Zacks Investment Research downgraded shares of Iconix Brand Group Inc. (NASDAQ:ICON) from a buy rating to a hold rating in a report issued on Wednesday.
According to Zacks, “Estimates have been rising lately after Iconix reported second quarter results. While Iconix’s earnings of $0.27 per share beat the Zacks Consensus Estimate by 17.4%, it declined about 37% from the year-ago level, mainly due to a decline in licensing revenues. Total licensing revenue was almost in line with the Zacks Consensus Estimate but declined 2% year over year, despite a favorable currency impact. The raised stake by Joe Huber signals investment opportunities to create new plans and proposals regarding the company’s management and its investment. Though the company believes in its strong brands and growth strategy, the company expects other headwinds like higher expenses, adjustments related to the financial restatement, and transition costs to hamper its profitability.”
Separately, Guggenheim assumed coverage on shares of Iconix Brand Group in a research note on Friday, September 30th. They issued a neutral rating for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $10.50.
Shares of Iconix Brand Group (NASDAQ:ICON) traded down 1.76% during mid-day trading on Wednesday, hitting $8.39. 117,534 shares of the company were exchanged. The company’s market capitalization is $470.90 million. Iconix Brand Group has a 52 week low of $4.67 and a 52 week high of $16.88. The company has a 50 day moving average of $8.39 and a 200 day moving average of $7.81.
Iconix Brand Group (NASDAQ:ICON) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. Iconix Brand Group had a negative net margin of 63.95% and a positive return on equity of 7.26%. The firm earned $95.70 million during the quarter, compared to analyst estimates of $97.02 million. During the same period in the previous year, the business posted $0.45 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. Equities analysts anticipate that Iconix Brand Group will post $1.17 earnings per share for the current year.
Hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA raised its stake in shares of Iconix Brand Group by 111.9% in the second quarter. BNP Paribas Arbitrage SA now owns 14,962 shares of the company’s stock valued at $101,000 after buying an additional 7,902 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Iconix Brand Group during the second quarter valued at about $101,000. First Midwest Bank Trust Division raised its stake in shares of Iconix Brand Group by 47.0% in the second quarter. First Midwest Bank Trust Division now owns 15,993 shares of the company’s stock valued at $108,000 after buying an additional 5,111 shares during the period. Profund Advisors LLC raised its stake in shares of Iconix Brand Group by 10.3% in the second quarter. Profund Advisors LLC now owns 16,194 shares of the company’s stock valued at $109,000 after buying an additional 1,518 shares during the period. Finally, Acrospire Investment Management LLC raised its stake in shares of Iconix Brand Group by 245.3% in the second quarter. Acrospire Investment Management LLC now owns 18,300 shares of the company’s stock valued at $124,000 after buying an additional 13,000 shares during the period. Institutional investors own 80.08% of the company’s stock.
Iconix Brand Group Company Profile
Iconix Brand Group, Inc is a brand management company. The Company owns a diversified portfolio of over 35 global consumer brands across women’s, men’s, home and entertainment categories. The Company operates through five segments: men’s, women’s, home, entertainment and corporate. 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, Sharper Image, Umbro, Lee Cooper, Strawberry Shortcake and Artful Dodger, and interests in Material Girl, Peanuts, Ed Hardy, Truth or Dare, Modern Amusement, Buffalo, Nick Graham Hydraulic and PONY brands.