Latham Group (NASDAQ:SWIM) Issues Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Latham Group (NASDAQ:SWIMGet Rating) announced its earnings results on Thursday. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.07), reports. The company had revenue of $189.40 million during the quarter, compared to the consensus estimate of $191.85 million. Latham Group had a return on equity of 2.71% and a net margin of 1.01%. Latham Group updated its FY 2022 guidance to EPS.

Latham Group Trading Up 1.2 %

Shares of SWIM stock traded up $0.05 on Friday, hitting $4.16. The stock had a trading volume of 610,306 shares, compared to its average volume of 648,799. The company’s 50 day moving average price is $4.33 and its 200-day moving average price is $6.70. Latham Group has a 1 year low of $3.34 and a 1 year high of $27.25. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.47 and a quick ratio of 1.17. The firm has a market capitalization of $487.22 million, a P/E ratio of 59.43, a P/E/G ratio of 0.59 and a beta of 1.10.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SWIM. Truist Financial Corp boosted its holdings in Latham Group by 138.8% in the first quarter. Truist Financial Corp now owns 219,856 shares of the company’s stock valued at $2,910,000 after purchasing an additional 127,771 shares during the period. DAVENPORT & Co LLC acquired a new position in shares of Latham Group during the 1st quarter worth $428,000. Arizona State Retirement System increased its holdings in Latham Group by 60.0% during the 1st quarter. Arizona State Retirement System now owns 12,964 shares of the company’s stock valued at $172,000 after acquiring an additional 4,862 shares in the last quarter. Envestnet Asset Management Inc. increased its position in Latham Group by 130.0% during the first quarter. Envestnet Asset Management Inc. now owns 496,237 shares of the company’s stock worth $6,570,000 after purchasing an additional 280,463 shares during the last quarter. Finally, Advisor Group Holdings Inc. boosted its position in shares of Latham Group by 63.2% in the first quarter. Advisor Group Holdings Inc. now owns 79,293 shares of the company’s stock worth $1,050,000 after buying an additional 30,708 shares during the period. Hedge funds and other institutional investors own 32.28% of the company’s stock.

Analyst Upgrades and Downgrades

SWIM has been the subject of a number of research reports. Bank of America lowered their target price on Latham Group from $12.00 to $7.00 in a research report on Tuesday, October 18th. The Goldman Sachs Group lowered their target price on shares of Latham Group from $5.50 to $3.50 and set a “sell” rating for the company in a research note on Wednesday, October 12th. KeyCorp dropped their price target on Latham Group from $16.00 to $10.00 and set an “overweight” rating on the stock in a research report on Friday, August 12th. Truist Financial cut their target price on shares of Latham Group from $21.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, August 12th. Finally, Morgan Stanley reduced their price objective on shares of Latham Group from $8.00 to $5.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $7.21.

About Latham Group

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Latham Group, Inc designs, manufactures, and markets in-ground residential swimming pools in North America, Australia, and New Zealand. It offers a portfolio of pools and related products, including in-ground swimming pools, pool covers, and pool liners. The company was formerly known as Latham Topco, Inc and changed its name to Latham Group, Inc in March 2021.

Further Reading

Earnings History for Latham Group (NASDAQ:SWIM)

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