PVH Corp. (PVH) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research downgraded shares of PVH Corp. (NYSE:PVH) from a buy rating to a hold rating in a research note released on Wednesday morning.
According to Zacks, “PVH Corp. has outperformed the broader industry year to date. The company has been doing well on the back of superb earnings history, and strength of its Calvin Klein and Tommy Hilfiger brands. The company's diversified portfolio allows it to stay ahead of its peers, generate above-average industry growth and sustain its position in the current challenging environment. PVH’s approach to brand management facilitates each of its brands to develop further through efficient marketing strategies, financial control and operating leverage. Further, focus on omnichannel development and higher-margin businesses through buyouts bode well. The company’s raised fiscal 2017 view reflects confidence in its investments in brands and global platforms. However, management expects currency woes, along with a volatile retail scenario to remain deterrents in fiscal 2017. Estimates have been going up lately ahead of the second quarter earnings.”
Several other equities analysts also recently commented on PVH. UBS AG reaffirmed a buy rating and issued a $128.00 target price (up previously from $120.00) on shares of PVH Corp. in a research report on Monday, June 26th. BidaskClub downgraded PVH Corp. from a strong-buy rating to a buy rating in a research report on Wednesday. Cowen and Company set a $140.00 price target on PVH Corp. and gave the stock a buy rating in a research report on Friday, August 11th. FBR & Co set a $135.00 price target on PVH Corp. and gave the stock a buy rating in a research report on Monday, August 21st. Finally, B. Riley reissued a buy rating and set a $128.00 price target on shares of PVH Corp. in a research report on Tuesday, May 30th. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. PVH Corp. has an average rating of Buy and a consensus price target of $137.00.
PVH Corp. (NYSE:PVH) traded down 0.80% during midday trading on Wednesday, hitting $125.90. The company had a trading volume of 1,507,695 shares. PVH Corp. has a one year low of $84.53 and a one year high of $130.25. The company has a market cap of $9.80 billion, a P/E ratio of 24.01 and a beta of 0.51. The company’s 50 day moving average is $119.13 and its 200-day moving average is $104.92.
PVH Corp. (NYSE:PVH) last posted its earnings results on Wednesday, August 23rd. The textile maker reported $1.69 EPS for the quarter, beating the consensus estimate of $1.65 by $0.04. PVH Corp. had a return on equity of 11.67% and a net margin of 4.96%. The company had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter in the prior year, the business earned $1.47 earnings per share. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, equities analysts predict that PVH Corp. will post $7.66 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Thursday, August 24th will be paid a dividend of $0.038 per share. This represents a $0.15 annualized dividend and a yield of 0.12%. The ex-dividend date is Tuesday, August 22nd. PVH Corp.’s payout ratio is presently 2.87%.
In other PVH Corp. news, COO Michael A. Shaffer sold 45,525 shares of the company’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $111.37, for a total transaction of $5,070,119.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steven B. Shiffman sold 2,200 shares of the company’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $105.82, for a total value of $232,804.00. The disclosure for this sale can be found here. Insiders have sold 57,130 shares of company stock valued at $6,320,086 over the last 90 days. Corporate insiders own 1.30% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in PVH Corp. by 3,001.8% in the first quarter. BlackRock Inc. now owns 5,090,455 shares of the textile maker’s stock valued at $526,711,000 after buying an additional 4,926,341 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of PVH Corp. by 154.7% in the second quarter. Prudential Financial Inc. now owns 1,118,095 shares of the textile maker’s stock worth $128,022,000 after buying an additional 679,144 shares during the last quarter. Balyasny Asset Management LLC boosted its position in shares of PVH Corp. by 136.3% in the second quarter. Balyasny Asset Management LLC now owns 1,173,862 shares of the textile maker’s stock worth $134,407,000 after buying an additional 677,096 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of PVH Corp. by 153.8% in the second quarter. Renaissance Technologies LLC now owns 761,670 shares of the textile maker’s stock worth $87,211,000 after buying an additional 461,600 shares during the last quarter. Finally, Congress Asset Management Co. MA purchased a new position in shares of PVH Corp. during the second quarter worth approximately $47,698,000. Hedge funds and other institutional investors own 98.12% of the company’s stock.
About PVH Corp.
PVH Corp. is an apparel company. The Company operates through three segments: Calvin Klein, which consists of the Calvin Klein North America and Calvin Klein International segments; Tommy Hilfiger, which consists of the Tommy Hilfiger North America and Tommy Hilfiger International segments, and Heritage Brands, which consists of the Heritage Brands Wholesale and Heritage Brands Retail segments.
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