Zacks Investment Research lowered shares of Iconix Brand Group (NASDAQ:ICON) from a hold rating to a sell rating in a research note published on Wednesday morning.

According to Zacks, “Iconix has significantly lagged the industry in a year, mainly due to persistent softness in women's and men's segments. In third-quarter 2017, sales at the women’s and men’s categories declined 13% and 5% respectively, causing Iconix’s overall top-line to tumble 12%. Notably, the Starter brand has been majorly hurting Iconix’s business. Consequently, the licensing agreement for this brand will not be renewed. Also, other licensing agreements with Wal-Mart and Target will not be renewed post expiration. Nonetheless, the company is striving to place these brands with new or existing licensees. Also, it has been undertaking measures to enhance international business, which fared well in the quarter under review. Moreover, earnings grew year over year and is expected to be marginally above the previous range in 2017. On the contrary, revenues are projected to be at the lower end of the previous range.”

ICON has been the topic of several other reports. Roth Capital cut Iconix Brand Group from a buy rating to a neutral rating and set a $2.00 price objective on the stock. in a research note on Monday, October 30th. FBR & Co reiterated a buy rating and issued a $8.50 price objective on shares of Iconix Brand Group in a research note on Thursday, September 14th. Sidoti started coverage on Iconix Brand Group in a report on Tuesday, September 19th. They issued a neutral rating and a $6.00 target price on the stock. ValuEngine raised Iconix Brand Group from a hold rating to a buy rating in a report on Friday, December 1st. Finally, B. Riley reissued a neutral rating and issued a $4.00 target price (down previously from $8.50) on shares of Iconix Brand Group in a report on Wednesday, November 1st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $5.00.

Shares of Iconix Brand Group (NASDAQ ICON) opened at $1.28 on Wednesday. The stock has a market capitalization of $75.52, a price-to-earnings ratio of 1.21 and a beta of 1.40. The company has a quick ratio of 1.02, a current ratio of 0.69 and a debt-to-equity ratio of -5.92. Iconix Brand Group has a 52 week low of $1.16 and a 52 week high of $10.80.

A number of large investors have recently bought and sold shares of ICON. Great West Life Assurance Co. Can increased its holdings in Iconix Brand Group by 9.7% in the second quarter. Great West Life Assurance Co. Can now owns 79,385 shares of the brand management company’s stock valued at $547,000 after buying an additional 7,000 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Iconix Brand Group by 17.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 690,779 shares of the brand management company’s stock valued at $4,774,000 after buying an additional 101,212 shares during the last quarter. Arizona State Retirement System increased its holdings in Iconix Brand Group by 1.7% in the second quarter. Arizona State Retirement System now owns 29,760 shares of the brand management company’s stock valued at $206,000 after buying an additional 500 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Iconix Brand Group by 5.3% during the second quarter. Rhumbline Advisers now owns 104,353 shares of the brand management company’s stock worth $721,000 after purchasing an additional 5,281 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Iconix Brand Group by 14.7% during the second quarter. Legal & General Group Plc now owns 102,380 shares of the brand management company’s stock worth $708,000 after purchasing an additional 13,132 shares during the last quarter. 84.99% of the stock is currently owned by hedge funds and other institutional investors.

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About Iconix Brand Group

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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