FBR & Co Reiterates “Buy” Rating for Iconix Brand Group, Inc. (ICON)
Iconix Brand Group, Inc. (NASDAQ:ICON)‘s stock had its “buy” rating reiterated by FBR & Co in a research report issued on Thursday. They presently have a $8.50 target price on the brand management company’s stock. FBR & Co’s target price would indicate a potential upside of 49.38% from the company’s previous close.
The analysts wrote, “We are reiterating our Buy rating, estimates, and $8.50 price target on ICON after meeting with Iconix management. With financial pressures basically cured for the near term and the company focused on driving organic revenue growth and new licensing agreements for key brands, we believe that ICON, trading under 8.5x our somewhat conservative 2018 EPS projection, represents a compelling investment in the current management team and a shifting business model that still provides material visibility and free cash flow. We also believe that, as the company moves key brands to new homes, investors will view the perceived risks to the business model as shrinking and drive higher valuations.””
Other analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Iconix Brand Group from a “sell” rating to a “hold” rating in a research note on Monday, July 17th. BidaskClub upgraded shares of Iconix Brand Group from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Cowen and Company set a $9.00 price objective on shares of Iconix Brand Group and gave the company a “hold” rating in a research note on Monday, August 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $10.17.
Iconix Brand Group (ICON) traded up 2.89% on Thursday, reaching $5.69. 786,441 shares of the company traded hands. The stock’s 50 day moving average price is $5.71 and its 200 day moving average price is $6.60. The company’s market capitalization is $324.85 million. Iconix Brand Group has a one year low of $4.79 and a one year high of $10.80.
Iconix Brand Group (NASDAQ:ICON) last released its quarterly earnings data on Wednesday, August 9th. The brand management company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. The business had revenue of $64.60 million during the quarter, compared to analyst estimates of $61.00 million. Iconix Brand Group had a negative net margin of 82.22% and a positive return on equity of 10.38%. Iconix Brand Group’s revenue was down 32.5% compared to the same quarter last year. During the same period last year, the business earned $0.27 EPS. On average, equities research analysts predict that Iconix Brand Group will post $0.67 EPS for the current fiscal year.
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Hedge funds have recently made changes to their positions in the company. Brandes Investment Partners LP grew its stake in shares of Iconix Brand Group by 20.2% in the first quarter. Brandes Investment Partners LP now owns 13,378 shares of the brand management company’s stock worth $101,000 after acquiring an additional 2,248 shares during the period. Capital Fund Management S.A. bought a new stake in shares of Iconix Brand Group in the first quarter worth approximately $108,000. Cubist Systematic Strategies LLC grew its stake in shares of Iconix Brand Group by 20.8% in the second quarter. Cubist Systematic Strategies LLC now owns 16,258 shares of the brand management company’s stock worth $112,000 after acquiring an additional 2,797 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of Iconix Brand Group by 11.1% in the first quarter. Public Employees Retirement System of Ohio now owns 16,993 shares of the brand management company’s stock worth $128,000 after acquiring an additional 1,691 shares during the period. Finally, AHL Partners LLP bought a new stake in shares of Iconix Brand Group in the second quarter worth approximately $118,000. Hedge funds and other institutional investors own 82.89% of the company’s stock.
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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