Luxottica Group SpA (LUX) Downgraded by Zacks Investment Research to Strong Sell
According to Zacks, “Luxottica Group is the world leader in the design, manufacture and marketing of high quality eyeglass frames and sunglasses in the mid and premium priced market segments. The Company’s products, which are designed and produced in four facilities based in Northern Italy, include over 1,700 styles available in a wide array of colors and sizes. The eyeglass and sunglass frames manufactured by Luxottica are sold through twelve wholly-owned distributors in the United States, Canada, Italy, France, Spain, Portugal, Sweden, Germany, the United Kingdom, Brazil, Switzerland and Mexico. “
Other equities analysts have also recently issued research reports about the company. Deutsche Bank AG upgraded Luxottica Group SpA from a hold rating to a buy rating in a research report on Tuesday, September 13th. Credit Suisse Group AG initiated coverage on Luxottica Group SpA in a research report on Wednesday, June 15th. They set an outperform rating on the stock. Royal Bank Of Canada cut Luxottica Group SpA from an outperform rating to a sector perform rating in a research report on Monday, August 8th. RBC Capital Markets cut Luxottica Group SpA from an outperform rating to a sector perform rating in a research report on Monday, August 8th. Finally, Bank of America Corp. reiterated a sell rating and set a $41.00 target price on shares of Luxottica Group SpA in a research report on Thursday, September 29th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. Luxottica Group SpA has a consensus rating of Hold and an average target price of $48.50.
Luxottica Group SpA (NYSE:LUX) opened at 45.06 on Wednesday. The stock has a market cap of $21.61 billion, a P/E ratio of 25.12 and a beta of 0.85. The firm’s 50-day moving average price is $47.91 and its 200-day moving average price is $50.94. Luxottica Group SpA has a 12 month low of $45.01 and a 12 month high of $72.55.
Several hedge funds have recently added to or reduced their stakes in LUX. State of Tennessee Treasury Department bought a new stake in shares of Luxottica Group SpA during the second quarter valued at about $4,599,000. Royal Bank of Canada increased its stake in shares of Luxottica Group SpA by 71.9% in the second quarter. Royal Bank of Canada now owns 75,937 shares of the company’s stock valued at $3,712,000 after buying an additional 31,756 shares in the last quarter. Harding Loevner LP increased its stake in shares of Luxottica Group SpA by 154.9% in the second quarter. Harding Loevner LP now owns 50,746 shares of the company’s stock valued at $2,479,000 after buying an additional 30,839 shares in the last quarter. Baird Financial Group Inc. bought a new stake in shares of Luxottica Group SpA during the second quarter valued at about $1,289,000. Finally, OLD Mission Capital LLC increased its stake in shares of Luxottica Group SpA by 81.9% in the first quarter. OLD Mission Capital LLC now owns 53,616 shares of the company’s stock valued at $2,949,000 after buying an additional 24,133 shares in the last quarter. Institutional investors and hedge funds own 1.19% of the company’s stock.
About Luxottica Group SpA
Luxottica Group S.p.A. is a holding company. The Company is engaged in the design, manufacture and distribution of fashion, luxury, sport and performance eyewear. The Company operates through two segments: manufacturing and wholesale distribution, and retail distribution. Through its manufacturing and wholesale distribution operations, the Company is engaged in design, manufacturing, wholesale distribution and marketing of brands and designer lines of prescription frames and sunglasses, as well as of performance optics products.
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