Iconix Brand Group Inc. (NASDAQ:ICON) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

According to Zacks, “Iconix reported better-than-expected third-quarter 2016 results. Earnings of $0.19 per share also surged about 72.7% from the year-ago level, mainly due to higher operating income and improved margins. Total licensing revenue were flat from the prior-year quarter. Currency favorably impacted sales in the quarter. Though the company believes in its strong brands and growth strategy, we note that it is currently facing serious issues. Iconix has lowered its revenue guidance due to delayed timing in some new men's programs, macro conditions in Europe, and certain retail assets. Nevertheless, the raised stake by Joe Huber signals investment opportunities to create new plans and proposals regarding the company’s management and its investment.”

Separately, Guggenheim began coverage on Iconix Brand Group in a report on Friday, September 30th. They set a “neutral” rating on the stock.

Iconix Brand Group (NASDAQ:ICON) opened at 9.43 on Friday. The company’s market cap is $529.29 million. The stock has a 50 day moving average price of $8.30 and a 200 day moving average price of $7.85. Iconix Brand Group has a 1-year low of $4.67 and a 1-year high of $10.30.

Iconix Brand Group (NASDAQ:ICON) last released its earnings results on Tuesday, November 8th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.02. The firm had revenue of $90.90 million for the quarter, compared to analyst estimates of $89.34 million. Iconix Brand Group had a positive return on equity of 8.59% and a negative net margin of 57.88%. The company’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the firm posted $0.09 EPS. Equities analysts forecast that Iconix Brand Group will post $1.07 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the company. Huber Capital Management LLC increased its position in Iconix Brand Group by 12.1% in the third quarter. Huber Capital Management LLC now owns 6,423,666 shares of the company’s stock valued at $52,160,000 after buying an additional 692,528 shares during the period. Vanguard Group Inc. increased its position in Iconix Brand Group by 3.1% in the second quarter. Vanguard Group Inc. now owns 3,655,587 shares of the company’s stock valued at $24,712,000 after buying an additional 108,604 shares during the period. State Street Corp increased its position in Iconix Brand Group by 6.8% in the second quarter. State Street Corp now owns 1,086,459 shares of the company’s stock valued at $7,340,000 after buying an additional 68,849 shares during the period. Northern Trust Corp increased its position in Iconix Brand Group by 30.5% in the third quarter. Northern Trust Corp now owns 957,176 shares of the company’s stock valued at $7,772,000 after buying an additional 223,665 shares during the period. Finally, Prudential Financial Inc. increased its position in Iconix Brand Group by 5.2% in the third quarter. Prudential Financial Inc. now owns 707,909 shares of the company’s stock valued at $5,748,000 after buying an additional 34,960 shares during the period. Institutional investors and hedge funds own 82.42% of the company’s stock.

About Iconix Brand Group

Iconix Brand Group, Inc is a brand management company. The Company owns a diversified portfolio of over 35 global consumer brands across women’s, men’s, home and entertainment categories. The Company operates through five segments: men’s, women’s, home, entertainment and corporate. The Company’s brand portfolio includes brands, such as Candie’s, Bongo, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific/OP, Danskin/Danskin Now, Rocawear/Roc Nation, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Ecko Unltd/Mark Ecko Cut & Sew, Zoo York, Sharper Image, Umbro, Lee Cooper, Strawberry Shortcake and Artful Dodger, and interests in Material Girl, Peanuts, Ed Hardy, Truth or Dare, Modern Amusement, Buffalo, Nick Graham Hydraulic and PONY brands.

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