Zacks Investment Research downgraded shares of Iconix Brand Group (NASDAQ:ICON) from a hold rating to a sell rating in a report released on Wednesday morning.
According to Zacks, “Iconix has significantly lagged the industry in a year, mainly due to persistent softness in women's and men's segments. In third-quarter 2017, sales at the women’s and men’s categories declined 13% and 5% respectively, causing Iconix’s overall top-line to tumble 12%. Notably, the Starter brand has been majorly hurting Iconix’s business. Consequently, the licensing agreement for this brand will not be renewed. Also, other licensing agreements with Wal-Mart and Target will not be renewed post expiration. Nonetheless, the company is striving to place these brands with new or existing licensees. Also, it has been undertaking measures to enhance international business, which fared well in the quarter under review. Moreover, earnings grew year over year and is expected to be marginally above the previous range in 2017. On the contrary, revenues are projected to be at the lower end of the previous range.”
ICON has been the topic of several other research reports. Roth Capital lowered Iconix Brand Group from a buy rating to a neutral rating and set a $2.00 target price on the stock. in a report on Monday, October 30th. FBR & Co restated a buy rating and issued a $8.50 price objective on shares of Iconix Brand Group in a research note on Thursday, September 14th. Sidoti started coverage on shares of Iconix Brand Group in a research note on Tuesday, September 19th. They issued a neutral rating and a $6.00 price objective for the company. ValuEngine upgraded shares of Iconix Brand Group from a hold rating to a buy rating in a research note on Friday, December 1st. Finally, B. Riley reiterated a neutral rating and set a $4.00 target price (down previously from $8.50) on shares of Iconix Brand Group in a research note on Wednesday, November 1st. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $5.00.
Iconix Brand Group (ICON) traded up $0.13 during trading hours on Wednesday, reaching $1.32. The company had a trading volume of 2,987,590 shares, compared to its average volume of 2,332,733. The stock has a market capitalization of $75.34, a price-to-earnings ratio of -0.09 and a beta of 1.40. The company has a quick ratio of 1.02, a current ratio of 0.69 and a debt-to-equity ratio of -5.92. Iconix Brand Group has a 52-week low of $1.16 and a 52-week high of $10.80.
Large investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC increased its holdings in Iconix Brand Group by 20.8% in the second quarter. Cubist Systematic Strategies LLC now owns 16,258 shares of the brand management company’s stock valued at $112,000 after buying an additional 2,797 shares in the last quarter. AHL Partners LLP purchased a new position in Iconix Brand Group in the second quarter valued at about $118,000. Public Employees Retirement System of Ohio increased its holdings in Iconix Brand Group by 5.2% in the second quarter. Public Employees Retirement System of Ohio now owns 17,869 shares of the brand management company’s stock valued at $123,000 after buying an additional 876 shares in the last quarter. Bayesian Capital Management LP purchased a new position in Iconix Brand Group in the second quarter valued at about $142,000. Finally, Voya Investment Management LLC increased 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 valued at $167,000 after buying an additional 4,274 shares in the last quarter. Hedge funds and other institutional investors own 84.99% of the company’s stock.
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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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