finally, Steadfast Capital Management LP boosted its stake in shares of Planet Fitness by 97.7% during the 1st quarter. Steadfast Capital Management LP now owns 1,381,860 shares of the company’s stock worth $86,546,000 after purchasing an additional 682,863 shares during the period. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Insider Activity at Planet Fitness

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total value of $497,153.36. Following the completion of the transaction, the chief accounting officer now directly owns 6,778 shares in the company, valued at $524,549.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.94% of the stock is owned by corporate insiders.

Planet Fitness Stock Performance

NYSE:PLNT opened at $84.34 on Monday. The firm has a 50-day simple moving average of $78.85 and a 200-day simple moving average of $69.99. Planet Fitness, Inc. has a one year low of $44.13 and a one year high of $85.08. The firm has a market cap of $7.44 billion, a P/E ratio of 48.47, a P/E/G ratio of 2.77 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. The company had revenue of $300.94 million during the quarter, compared to the consensus estimate of $290.17 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. Planet Fitness’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.65 earnings per share. On average, research analysts predict that Planet Fitness, Inc. will post 2.44 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on PLNT. Jefferies Financial Group raised shares of Planet Fitness from a “hold” rating to a “buy” rating and raised their price objective for the stock from $62.00 to $100.00 in a research note on Monday, June 10th. Morgan Stanley reissued an “overweight” rating and set a $79.00 price target on shares of Planet Fitness in a research note on Friday, June 14th. Robert W. Baird restated an “outperform” rating and set a $92.00 price objective on shares of Planet Fitness in a report on Monday, August 26th. DA Davidson reiterated a “neutral” rating and issued a $62.00 target price on shares of Planet Fitness in a research note on Friday, June 14th. Finally, JPMorgan Chase & Co. lifted their target price on Planet Fitness from $78.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Planet Fitness presently has an average rating of “Moderate Buy” and an average target price of $85.93.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.