Sequential Brands Group Inc. (SQBG) Trading Down 3%
Sequential Brands Group Inc. (NASDAQ:SQBG) dropped 3% during mid-day trading on Thursday . The stock traded as low as $7.89 and last traded at $7.95, with a volume of 183,915 shares traded. The stock had previously closed at $8.20.
SQBG has been the subject of several recent research reports. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $11.00 price objective on shares of Sequential Brands Group in a research report on Friday, April 1st. Canaccord Genuity reaffirmed a “buy” rating on shares of Sequential Brands Group in a research report on Wednesday, April 6th. Brean Capital reaffirmed a “buy” rating and set a $15.00 price objective on shares of Sequential Brands Group in a research report on Wednesday, July 6th. Roth Capital reaffirmed a “buy” rating on shares of Sequential Brands Group in a research report on Thursday, May 12th. Finally, Zacks Investment Research cut Sequential Brands Group from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $14.71.
The company’s market capitalization is $504.56 million. The company’s 50-day moving average is $8.08 and its 200 day moving average is $6.93.
Sequential Brands Group (NASDAQ:SQBG) last announced its earnings results on Thursday, July 28th. The company reported $0.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. The company had revenue of $34.20 million for the quarter, compared to analyst estimates of $31.23 million. The firm’s quarterly revenue was up 69.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.08 earnings per share. Equities analysts predict that Sequential Brands Group Inc. will post $0.45 EPS for the current fiscal year.
A number of hedge funds and institutional investors recently made changes to their positions in SQBG. State of New Jersey Common Pension Fund D increased its position in shares of Sequential Brands Group by 22.3% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 1,344,200 shares of the company’s stock valued at $10,633,000 after buying an additional 245,000 shares during the last quarter. Boston Partners acquired a new position in Sequential Brands Group during the fourth quarter valued at $8,071,000. Finally, Russell Frank Co raised its position in Sequential Brands Group by 109.5% in the fourth quarter. Russell Frank Co now owns 380,905 shares of the company’s stock valued at $3,054,000 after buying an additional 199,077 shares during the period.
Sequential Brands Group, Inc owns a portfolio of consumer brands in the fashion, home, athletic and lifestyle categories. The Company’s portfolio of consumer brands includes Martha Stewart, Emeril Lagasse, Jessica Simpson, Joe’s Jeans, William Rast, Ellen Tracy, Revo, AND1 and Avia. The Company’s brands are licensed for a range of product categories, including apparel, footwear, eyewear, fashion accessories and home goods.
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