PVH Corp. (PVH) Rating Increased to Hold at Zacks Investment Research
PVH Corp. (NYSE:PVH) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Though PVH Corp’s impressive second quarter and raised earnings forecast for fiscal 2016 highlight its potential, the company remains cautious in the face of continued weakness in the U.S. retail segment of its brands due to soft traffic and consumer spending trends in international tourist locations, as well as currency headwinds. Going forward, the company anticipates the currency headwinds to persist and impact results in fiscal 2016. Volatility in the overall retail environment, intense promotions and unpredictable global consumer spending, also pose threats. However, management remains optimistic of its solid business strategies and ongoing investments in top-quality brands. Further, the company’s focus on higher-margin businesses through acquisitions and divestments bode well. Estimates have been largely stable going into the third quarter earnings release. The company has positive record of earnings surprises in recent quarters.”
Several other equities research analysts also recently weighed in on the stock. Guggenheim initiated coverage on shares of PVH Corp. in a research report on Friday, September 30th. They issued a “buy” rating and a $125.00 target price for the company. Morgan Stanley reissued a “hold” rating and issued a $100.00 target price on shares of PVH Corp. in a research report on Thursday, August 25th. Wells Fargo & Co. initiated coverage on shares of PVH Corp. in a research report on Monday, September 12th. They issued an “outperform” rating and a $126.00 target price for the company. They noted that the move was a valuation call. Piper Jaffray Cos. set a $124.00 target price on shares of PVH Corp. and gave the stock a “buy” rating in a research report on Friday, October 7th. Finally, Brean Capital reissued a “buy” rating and issued a $124.00 target price (up previously from $122.00) on shares of PVH Corp. in a research report on Monday, August 29th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $112.78.
PVH Corp. (NYSE:PVH) opened at 107.05 on Tuesday. The company’s 50-day moving average is $108.76 and its 200 day moving average is $101.10. PVH Corp. has a 12-month low of $64.16 and a 12-month high of $115.40. The stock has a market capitalization of $8.59 billion, a PE ratio of 12.96 and a beta of 0.77.
PVH Corp. (NYSE:PVH) last released its earnings results on Wednesday, August 24th. The company reported $1.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.29 by $0.18. The company earned $1.93 billion during the quarter, compared to the consensus estimate of $1.94 billion. PVH Corp. had a net margin of 8.34% and a return on equity of 12.55%. The company’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.37 EPS. On average, analysts predict that PVH Corp. will post $6.66 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 19th. Stockholders of record on Wednesday, November 23rd will be issued a dividend of $0.0375 per share. The ex-dividend date is Monday, November 21st. This represents a $0.15 dividend on an annualized basis and a dividend yield of 0.14%. PVH Corp.’s dividend payout ratio is currently 1.82%.
In other PVH Corp. news, Director Mary Baglivo sold 2,280 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $110.26, for a total value of $251,392.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Mark D. Fischer sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $115.00, for a total transaction of $115,000.00. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PVH. Numeric Investors LLC increased its stake in PVH Corp. by 318.0% in the second quarter. Numeric Investors LLC now owns 1,184,745 shares of the company’s stock valued at $111,639,000 after buying an additional 901,345 shares in the last quarter. Omega Advisors Inc. increased its stake in PVH Corp. by 1,115.1% in the second quarter. Omega Advisors Inc. now owns 774,000 shares of the company’s stock valued at $72,934,000 after buying an additional 710,300 shares in the last quarter. HHR Asset Management LLC increased its stake in PVH Corp. by 436.4% in the second quarter. HHR Asset Management LLC now owns 859,501 shares of the company’s stock valued at $80,992,000 after buying an additional 699,251 shares in the last quarter. Point72 Asset Management L.P. increased its stake in PVH Corp. by 9,731.3% in the second quarter. Point72 Asset Management L.P. now owns 471,900 shares of the company’s stock valued at $44,467,000 after buying an additional 467,100 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new stake in PVH Corp. during the second quarter valued at about $39,932,000. Hedge funds and other institutional investors own 95.17% of the company’s stock.
PVH Corp. Company Profile
PVH Corp. is an apparel company. The Company’s segments include Calvin Klein North America; Calvin Klein International; Tommy Hilfiger North America; Tommy Hilfiger International; Heritage Brands Wholesale, and Heritage Brands Retail. The Company’s brand portfolio consists of various brand names, including Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD, ARROW, Warner’s, Olga and Eagle, which are owned, and Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, Sean John, MICHAEL Michael Kors, Michael Kors Collection and Chaps, which are licensed, as well as various other licensed and private label brands.
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