Bank of America Increases Signet Jewelers (NYSE:SIG) Price Target to $78.00

Signet Jewelers (NYSE:SIG) had its price target increased by research analysts at Bank of America from $65.00 to $78.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price target indicates a potential upside of 3.58% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. UBS Group upped their target price on shares of Signet Jewelers from $77.00 to $84.00 and gave the company a “buy” rating in a research note on Tuesday, May 27th. Telsey Advisory Group reissued a “market perform” rating and issued a $62.00 price target on shares of Signet Jewelers in a report on Tuesday. CL King started coverage on shares of Signet Jewelers in a report on Monday, May 5th. They issued a “buy” rating and a $80.00 price target on the stock. Wells Fargo & Company boosted their price target on shares of Signet Jewelers from $60.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, May 14th. Finally, Cfra Research raised shares of Signet Jewelers to a “moderate buy” rating in a report on Thursday, March 20th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Signet Jewelers currently has an average rating of “Hold” and a consensus price target of $82.17.

Signet Jewelers Price Performance

Shares of Signet Jewelers stock opened at $75.31 on Wednesday. The firm has a fifty day simple moving average of $60.78 and a 200-day simple moving average of $65.93. The company has a current ratio of 1.55, a quick ratio of 0.25 and a debt-to-equity ratio of 0.14. Signet Jewelers has a 1-year low of $45.55 and a 1-year high of $109.52. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of 8.67, a PEG ratio of 3.43 and a beta of 1.34.

Signet Jewelers (NYSE:SIG) last released its earnings results on Tuesday, June 3rd. The company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.01 by $0.17. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Signet Jewelers had a net margin of 8.57% and a return on equity of 28.69%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.11 EPS. On average, sell-side analysts expect that Signet Jewelers will post 8.73 earnings per share for the current year.

Insider Transactions at Signet Jewelers

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SIG. Janney Montgomery Scott LLC lifted its position in Signet Jewelers by 3.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 6,517 shares of the company’s stock worth $526,000 after buying an additional 205 shares in the last quarter. KBC Group NV lifted its position in Signet Jewelers by 34.6% during the 4th quarter. KBC Group NV now owns 1,740 shares of the company’s stock valued at $140,000 after purchasing an additional 447 shares during the period. Meritage Portfolio Management acquired a new position in Signet Jewelers during the 4th quarter valued at about $648,000. Van ECK Associates Corp lifted its position in Signet Jewelers by 30.5% during the 4th quarter. Van ECK Associates Corp now owns 36,655 shares of the company’s stock valued at $2,958,000 after purchasing an additional 8,574 shares during the period. Finally, Grace & White Inc. NY lifted its position in Signet Jewelers by 6.1% during the 4th quarter. Grace & White Inc. NY now owns 207,262 shares of the company’s stock valued at $16,728,000 after purchasing an additional 11,900 shares during the period.

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.