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PTRY $36.74

PTRY target price
36.74
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The Pantry Inc.
Former type
Publicly traded company
Traded as NASDAQ: PTRY
Industry Convenience store chain
Fate Acquired by Alimentation Couche-Tard, with stores rebranded as Circle K
Founded 1967
Defunct 2015
Headquarters Cary, North Carolina, United States
Number of locations
1,537
Area served
Southeast United States
Key people
Dennis Hatchell (CEO)
Website www.thepantry.com

The Pantry, Inc. (NASDAQ: PTRY) was a publicly traded convenience store chain based in Cary, North Carolina that operates Kangaroo Express stores. The Pantry was founded in 1967 by Sam Wornom and Truby Proctor, Jr. The company has been publicly traded since June 1999 and owned by investors since 1987, when then investor Montrose Capital purchased controlling shares from Wornom and Proctor. Recent CEOs have included the former Chairman of the Board and interim CEO Edwin J. Holman, who took over after Terrance M. Marks, the former President and CEO, resigned in December 2011. (Marks had replaced the longtime former CEO Peter Sodini who had held office since 1996 until retiring in September 2009.) Dennis Hatchell is the current CEO of the company as of 2012.

The Pantry was one of the United States' largest convenience store chains and the leading independently operated chain in the southeastern U.S. As of September 29, 2014, the company operated 1,518 stores in thirteen states under several banners, including its primary operating banner Kangaroo Express. States include Alabama, Florida, Georgia, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Virginia.

On December 18, 2014; Quebec based Alimentation Couche-Tard, the parent company of Circle K, announced its plans to acquire "The Pantry, Inc." for $860 million all cash tender. The acquisition was completed in March, 2015. Couche-Tard operates more than 10,000 stores in multiple countries under the Circle K banner. The newly combined company will increase Couche-Tard's presence in the Southeast and Gulf Coast. Following the closing, all 1537 Kangaroo Express stores are expected to be rebranded under the Circle K banner by 2017.

It was the largest independently operated convenience store chain in the southeastern United States. The Pantry expanded rapidly during the late 1980s into the 2000s through various acquisitions. In 2008, it was announced that all Pantry stores would be rebranded under its primary operating banner, Kangaroo Express. In 2009, the company moved its headquarters from Sanford, North Carolina, to Cary, North Carolina.

The Pantry offered its own private label "Kangaroo" brand of gasoline, and operates 250 in-store quick-service restaurants. Additionally, 285 stores sell Marathon gasoline under a co-branding agreement.

The Kangaroo Express chain offered "Bean Street Coffee Company", its own brand of coffee, and its own private label for selected merchandise, and Roo's Water its own label for bottled water. Company promotions included "Freeze the Swamp" in Florida, "The Battle for Bean Street" in North Carolina's Triangle Area stores, Salute Our Troops, and Roo Cup.

In 2009, then-new CEO Terrance M. Marks announced that all its stores would expand their food service offerings to include fresh fruits, improved sandwiches, and more merchandise options. Select stores offer fast food outlets such as Subway and Taco Bell.

In 2010, its "Fresh Initiative" was announced to improve the Bean Street Coffee Service, revamp nearly all Kangaroo Express stores, and add more appealing meals and snacks. The program was planned to encompass all stores by end of 2012.

More than half of Kangaroo Express stores were located within 25 miles of a military installation. The company has raised millions of dollars each year for military support organizations as part of its summer-long Salute Our Troops fundraising campaign.

In 2014, the first military-themed Kangaroo Express store opened in Fayetteville, North Carolina. Kangaroo Express hosted a round table at the USO of North Carolina Fort Bragg Center to collect input from servicemen and women, their spouses and children, and the store design was developed as a direct result of their feedback.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS

Ratings

2015-01-08 Downgrade Wells Fargo & Co. Outperform to Market Perform
2015-01-08 Downgrade Wells Fargo Outperform to Market Perform
2014-12-19 Downgrade RBC Capital Sector Perform to Underperform $26.00 to $36.75
2014-12-19 Downgrade Royal Bank Of Canada Sector Perform to Underperform $26.00 to $36.75
2014-11-26 Boost Price Target Deutsche Bank Hold $24.00 to $26.00
2014-11-26 Boost Price Target Deutsche Bank AG Hold $24.00 to $26.00
2014-10-08 Reiterated Rating Deutsche Bank Hold $18.00 to $24.00
2014-10-08 Boost Price Target RBC Capital Sector Perform $19.00 to $20.00
2014-08-22 Downgrade Sidoti Buy to Neutral
2014-07-31 Reiterated Rating Deutsche Bank Hold $16.00 to $18.00
2014-05-28 Upgrade Macquarie Neutral to Outperform $29.00 to $14.00
2014-04-07 Boost Price Target Deutsche Bank Hold $13.00 to $16.00
2014-04-02 Upgrade Benchmark Co. Hold to Buy $18.00
2014-02-21 Initiated Coverage Macquarie Neutral
2013-12-27 Downgrade The Benchmark Company Buy to Hold $16 to $18
2013-12-27 Downgrade Benchmark Co. Buy to Hold $16.00 to $18.00
2013-09-25 Initiated Coverage Deutsche Bank Hold to Hold $13.00
2011-05-11 Reiterated The Benchmark Company Buy $20 to $24.50
2011-04-08 Initiated The Benchmark Company Buy $20
2009-12-31 Initiated Global Hunter Securities Neutral $15.50
2009-11-24 Upgrade BMO Capital Markets Market Perform to Outperform $16 to $17
2009-09-15 Initiated RBC Capital Mkts Sector Perform
2009-04-29 Reiterated FBR Capital Markets Mkt Perform $17 to $21
2009-02-03 Reiterated Friedman Billings Mkt Perform $20 to $17
2009-01-26 Downgrade Friedman Billings Outperform to Mkt Perform $20
2008-08-15 Downgrade Friedman Billings Outperform to Mkt Perform $18.50
2008-08-01 Reiterated Friedman Billings Outperform $13.50 to $18.50
2008-06-26 Upgrade Friedman Billings Mkt Perform to Outperform $13.50
2008-06-26 Upgrade
2008-04-11 Reiterated Lehman Brothers Overweight $36 to $33
2015-01-08 Downgrade Wells Fargo & Co. Outperform to Market Perform
2015-01-08 Downgrade Wells Fargo Outperform to Market Perform
2014-12-19 Downgrade RBC Capital Sector Perform to Underperform $26.00 to $36.75
2014-12-19 Downgrade Royal Bank Of Canada Sector Perform to Underperform $26.00 to $36.75
2014-11-26 Boost Price Target Deutsche Bank Hold $24.00 to $26.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Funds

In PTRY 2 funds of 2213 total. Show all

Fund name Ticker shares
Loeb Offshore Management LP 25001
SpiderRock Trading LLC 300

Major Shareholders

Name Relationship Total Shares Holding stocks
Lemerise Paul SVP, Chief Information Officer 0.46%  (107213) PTRY /
Fisher John Joseph SVP, Marketing 0.44%  (102801) BOBE / PTRY /
Venezia Patrick J SVP, Operations 0.16%  (36415) PTRY /