BlackRock Inc. disclosed a new investment in Flowers Foods, Inc. The disclosure came via a recent 13F filing with the Securities and Exchange Commission.
BlackRock purchased 34,631,216 shares during the second quarter. The investment is valued at approximately $273.59 million. This gives BlackRock a 16.34% ownership stake in the packaged bakery foods company.
Flowers Foods reported disappointing second-quarter financial results on August 20th. The company missed analyst estimates for both earnings and revenue. Flowers Foods also lowered its full-year guidance.
The company cited a challenging consumer environment and persistent pressures in the fresh packaged bread category for its weaker performance. BlackRock's investment follows these recent struggles.