Iconix Brand Group Inc. (ICON) Shares Down 1.8%
Iconix Brand Group Inc. (NASDAQ:ICON) shares fell 1.8% during mid-day trading on Friday . The company traded as low as $6.79 and last traded at $7.05, with a volume of 295,282 shares trading hands. The stock had previously closed at $7.18.
A number of brokerages have recently issued reports on ICON. Zacks Investment Research downgraded Iconix Brand Group from a “hold” rating to a “sell” rating in a research note on Wednesday, June 8th. Roth Capital reissued a “buy” rating on shares of Iconix Brand Group in a research note on Tuesday, March 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $16.46.
The stock’s market capitalization is $337.32 million. The company’s 50 day moving average price is $7.16 and its 200 day moving average price is $7.46.
Iconix Brand Group (NASDAQ:ICON) last released its earnings results on Thursday, May 5th. The company reported $0.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.12. The firm earned $94.60 million during the quarter, compared to the consensus estimate of $95.79 million. During the same period in the prior year, the company earned $0.54 EPS. The firm’s revenue was down 1.3% compared to the same quarter last year. On average, equities research analysts anticipate that Iconix Brand Group Inc. will post $1.11 earnings per share for the current fiscal year.
In other news, EVP David Blumberg sold 20,830 shares of the firm’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $8.27, for a total transaction of $172,264.10. Following the transaction, the executive vice president now directly owns 149,515 shares of the company’s stock, valued at $1,236,489.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman F Peter Cuneo acquired 50,000 shares of Iconix Brand Group stock in a transaction dated Monday, May 9th. The shares were bought at an average cost of $7.99 per share, for a total transaction of $399,500.00. Following the completion of the purchase, the chairman now directly owns 310,838 shares of the company’s stock, valued at approximately $2,483,595.62. The disclosure for this purchase can be found here.
Other hedge funds and institutional investors recently made changes to their positions in the company. OppenheimerFunds Inc. bought a new position in shares of Iconix Brand Group during the fourth quarter worth about $22,878,000. State of New Jersey Common Pension Fund D boosted its position in shares of Iconix Brand Group by 5.5% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 192,500 shares of the company’s stock worth $1,315,000 after buying an additional 10,000 shares during the period. Lapides Asset Management LLC boosted its position in shares of Iconix Brand Group by 8.8% in the fourth quarter. Lapides Asset Management LLC now owns 559,000 shares of the company’s stock worth $3,818,000 after buying an additional 45,400 shares during the period. Finally, South Dakota Investment Council bought a new position in shares of Iconix Brand Group during the fourth quarter worth about $1,893,000.
Iconix Brand Group, Inc is a brand management company and owner of a diversified portfolio of 35 global consumer brands across women’s, men’s, entertainment and home. The Company’s brand portfolio includes Candie’s, Bongo, Badgley Mischka, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific (OP), Danskin, Rocawear, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Zoo York, Sharper Image, Umbro, Lee Cooper, Ecko Unltd., Marc Ecko and Strawberry Shortcake.
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