Signet Jewelers Limited (SIG) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Signet Jewelers Limited (NYSE:SIG) from a hold rating to a buy rating in a report released on Monday morning. The firm currently has $71.00 price target on the stock.
According to Zacks, “Shares of Signet Jewelers, which have underperformed the industry significantly in a year, took a sharp U turn following robust second-quarter fiscal 2018 results. The bullish run helped it to outpace the industry in a month. Notably, this marked the second time in the past eleven quarters, wherein sales surpassed the Zacks Consensus Estimate. Following, earnings estimates for fiscal 2018 and 2019 have been rising. Further, Signet announced an agreement to acquire R2Net which will enhance digital shopping experience. Moreover, the company is striving hard to place itself on the growth trajectory, as evident from planned capital investments. However, margins which have been declining since the past few quarters will remain under pressure in the second half of the year. On the other hand, despite reporting higher comps in the reported quarter, the company maintained tepid comps guidance which remains a major concern for investors.”
SIG has been the subject of several other reports. Bank of America Corporation reissued a buy rating and set a $75.00 target price (down from $90.00) on shares of Signet Jewelers Limited in a research report on Sunday, May 28th. CL King downgraded shares of Signet Jewelers Limited from a buy rating to a neutral rating and set a $85.00 target price for the company. in a research report on Friday, May 26th. Wells Fargo & Company set a $97.00 target price on shares of Signet Jewelers Limited and gave the stock a buy rating in a research report on Wednesday, August 23rd. Royal Bank Of Canada set a $63.00 price target on shares of Signet Jewelers Limited and gave the stock a buy rating in a report on Friday, May 26th. Finally, Cowen and Company boosted their price target on shares of Signet Jewelers Limited from $54.00 to $57.00 and gave the stock a market perform rating in a report on Friday, June 23rd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. Signet Jewelers Limited presently has an average rating of Hold and a consensus price target of $71.25.
Signet Jewelers Limited (SIG) opened at 65.67 on Monday. The stock’s 50 day moving average is $59.33 and its 200-day moving average is $62.31. Signet Jewelers Limited has a 1-year low of $46.09 and a 1-year high of $101.46. The firm has a market capitalization of $3.96 billion, a P/E ratio of 9.89 and a beta of 0.99.
Signet Jewelers Limited (NYSE:SIG) last posted its earnings results on Thursday, August 24th. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.10 by $0.23. The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.33 billion. Signet Jewelers Limited had a net margin of 7.62% and a return on equity of 20.86%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.14 earnings per share. Analysts forecast that Signet Jewelers Limited will post $7.04 EPS for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Friday, October 27th will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date is Thursday, October 26th. Signet Jewelers Limited’s payout ratio is currently 19.14%.
Several hedge funds have recently made changes to their positions in SIG. Commonwealth Bank of Australia lifted its stake in shares of Signet Jewelers Limited by 5.6% during the 2nd quarter. Commonwealth Bank of Australia now owns 1,609 shares of the company’s stock valued at $101,000 after buying an additional 85 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of Signet Jewelers Limited during the 1st quarter valued at approximately $115,000. Capstone Investment Advisors Netherlands B.V. purchased a new stake in shares of Signet Jewelers Limited during the 2nd quarter valued at approximately $121,000. Tower Research Capital LLC TRC lifted its stake in shares of Signet Jewelers Limited by 19.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,016 shares of the company’s stock valued at $128,000 after buying an additional 335 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in shares of Signet Jewelers Limited by 16.7% during the 1st quarter. Daiwa Securities Group Inc. now owns 2,100 shares of the company’s stock valued at $145,000 after buying an additional 300 shares in the last quarter.
About Signet Jewelers Limited
Signet Jewelers Limited is a retailer of diamond jewelry. The Company’s segments include the Sterling Jewelers division; the Zale division, which consists of the Zale Jewelry and Piercing Pagoda segments; the UK Jewelry division, and Other. The Sterling Jewelers division’s stores operate in the United States principally as Kay Jewelers (Kay), Kay Jewelers Outlet, Jared The Galleria Of Jewelry (Jared) and Jared Vault.
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