During the same quarter a year ago, the firm earned ($0.03) EPS.
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Several equities research analysts have recently commented on the company.
Pep Boys, which has sought someone to buy the company for years, has faltered due to increasing competition and a move away from do-it-yourself auto repairs.
The offer, at $15.50 per share in cash, tops Bridgestone’s $15.00 per share offer agreed with Pep Boys in October, which valued the company at $835 million. The ratio is positive, as 16 funds sold all their Pep Boys-Manny Moe and Jack shares they owned while 28 reduced their positions. Today, Pep Boys released a statement today saying that Icahn’s stake could endanger the deal. The shares have now been rated Sell by the stock experts at the ratings house. They issued a “hold” rating and a $12.00 target price on the stock.
Shares of Pep Boys were trading between $15.70 to as high as $17.58 as the market reacted Friday, but had fallen back to $16.24 a share by 9 a.m. Monday.
Bernard Madoff’s victims will have a bit more to spend on holiday gifts this year as the trustee unwinding his fraud begins sending out a total of $1.2 billion in recovered funds, with checks averaging $1.1 million each. The company’s 50-day moving average is $14.67 and its 200 day moving average is $12.44. The 52-week high of the share price is $15.56 and the company has a market cap of $841 million.
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Earlier negotiations with Icahn had Pep Boys suspecting that the activist-investor may be “taking these actions to obtain negotiating leverage”, while also trying to stymie Bridgestone and its ability to resell the auto parts company’s assets at a higher price. The Company’s stores are organized into a hub and spoke network, including supercenters and service and tire centers. The Company’s Supercenters also have a commercial sales program that provides prompt delivery of parts, tires and equipment to automotive fix shops and dealers. Service & Tire Centers, which average approximately 6,000 square feet, provide DIFM services in neighborhood locations.
