Luxottica Group SpA (NYSE:LUX) shares gapped down before the market opened on Wednesday . The stock had previously closed at $47.66, but opened at $48.39. Luxottica Group SpA shares last traded at $49.32, with a volume of 22,845 shares changing hands.

A number of research analysts have issued reports on the company. RBC Capital Markets cut Luxottica Group SpA from an “outperform” rating to a “sector perform” rating in a report on Monday. Zacks Investment Research raised Luxottica Group SpA from a “sell” rating to a “hold” rating in a report on Wednesday, June 22nd. Credit Suisse Group AG assumed coverage on Luxottica Group SpA in a report on Wednesday, June 15th. They set an “outperform” rating for the company. Royal Bank Of Canada cut Luxottica Group SpA from an “outperform” rating to a “sector perform” rating in a report on Monday. Finally, Raymond James Financial Inc. raised Luxottica Group SpA from a “market perform” rating to an “outperform” rating in a report on Wednesday, May 4th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Luxottica Group SpA currently has a consensus rating of “Hold”.

The firm has a market capitalization of $23.50 billion and a price-to-earnings ratio of 27.33. The stock’s 50-day moving average price is $48.79 and its 200-day moving average price is $53.69.

Several hedge funds and institutional investors have bought and sold shares of the company. WBI Investments Inc. purchased a new position in shares of Luxottica Group SpA during the fourth quarter worth approximately $1,510,000. Comerica Bank raised its position in shares of Luxottica Group SpA by 5.0% in the fourth quarter. Comerica Bank now owns 25,974 shares of the company’s stock worth $1,593,000 after buying an additional 1,231 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of Luxottica Group SpA by 3.9% in the fourth quarter. Morgan Stanley now owns 172,562 shares of the company’s stock worth $11,192,000 after buying an additional 6,537 shares in the last quarter.

Luxottica Group S.p.A. is a holding company. The Company is engaged in the design, manufacture and distribution of fashion, luxury, sport and performance eyewear. The Company operates through two segments: manufacturing and wholesale distribution, and retail distribution. Through its manufacturing and wholesale distribution operations, the Company is engaged in design, manufacturing, wholesale distribution and marketing of brands and designer lines of prescription frames and sunglasses, as well as of performance optics products.

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