Iconix Brand Group, Inc. (ICON) Receives Buy Rating from FBR & Co
Iconix Brand Group, Inc. (NASDAQ:ICON)‘s stock had its “buy” rating restated by FBR & Co in a note issued to investors on Thursday. They currently have a $8.50 price objective on the brand management company’s stock. FBR & Co’s price target points to a potential upside of 48.60% from the stock’s current price.
The analysts wrote, “We are reiterating our Buy rating, estimates, and $8.50 price target on ICON after meeting with Iconix management. With financial pressures basically cured for the near term and the company focused on driving organic revenue growth and new licensing agreements for key brands, we believe that ICON, trading under 8.5x our somewhat conservative 2018 EPS projection, represents a compelling investment in the current management team and a shifting business model that still provides material visibility and free cash flow. We also believe that, as the company moves key brands to new homes, investors will view the perceived risks to the business model as shrinking and drive higher valuations.””
ICON has been the subject of a number of other reports. BidaskClub raised Iconix Brand Group from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. Zacks Investment Research raised Iconix Brand Group from a “sell” rating to a “hold” rating in a research note on Monday, July 17th. Finally, Cowen and Company set a $9.00 price target on Iconix Brand Group and gave the company a “hold” rating in a research note on Monday, August 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $10.17.
Iconix Brand Group (NASDAQ:ICON) opened at 5.72 on Thursday. Iconix Brand Group has a 52-week low of $4.79 and a 52-week high of $10.80. The stock’s market capitalization is $326.56 million. The stock has a 50 day moving average of $5.81 and a 200 day moving average of $6.63.
Iconix Brand Group (NASDAQ:ICON) last announced its quarterly earnings results on Wednesday, August 9th. The brand management company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. The company had revenue of $64.60 million during the quarter, compared to analysts’ expectations of $61.00 million. Iconix Brand Group had a positive return on equity of 10.38% and a negative net margin of 82.22%. Iconix Brand Group’s revenue was down 32.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.27 EPS. On average, equities research analysts forecast that Iconix Brand Group will post $0.67 EPS for the current year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Loews Corp increased its stake in Iconix Brand Group by 0.4% during the 1st quarter. Loews Corp now owns 24,801 shares of the brand management company’s stock worth $187,000 after purchasing an additional 100 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Iconix Brand Group by 1.3% during the 1st quarter. Louisiana State Employees Retirement System now owns 22,900 shares of the brand management company’s stock worth $172,000 after purchasing an additional 300 shares in the last quarter. Arizona State Retirement System increased its stake in Iconix Brand Group by 1.4% during the 1st quarter. Arizona State Retirement System now owns 29,260 shares of the brand management company’s stock worth $220,000 after purchasing an additional 400 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Iconix Brand Group by 0.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 52,971 shares of the brand management company’s stock worth $398,000 after purchasing an additional 477 shares in the last quarter. Finally, CNA Financial Corp increased its stake in Iconix Brand Group by 0.5% during the 1st quarter. CNA Financial Corp now owns 94,087 shares of the brand management company’s stock worth $708,000 after purchasing an additional 500 shares in the last quarter. 82.89% of the stock is owned by institutional investors and hedge funds.
Iconix Brand Group Company Profile
Iconix Brand Group, Inc is a brand management company. As of December 31, 2016, the Company owned a portfolio of over 30 global consumer brands across women’s, men’s, and home categories. The Company operates through segments: men’s, women’s, home and international. 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, Umbro, Lee Cooper and Artful Dodger, and interests in Material Girl, Ed Hardy, Truth or Dare, Modern Amusement, Buffalo, Nick Graham Hydraulic and PONY brands.
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