Zacks Investment Research upgraded shares of Iconix Brand Group (NASDAQ:ICON) from a sell rating to a hold rating in a research note released on Tuesday, March 20th.
According to Zacks, “Iconix has significantly lagged the industry in a year, mainly due to persistent softness in Men's and Home segments. In fourth-quarter 2017, sales at the Men’s and Home categories declined 30% and 6%, respectively. Such aspects caused Iconix’s overall topline to tumble 2%, excluding divestitures and revenues from deconsolidated regions. Further, the termination of several licensing agreements has also been hurting the company’s performance. Nonetheless, the company is striving to place these brands with new or existing licensees. Also, it has been undertaking measures to enhance international business that has been yielding strong results for a while. The company is expected to continue expanding the international footprint, which is evident from its initiatives to expand in Canada. Iconix is also on track with reducing its debt load, strengthening its balance sheet and enhancing its financial flexibility.”
Other equities analysts have also recently issued reports about the company. ValuEngine raised Iconix Brand Group from a hold rating to a buy rating in a report on Friday, December 1st. Roth Capital set a $2.00 price target on Iconix Brand Group and gave the stock a hold rating in a research note on Thursday, December 7th. Finally, Guggenheim reaffirmed a hold rating on shares of Iconix Brand Group in a research note on Friday, March 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Iconix Brand Group presently has an average rating of Hold and an average price target of $5.00.
NASDAQ ICON remained flat at $$1.05 on Tuesday. The company had a trading volume of 889,690 shares, compared to its average volume of 2,249,848. Iconix Brand Group has a twelve month low of $0.96 and a twelve month high of $8.30. The stock has a market cap of $66.97, a price-to-earnings ratio of 1.35 and a beta of 1.13. The company has a debt-to-equity ratio of -14.84, a current ratio of 2.07 and a quick ratio of 2.07.
Iconix Brand Group (NASDAQ:ICON) last announced its quarterly earnings data on Wednesday, March 14th. The brand management company reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.07. Iconix Brand Group had a positive return on equity of 20.17% and a negative net margin of 217.71%. The company had revenue of $52.30 million during the quarter, compared to analyst estimates of $51.50 million. During the same quarter last year, the firm posted $0.38 EPS. research analysts anticipate that Iconix Brand Group will post 0.4 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the business. Voya Investment Management LLC boosted its holdings in Iconix Brand Group by 21.4% in the second quarter. Voya Investment Management LLC now owns 24,215 shares of the brand management company’s stock worth $167,000 after acquiring an additional 4,274 shares in the last quarter. Spark Investment Management LLC bought a new position in shares of Iconix Brand Group during the fourth quarter valued at $187,000. Royal Bank of Canada lifted its holdings in shares of Iconix Brand Group by 12.3% during the second quarter. Royal Bank of Canada now owns 35,342 shares of the brand management company’s stock valued at $245,000 after purchasing an additional 3,884 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Iconix Brand Group by 2.4% during the second quarter. New York State Common Retirement Fund now owns 39,100 shares of the brand management company’s stock valued at $270,000 after purchasing an additional 899 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Iconix Brand Group by 18.4% during the second quarter. The Manufacturers Life Insurance Company now owns 41,323 shares of the brand management company’s stock valued at $286,000 after purchasing an additional 6,431 shares in the last quarter. 61.54% of the stock is currently owned by institutional investors and hedge funds.
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About Iconix Brand Group
Iconix Brand Group, Inc is a brand management company. As of December 31, 2016, the Company owned a portfolio of over 30 global consumer brands across women’s, men’s, and home categories. The Company operates through segments: men’s, women’s, home and international. The Company’s brand portfolio includes brands, such as Candie’s, Bongo, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific/OP, Danskin/Danskin Now, Rocawear/Roc Nation, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Ecko Unltd/Mark Ecko Cut & Sew, Zoo York, Umbro, Lee Cooper and Artful Dodger, and interests in Material Girl, Ed Hardy, Truth or Dare, Modern Amusement, Buffalo, Nick Graham Hydraulic and PONY brands.
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