Summit Global Investments Purchases 561 Shares of Abercrombie & Fitch Co. (NYSE:ANF)

Summit Global Investments increased its position in shares of Abercrombie & Fitch Co. (NYSE:ANF) by 15.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,136 shares of the apparel retailer’s stock after buying an additional 561 shares during the period. Summit Global Investments’ holdings in Abercrombie & Fitch were worth $316,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Abercrombie & Fitch by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 5,755,692 shares of the apparel retailer’s stock valued at $860,303,000 after purchasing an additional 53,999 shares during the period. Invesco Ltd. boosted its stake in shares of Abercrombie & Fitch by 150.7% during the fourth quarter. Invesco Ltd. now owns 1,484,643 shares of the apparel retailer’s stock valued at $221,910,000 after purchasing an additional 892,492 shares in the last quarter. Wellington Management Group LLP increased its holdings in Abercrombie & Fitch by 20.8% during the fourth quarter. Wellington Management Group LLP now owns 1,229,875 shares of the apparel retailer’s stock valued at $183,829,000 after buying an additional 212,155 shares during the period. Marshall Wace LLP raised its stake in Abercrombie & Fitch by 12.6% in the fourth quarter. Marshall Wace LLP now owns 1,037,773 shares of the apparel retailer’s stock worth $155,116,000 after buying an additional 115,758 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Abercrombie & Fitch by 24.7% in the fourth quarter. Northern Trust Corp now owns 745,723 shares of the apparel retailer’s stock worth $111,463,000 after buying an additional 147,779 shares in the last quarter.

Abercrombie & Fitch Stock Performance

Abercrombie & Fitch stock opened at $78.38 on Monday. The stock has a market cap of $3.73 billion, a PE ratio of 7.75 and a beta of 1.47. The stock has a 50-day moving average of $74.51 and a two-hundred day moving average of $107.17. Abercrombie & Fitch Co. has a one year low of $65.40 and a one year high of $194.38.

Abercrombie & Fitch (NYSE:ANF) last posted its quarterly earnings data on Wednesday, May 28th. The apparel retailer reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.24. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.08 billion. Abercrombie & Fitch had a net margin of 11.16% and a return on equity of 46.50%. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.14 earnings per share. As a group, sell-side analysts predict that Abercrombie & Fitch Co. will post 10.62 EPS for the current fiscal year.

Abercrombie & Fitch declared that its board has initiated a share buyback program on Wednesday, March 5th that authorizes the company to repurchase $1.30 billion in shares. This repurchase authorization authorizes the apparel retailer to buy up to 29.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. UBS Group reaffirmed a “buy” rating on shares of Abercrombie & Fitch in a research report on Wednesday. Jefferies Financial Group dropped their price objective on Abercrombie & Fitch from $170.00 to $135.00 and set a “buy” rating on the stock in a research report on Wednesday, May 21st. Telsey Advisory Group reiterated an “outperform” rating and issued a $125.00 target price on shares of Abercrombie & Fitch in a research note on Wednesday, May 28th. Citigroup reissued a “buy” rating on shares of Abercrombie & Fitch in a research report on Wednesday. Finally, JPMorgan Chase & Co. raised their price target on shares of Abercrombie & Fitch from $142.00 to $147.00 and gave the company an “overweight” rating in a report on Thursday. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.38.

Abercrombie & Fitch Profile

Abercrombie & Fitch Co engages in the retail of apparel, personal care products, and accessories. The firm operates through following geographical segments: Americas, EMEA and APAC. The Americas segment includes operations in North America and South America. The EMEA segment includes operations in Europe, the Middle East and Africa.