Zacks Investment Research upgraded shares of Iconix Brand Group (NASDAQ:ICON) from a sell rating to a hold rating in a research report report published on Tuesday 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.”
Several other analysts also recently weighed in on ICON. FBR & Co downgraded Iconix Brand Group from a buy rating to a neutral rating and decreased their target price for the stock from $8.50 to $4.00 in a research report on Monday, October 30th. Roth Capital reiterated a neutral rating on shares of Iconix Brand Group in a research report on Tuesday, October 31st. B. Riley reiterated a neutral rating and set a $4.00 target price (down from $8.50) on shares of Iconix Brand Group in a research report on Wednesday, November 1st. Finally, ValuEngine upgraded Iconix Brand Group from a hold rating to a buy rating in a research report on Friday, December 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. Iconix Brand Group currently has an average rating of Hold and an average price target of $5.00.
Iconix Brand Group (NASDAQ:ICON) last released its earnings results on Friday, December 22nd. The brand management company reported $0.24 earnings per share for the quarter, hitting the consensus estimate of $0.24. Iconix Brand Group had a positive return on equity of 17.65% and a negative net margin of 311.99%. The business had revenue of $53.17 million during the quarter, compared to the consensus estimate of $53.20 million. equities research analysts predict that Iconix Brand Group will post 0.65 EPS for the current year.
Several institutional investors have recently made changes to their positions in ICON. Schwab Charles Investment Management Inc. increased its stake in shares of Iconix Brand Group by 17.2% during 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 period. Alliancebernstein L.P. increased its stake in shares of Iconix Brand Group by 29.1% during the second quarter. Alliancebernstein L.P. now owns 29,291 shares of the brand management company’s stock valued at $202,000 after buying an additional 6,600 shares during the period. Teachers Advisors LLC increased its stake in shares of Iconix Brand Group by 15.8% during the second quarter. Teachers Advisors LLC now owns 87,714 shares of the brand management company’s stock valued at $606,000 after buying an additional 11,963 shares during the period. TIAA CREF Investment Management LLC increased its stake in shares of Iconix Brand Group by 12.6% during the second quarter. TIAA CREF Investment Management LLC now owns 134,041 shares of the brand management company’s stock valued at $926,000 after buying an additional 14,962 shares during the period. Finally, Nationwide Fund Advisors increased its stake in shares of Iconix Brand Group by 20.6% during the second quarter. Nationwide Fund Advisors now owns 314,929 shares of the brand management company’s stock valued at $2,176,000 after buying an additional 53,888 shares during the period. Hedge funds and other institutional investors own 86.89% of the company’s stock.
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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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