Zacks Investment Research cut shares of Iconix Brand Group (NASDAQ:ICON) from a buy rating to a hold rating in a report published on Thursday morning.
According to Zacks, “Iconix has been steadily gaining from its international segment, which depicted a surge of 29% during first-quarter 2018. Higher product orders and sturdy brand performance across several regions drove the segment. Additionally, the company undertakes efforts to strengthen international business through joint ventures and strengthen global footprint. Moreover, the company boasts strong direct-to-retail partnerships with companies like Amazon, Kohl’s and Target. It is on track with cost-saving efforts. We expect that such endeavors will cushion the stock that underperformed the industry in the past three months. However, persistent weakness in Iconix’s Men's and Home segments, have been weighing on the top line for a while. Further, management continues to expect revenues for 2018 in the range of $190-220 million, depicting a considerable decline from $225.8 million reported in 2017.”
A number of other equities analysts have also recently commented on the company. ValuEngine cut Iconix Brand Group from a buy rating to a hold rating in a research note on Saturday, June 2nd. Guggenheim reissued a hold rating on shares of Iconix Brand Group in a research note on Friday, March 16th. Finally, Roth Capital set a $2.00 target price on Iconix Brand Group and gave the company a hold rating in a research note on Thursday, March 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $4.29.
Shares of Iconix Brand Group stock opened at $0.67 on Thursday. The company has a debt-to-equity ratio of -72.19, a quick ratio of 2.04 and a current ratio of 2.04. The company has a market capitalization of $44.29 million, a price-to-earnings ratio of 1.02 and a beta of 1.06. Iconix Brand Group has a one year low of $0.58 and a one year high of $7.06.
Iconix Brand Group (NASDAQ:ICON) last announced its quarterly earnings results on Friday, May 4th. The brand management company reported $0.10 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.10. The business had revenue of $48.55 million for the quarter, compared to analysts’ expectations of $49.91 million. Iconix Brand Group had a positive return on equity of 39.97% and a negative net margin of 210.83%. equities analysts expect that Iconix Brand Group will post 0.4 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Spark Investment Management LLC purchased a new position in shares of Iconix Brand Group during the fourth quarter valued at approximately $187,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Iconix Brand Group during the fourth quarter valued at approximately $495,000. Two Sigma Investments LP purchased a new position in shares of Iconix Brand Group during the fourth quarter valued at approximately $528,000. Millennium Management LLC purchased a new position in shares of Iconix Brand Group during the fourth quarter valued at approximately $636,000. Finally, Park West Asset Management LLC purchased a new position in shares of Iconix Brand Group during the first quarter valued at approximately $555,000. 49.94% of the stock is currently owned by hedge funds and other institutional investors.
Iconix Brand Group Company Profile
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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