Signet Jewelers (NYSE:SIG) Shares Gap Up Following Earnings Beat

Shares of Signet Jewelers Limited (NYSE:SIG) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $66.81, but opened at $77.94. Signet Jewelers shares last traded at $74.68, with a volume of 1,172,328 shares changing hands.

The company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.16. Signet Jewelers had a net margin of 8.57% and a return on equity of 28.69%. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period last year, the business earned $1.11 EPS.

Signet Jewelers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, April 25th were given a $0.32 dividend. This is a positive change from Signet Jewelers’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Friday, April 25th. This represents a $1.28 annualized dividend and a yield of 1.72%. Signet Jewelers’s payout ratio is -168.42%.

Analysts Set New Price Targets

Several research firms have issued reports on SIG. Wells Fargo & Company lifted their price target on shares of Signet Jewelers from $60.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 14th. UBS Group lifted their price objective on shares of Signet Jewelers from $77.00 to $84.00 and gave the stock a “buy” rating in a research report on Tuesday, May 27th. CL King assumed coverage on shares of Signet Jewelers in a research report on Monday, May 5th. They set a “buy” rating and a $80.00 price objective on the stock. Cfra Research upgraded shares of Signet Jewelers to a “moderate buy” rating in a research report on Thursday, March 20th. Finally, Telsey Advisory Group reiterated a “market perform” rating and set a $62.00 price objective on shares of Signet Jewelers in a research report on Wednesday, May 28th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $80.00.

Insider Activity at Signet Jewelers

In other Signet Jewelers news, CEO James Kevin Symancyk acquired 15,000 shares of Signet Jewelers stock in a transaction that occurred on Monday, March 31st. The stock was acquired at an average price of $57.45 per share, with a total value of $861,750.00. Following the purchase, the chief executive officer now owns 50,710 shares in the company, valued at approximately $2,913,289.50. This trade represents a 42.01% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Helen Mccluskey bought 1,700 shares of the business’s stock in a transaction on Friday, April 25th. The shares were purchased at an average cost of $58.86 per share, with a total value of $100,062.00. Following the transaction, the director now owns 31,916 shares in the company, valued at approximately $1,878,575.76. The trade was a 5.63% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Strs Ohio acquired a new position in Signet Jewelers during the 1st quarter worth $598,000. Bayforest Capital Ltd bought a new position in shares of Signet Jewelers during the 1st quarter worth about $1,095,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Signet Jewelers by 9.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 122,573 shares of the company’s stock worth $7,117,000 after purchasing an additional 10,964 shares during the period. Optimize Financial Inc increased its holdings in shares of Signet Jewelers by 118.7% during the 1st quarter. Optimize Financial Inc now owns 14,416 shares of the company’s stock worth $837,000 after purchasing an additional 7,825 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Signet Jewelers by 33.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 849,692 shares of the company’s stock worth $49,333,000 after purchasing an additional 213,365 shares during the period.

Signet Jewelers Stock Performance

The firm’s fifty day moving average price is $60.48 and its 200-day moving average price is $65.87. The company has a current ratio of 1.55, a quick ratio of 0.25 and a debt-to-equity ratio of 0.14. The company has a market cap of $3.19 billion, a P/E ratio of 8.57, a P/E/G ratio of 3.43 and a beta of 1.34.

About Signet Jewelers

Signet Jewelers Limited operates as a diamond jewelry retailer. It operates through three segments: North America, International, and Other. The North America segment operates jewelry stores in jewelry stores in malls, mall-based kiosks, and off-mall locations in the United States and Canada primarily under the Kay Jewelers, Kay Jewelers Outlet, Jared The Galleria Of Jewelry, Jared Vault, Zales Outlet, Zales Jewelers, Diamonds Direct, James Allen, Banter by Piercing Pagoda, and Peoples Jewellers names, as well as operates online through its digital banners, James Allen and Blue Nile.