Zacks Investment Research lowered shares of Iconix Brand Group Inc. (NASDAQ:ICON) from a hold rating to a strong sell rating in a report published on Friday.
According to Zacks, “Shares of Iconix have been underperforming the Zacks Categorized industry since past two years due to near term headwinds. The company also remains skeptical about its full-year performance as it slashed its sales guidance during the third quarter 2016 conference call. The lowered view was due to delayed timing in some new men's programs and difficult macro conditions in Europe. Though the divestment of non-core brands is in-line with the company’s focus on managing its portfolio and spending resources on businesses that generate significant volume, we note that Iconix has delivered sluggish results throughout 2015 and in the first nine months of 2016. The company has been witnessing sluggishness in the women's and men's segments in the last seven consecutive quarters. Also, it expects other headwinds like higher expenses, adjustments related to the financial restatement, and transition costs to hamper its profitability.”
Separately, Guggenheim started coverage on shares of Iconix Brand Group in a report on Friday, September 30th. They issued a neutral rating on the stock.
Shares of Iconix Brand Group (NASDAQ:ICON) opened at 10.60 on Friday. The company’s 50 day moving average is $9.45 and its 200-day moving average is $8.39. The company’s market capitalization is $594.96 million. Iconix Brand Group has a 1-year low of $5.02 and a 1-year high of $10.76.
Iconix Brand Group (NASDAQ:ICON) last released its earnings results on Tuesday, November 8th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.17 by $0.02. Iconix Brand Group had a negative net margin of 57.88% and a positive return on equity of 8.59%. The firm had revenue of $90.90 million for the quarter, compared to analyst estimates of $89.34 million. During the same period last year, the firm earned $0.09 EPS. The business’s quarterly revenue was down .4% compared to the same quarter last year. On average, equities research analysts forecast that Iconix Brand Group will post $1.07 EPS for the current year.
Several large investors have recently bought and sold shares of ICON. Huber Capital Management LLC increased its stake in Iconix Brand Group by 12.1% in the third quarter. Huber Capital Management LLC now owns 6,423,666 shares of the company’s stock worth $52,160,000 after buying an additional 692,528 shares during the last quarter. Ariose Capital Management Ltd bought a new stake in Iconix Brand Group during the second quarter worth $2,705,000. Prudential Financial Inc. increased its stake in Iconix Brand Group by 113.4% in the second quarter. Prudential Financial Inc. now owns 672,949 shares of the company’s stock worth $4,549,000 after buying an additional 357,657 shares during the last quarter. Nationwide Fund Advisors increased its stake in Iconix Brand Group by 616.9% in the second quarter. Nationwide Fund Advisors now owns 269,238 shares of the company’s stock worth $1,820,000 after buying an additional 231,683 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Iconix Brand Group by 30.5% in the third quarter. Northern Trust Corp now owns 957,176 shares of the company’s stock worth $7,772,000 after buying an additional 223,665 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.
About Iconix Brand Group
Iconix Brand Group, Inc is a brand management company. The Company owns a diversified portfolio of consumer brands across women’s, men’s, home and entertainment categories. The Company operates through five segments: men’s, women’s, home, entertainment and corporate. 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, Strawberry Shortcake and Artful Dodger, and interests in Material Girl, Peanuts, Ed Hardy, Truth or Dare, Modern Amusement, Buffalo, Nick Graham Hydraulic and PONY brands.
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