SunOpta (NASDAQ:STKL) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of SunOpta (NASDAQ:STKL) (TSE:SOY) from a buy rating to a hold rating in a research note released on Wednesday, Zacks.com reports.

According to Zacks, “SunOpta Inc. is an operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food, supplements and health and beauty markets. The Company has three business units: the SunOpta Food Group, which specializes in sourcing, processing and distribution of natural and organic food products integrated from seed through packaged products; the Opta Minerals Group, a producer, distributor, and recycler of environmentally friendly industrial materials; and the SunOpta BioProcess Group which engineers and markets proprietary steam explosion technology systems for the pulp, bio-fuel and food processing industries. Each of these business units has proprietary products and services that give it a solid competitive advantage in its sector. “

Other equities research analysts also recently issued reports about the company. BMO Capital Markets assumed coverage on SunOpta in a report on Friday, July 9th. They issued an outperform rating and a $15.00 price objective for the company. Cowen assumed coverage on SunOpta in a report on Friday, September 10th. They issued an outperform rating and a $15.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Buy and an average target price of $17.50.

STKL stock opened at $8.71 on Wednesday. The company has a market capitalization of $943.82 million, a P/E ratio of 11.93 and a beta of 1.95. SunOpta has a twelve month low of $6.30 and a twelve month high of $17.07. The business has a 50 day simple moving average of $9.38 and a 200-day simple moving average of $11.47. The company has a current ratio of 2.44, a quick ratio of 0.77 and a debt-to-equity ratio of 0.64.

Several institutional investors have recently added to or reduced their stakes in the company. Oaktree Capital Management LP raised its stake in shares of SunOpta by 156.1% during the first quarter. Oaktree Capital Management LP now owns 20,726,126 shares of the company’s stock worth $306,125,000 after purchasing an additional 12,633,427 shares during the last quarter. FMR LLC raised its position in SunOpta by 5.4% in the first quarter. FMR LLC now owns 3,638,784 shares of the company’s stock worth $12,590,000 after acquiring an additional 186,718 shares in the last quarter. Nomura Holdings Inc. raised its position in SunOpta by 0.6% in the first quarter. Nomura Holdings Inc. now owns 3,579,023 shares of the company’s stock worth $52,655,000 after acquiring an additional 20,000 shares in the last quarter. Morgan Stanley raised its position in SunOpta by 676.1% in the first quarter. Morgan Stanley now owns 1,429,592 shares of the company’s stock worth $21,114,000 after acquiring an additional 1,245,383 shares in the last quarter. Finally, Woodline Partners LP raised its position in SunOpta by 204.2% in the second quarter. Woodline Partners LP now owns 1,278,615 shares of the company’s stock worth $15,650,000 after acquiring an additional 858,279 shares in the last quarter. Institutional investors and hedge funds own 72.52% of the company’s stock.

About SunOpta

SunOpta Inc manufactures and sells plant-based and fruit-based food and beverage products to retail customers, foodservice distributors, branded food companies, and food manufacturers worldwide. The company operates through two segments, Plant-Based Foods and Beverages, and Fruit-Based Foods and Beverages.

Read More: High-Yield Dividend Stocks

Get a free copy of the Zacks research report on SunOpta (STKL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for SunOpta (NASDAQ:STKL)

Receive News & Ratings for SunOpta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SunOpta and related companies with MarketBeat.com's FREE daily email newsletter.