Sequential Brands Group (SQBG) Rating Increased to Hold at Zacks Investment Research
Sequential Brands Group (NASDAQ:SQBG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Sequential Brands Group Inc. is a licensing and brand management company focused on promoting, marketing and licensing a portfolio of consumer brands. The Company’s brands include William Rast(R) and People’s Liberation(R). It licenses its brands with respect to a broad range of products, including apparel, eyewear, footwear and fashion accessories, including handbags, watches and luggage. Sequential Brands Group Inc., formerly known as People’s Liberation, Inc., is headquartered in Pacific Palisades, California. “
Several other equities analysts have also recently issued reports on SQBG. ValuEngine cut Sequential Brands Group from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Cowen reiterated a “hold” rating and set a $6.00 target price on shares of Sequential Brands Group in a research report on Thursday, September 28th. Roth Capital set a $3.00 target price on Sequential Brands Group and gave the stock a “buy” rating in a research report on Monday, October 23rd. B. Riley reiterated a “buy” rating and set a $7.00 target price on shares of Sequential Brands Group in a research report on Monday, November 6th. Finally, Canaccord Genuity cut Sequential Brands Group from a “buy” rating to a “hold” rating and dropped their target price for the stock from $6.00 to $1.50 in a research report on Friday, November 10th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $6.92.
Sequential Brands Group (NASDAQ:SQBG) last released its earnings results on Thursday, November 9th. The textile maker reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by ($0.02). Sequential Brands Group had a positive return on equity of 2.26% and a negative net margin of 14.35%. The business had revenue of $39.00 million for the quarter, compared to analyst estimates of $43.66 million. During the same quarter in the previous year, the firm posted $0.12 EPS. The business’s revenue for the quarter was down 7.1% on a year-over-year basis. sell-side analysts forecast that Sequential Brands Group will post 0.48 earnings per share for the current fiscal year.
In other news, Director William Sweedler purchased 86,036 shares of the stock in a transaction that occurred on Friday, November 17th. The shares were acquired at an average price of $1.68 per share, for a total transaction of $144,540.48. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Tcp Wr Acquisition Llc purchased 194,464 shares of the stock in a transaction that occurred on Thursday, November 16th. The stock was purchased at an average price of $1.64 per share, for a total transaction of $318,920.96. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 473,200 shares of company stock worth $765,636. Insiders own 27.30% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SQBG. Voya Investment Management LLC grew its holdings in shares of Sequential Brands Group by 37.6% in the 2nd quarter. Voya Investment Management LLC now owns 25,485 shares of the textile maker’s stock worth $102,000 after acquiring an additional 6,958 shares during the period. OxFORD Asset Management LLP purchased a new stake in Sequential Brands Group in the 3rd quarter valued at approximately $136,000. NJ State Employees Deferred Compensation Plan purchased a new stake in Sequential Brands Group in the 3rd quarter valued at approximately $150,000. Rhumbline Advisers lifted its stake in Sequential Brands Group by 3.9% in the 2nd quarter. Rhumbline Advisers now owns 47,762 shares of the textile maker’s stock valued at $191,000 after buying an additional 1,780 shares in the last quarter. Finally, Teachers Advisors LLC lifted its stake in Sequential Brands Group by 11.5% in the 2nd quarter. Teachers Advisors LLC now owns 77,412 shares of the textile maker’s stock valued at $309,000 after buying an additional 7,958 shares in the last quarter. Institutional investors and hedge funds own 50.31% of the company’s stock.
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About Sequential Brands Group
Sequential Brands Group, Inc owns a portfolio of consumer brands in the fashion, home, athletic and lifestyle categories. The Company’s portfolio of consumer brands includes Martha Stewart, Emeril Lagasse, Jessica Simpson, Joe’s Jeans, William Rast, Ellen Tracy, Revo, AND1 and Avia. The Company’s brands are licensed for a range of product categories, including apparel, footwear, eyewear, fashion accessories and home goods.
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