Somnigroup International (NYSE:SGI) Shares Cross Below 50 Day Moving Average Following Analyst Downgrade

Shares of Somnigroup International Inc. (NYSE:SGI) crossed below its 50 day moving average during trading on Friday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock has a 50 day moving average of $64.44 and traded as low as $63.98. Somnigroup International shares last traded at $64.1790, with a volume of 7,195,013 shares trading hands.

Several other research firms have also commented on SGI. UBS Group raised their target price on shares of Somnigroup International from $94.00 to $102.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. Morgan Stanley assumed coverage on shares of Somnigroup International in a report on Monday, July 27th. They set an “overweight” rating and a $95.00 price target for the company. Piper Sandler reiterated an “overweight” rating and set a $100.00 price target (up from $95.00) on shares of Somnigroup International in a research report on Thursday, September 3rd. Truist Financial decreased their price objective on shares of Somnigroup International from $115.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Somnigroup International in a research note on Friday, August 21st. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $95.00.

Insiders Place Their Bets

In other Somnigroup International news, CEO Scott Thompson bought 30,000 shares of the firm’s stock in a transaction on Thursday, August 27th. The shares were purchased at an average price of $62.84 per share, for a total transaction of $1,885,200.00. Following the completion of the transaction, the chief executive officer directly owned 4,123,634 shares in the company, valued at approximately $259,129,160.56. The trade was a 0.73% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 3.99% of the stock is owned by company insiders.

Institutional Investors Weigh In On Somnigroup International

Several hedge funds and other institutional investors have recently made changes to their positions in SGI. Allworth Financial LP acquired a new stake in Somnigroup International in the second quarter valued at approximately $31,000. Mather Group LLC. increased its holdings in shares of Somnigroup International by 168.8% during the third quarter. Mather Group LLC. now owns 414 shares of the company’s stock worth $26,000 after buying an additional 260 shares in the last quarter. Salomon & Ludwin LLC lifted its stake in shares of Somnigroup International by 772.0% in the 3rd quarter. Salomon & Ludwin LLC now owns 436 shares of the company’s stock valued at $27,000 after acquiring an additional 386 shares during the last quarter. Signature Equity Partners LLC lifted its stake in shares of Somnigroup International by 173.1% in the 3rd quarter. Signature Equity Partners LLC now owns 478 shares of the company’s stock valued at $30,000 after acquiring an additional 303 shares during the last quarter. Finally, SBI Securities Co. Ltd. lifted its stake in shares of Somnigroup International by 11,900.0% in the 3rd quarter. SBI Securities Co. Ltd. now owns 480 shares of the company’s stock valued at $30,000 after acquiring an additional 476 shares during the last quarter. 99.86% of the stock is owned by institutional investors.

Somnigroup International Stock Performance

The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.37 and a current ratio of 0.75. The company has a market cap of $13.50 billion, a price-to-earnings ratio of 25.67, a P/E/G ratio of 1.05 and a beta of 1.30. The company has a fifty day moving average of $64.44 and a two-hundred day moving average of $73.22.

Somnigroup International (NYSE:SGI) last issued its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.58. Somnigroup International had a return on equity of 19.32% and a net margin of 7.00%. The business had revenue of $1.82 billion during the quarter. During the same period in the previous year, the company earned $0.53 EPS. Somnigroup International’s revenue for the quarter was down 3.0% on a year-over-year basis. Equities research analysts anticipate that Somnigroup International Inc. will post 3.10 EPS for the current year.

About Somnigroup International

Somnigroup International, Inc is a bedding company that designs, manufactures, distributes and sells mattresses and related sleep products. Its offerings include adjustable bases, pillows and other bedding accessories, marketed under brands such as Tempur-Pedic, Sealy and Stearns & Foster.

The company also operates Mattress Firm, a mattress retailer with stores across the United States. Through its brands, retail business and other sales channels, Somnigroup serves customers in the U.S.