Jackson Hewitt (JTX) Clobbered as John Hewitt's JTH Tax Sees No Potential Opportunities for a Deal
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Shares of Jackson Hewitt Tax Service (NYSE: JTX) were smashed today on the back of a 13D filing late last night disclosing that JTH Tax (controlled by Jackson Hewitt's founder, John Hewitt) has evaluated potential strategic opportunities available between itself and Jackson Hewitt and determined such a deal would not be in the best interest of JTH's stakeholders. The filing also indicated that JTH has no intention to increase its investment position in Jackson Hewitt.
Jackson Hewitt's stock closed at $3.82, down 15.5% from yesterday's closing price.
Adding salt to the wound, an analyst at Stephens & Co. downgraded shares of JTX from Overweight to Equal Weight citing the founder's continued stock sales and expectations that Mr. Hewitt will continue to dispose of JTH Tax's (following the latest sale) 7.8% stake. Notably, in a 13D filing on March 25, JTH and Mr. Hewitt held 9.3% of Jackson Hewitt.
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