Signet Jewelers Limited (SIG) Stock Price Down 30.4% Following Analyst Downgrade

Signet Jewelers Limited (NYSE:SIG) shares were down 30.4% during trading on Wednesday after Needham & lowered their price target on the stock to $60.00. Needham & currently has a buy rating on the stock. Signet Jewelers Limited traded as low as $52.50 and last traded at $52.79. Approximately 18,603,400 shares changed hands during trading, an increase of 917% from the average daily volume of 1,830,010 shares. The stock had previously closed at $75.84.

Other analysts have also recently issued reports about the company. Royal Bank Of Canada set a $66.00 price objective on Signet Jewelers Limited and gave the company a “buy” rating in a research note on Friday, August 25th. Wells Fargo & Company set a $97.00 price objective on Signet Jewelers Limited and gave the company a “buy” rating in a research note on Wednesday, August 23rd. Instinet reiterated a “buy” rating and issued a $73.00 price objective (up from $70.00) on shares of Signet Jewelers Limited in a research note on Monday, August 28th. Zacks Investment Research upgraded Signet Jewelers Limited from a “hold” rating to a “buy” rating and set a $71.00 price objective on the stock in a research note on Monday, September 4th. Finally, ValuEngine upgraded Signet Jewelers Limited from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Twelve analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $67.47.

A number of institutional investors have recently bought and sold shares of the business. Morgan Stanley increased its position in shares of Signet Jewelers Limited by 34.5% during the first quarter. Morgan Stanley now owns 148,486 shares of the company’s stock worth $10,286,000 after purchasing an additional 38,074 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Signet Jewelers Limited during the first quarter worth about $8,174,000. Nuveen Asset Management LLC acquired a new stake in shares of Signet Jewelers Limited during the first quarter worth about $901,000. Bank of Montreal Can increased its position in shares of Signet Jewelers Limited by 29.5% during the second quarter. Bank of Montreal Can now owns 20,407 shares of the company’s stock worth $1,292,000 after purchasing an additional 4,647 shares in the last quarter. Finally, Gateway Investment Advisers LLC increased its position in shares of Signet Jewelers Limited by 1.8% during the second quarter. Gateway Investment Advisers LLC now owns 5,201 shares of the company’s stock worth $329,000 after purchasing an additional 91 shares in the last quarter.

The company has a debt-to-equity ratio of 0.32, a current ratio of 2.40 and a quick ratio of 1.14. The company has a market capitalization of $4,585.29, a PE ratio of 11.34, a P/E/G ratio of 1.41 and a beta of 1.03.

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 Zacks’ consensus estimate of $1.10 by $0.23. Signet Jewelers Limited had a return on equity of 20.86% and a net margin of 7.62%. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the firm earned $1.14 earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year. research analysts forecast that Signet Jewelers Limited will post 7.16 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Friday, October 27th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Thursday, October 26th. Signet Jewelers Limited’s dividend payout ratio (DPR) is currently 19.14%.

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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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