The Manufacturers Life Insurance Company Reduces Stock Position in Fox Factory Holding Corp. $FOXF

The Manufacturers Life Insurance Company lessened its stake in Fox Factory Holding Corp. (NASDAQ:FOXF) by 7.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 997,602 shares of the company’s stock after selling 81,992 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Fox Factory were worth $16,421,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Engineers Gate Manager LP boosted its stake in Fox Factory by 1.1% during the fourth quarter. Engineers Gate Manager LP now owns 73,895 shares of the company’s stock worth $1,264,000 after buying an additional 770 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Fox Factory by 12.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,818 shares of the company’s stock worth $203,000 after acquiring an additional 858 shares during the last quarter. Resona Asset Management Co. Ltd. increased its stake in shares of Fox Factory by 33.3% in the 4th quarter. Resona Asset Management Co. Ltd. now owns 4,142 shares of the company’s stock worth $73,000 after acquiring an additional 1,035 shares during the last quarter. Creative Planning raised its holdings in shares of Fox Factory by 11.6% during the 3rd quarter. Creative Planning now owns 9,971 shares of the company’s stock worth $242,000 after acquiring an additional 1,040 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in shares of Fox Factory by 108.3% during the 4th quarter. Farther Finance Advisors LLC now owns 2,075 shares of the company’s stock worth $36,000 after acquiring an additional 1,079 shares during the period.

Fox Factory Stock Up 1.1%

Shares of FOXF opened at $18.00 on Friday. The company’s 50-day moving average price is $17.89 and its 200 day moving average price is $17.76. Fox Factory Holding Corp. has a 12-month low of $13.08 and a 12-month high of $30.75. The company has a current ratio of 2.99, a quick ratio of 1.52 and a debt-to-equity ratio of 1.00. The firm has a market cap of $754.92 million, a P/E ratio of -2.51, a price-to-earnings-growth ratio of 0.70 and a beta of 1.37.

Fox Factory (NASDAQ:FOXF) last announced its earnings results on Thursday, May 7th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.09. Fox Factory had a negative net margin of 20.25% and a positive return on equity of 5.20%. The company had revenue of $368.66 million during the quarter, compared to analyst estimates of $351.75 million. During the same quarter last year, the firm posted $0.23 earnings per share. Fox Factory’s revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts forecast that Fox Factory Holding Corp. will post 1.41 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Bank of America lowered shares of Fox Factory from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $24.00 to $20.00 in a report on Tuesday, June 30th. Roth Capital reaffirmed a “neutral” rating and set a $20.00 target price on shares of Fox Factory in a research note on Friday, May 8th. Zacks Research upgraded shares of Fox Factory from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 3rd. Fox Advisors set a $20.00 price target on shares of Fox Factory in a research note on Tuesday, June 30th. Finally, Weiss Ratings downgraded shares of Fox Factory from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $23.20.

About Fox Factory

Fox Factory Holding Corp., headquartered in Duluth, Minnesota, designs, engineers and manufactures high-performance suspension systems, shock absorbers and related components for powersports, light-vehicle and mountain-bike applications. The company’s FOX brand offers a comprehensive portfolio of forks, shocks, coilovers and internal bypass dampers aimed at OEM and aftermarket customers seeking enhanced ride quality, control and durability across off-road vehicles, motorcycles and bicycles.

Founded in 1974 by Bob Fox in California, Fox Factory has expanded its technology base and market reach through strategic acquisitions such as Marzocchi Suspension, DVO Suspension and Walker Evans Racing.