Trade Report: Today, Luxottica Group SpA (LUX) Downgraded by Zacks Investment Research

Today, Luxottica Group SpA (LUX) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Luxottica Group SpA (NYSE:LUX) from a hold rating to a strong sell rating in a research report sent to investors on Wednesday morning.

According to Zacks, “Luxottica Group is the world leader in the design, manufacture and marketing of high quality eyeglass frames and sunglasses in the mid and premium priced market segments. The Company’s products, which are designed and produced in four facilities based in Northern Italy, include over 1,700 styles available in a wide array of colors and sizes. The eyeglass and sunglass frames manufactured by Luxottica are sold through twelve wholly-owned distributors in the United States, Canada, Italy, France, Spain, Portugal, Sweden, Germany, the United Kingdom, Brazil, Switzerland and Mexico. “

Several other analysts have also weighed in on the company. Bank of America Corp. reissued a sell rating and set a $41.00 price objective on shares of Luxottica Group SpA in a report on Thursday, September 29th. Deutsche Bank AG upgraded Luxottica Group SpA from a hold rating to a buy rating in a research report on Tuesday, September 13th. Credit Suisse Group AG initiated coverage on Luxottica Group SpA in a research report on Wednesday, June 15th. They set an outperform rating for the company. Royal Bank Of Canada downgraded Luxottica Group SpA from an outperform rating to a sector perform rating in a research report on Monday, August 8th. Finally, RBC Capital Markets downgraded Luxottica Group SpA from an outperform rating to a sector perform rating in a research report on Monday, August 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $48.50.

Luxottica Group SpA (NYSE:LUX) opened at 45.93 on Wednesday. The company’s 50-day moving average price is $47.73 and its 200 day moving average price is $50.84. Luxottica Group SpA has a 52 week low of $44.85 and a 52 week high of $72.55. The company has a market cap of $22.02 billion, a PE ratio of 25.60 and a beta of 0.85.

A number of institutional investors have recently modified their holdings of the stock. US Bancorp DE increased its position in shares of Luxottica Group SpA by 35.2% in the second quarter. US Bancorp DE now owns 2,144 shares of the company’s stock valued at $105,000 after buying an additional 558 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Luxottica Group SpA during the first quarter valued at about $110,000. Sei Investments Co. increased its position in shares of Luxottica Group SpA by 136.1% in the second quarter. Sei Investments Co. now owns 2,309 shares of the company’s stock valued at $113,000 after buying an additional 1,331 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Luxottica Group SpA by 16.7% in the second quarter. Toronto Dominion Bank now owns 2,800 shares of the company’s stock valued at $138,000 after buying an additional 400 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Luxottica Group SpA by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 4,369 shares of the company’s stock valued at $213,000 after buying an additional 38 shares during the last quarter. Hedge funds and other institutional investors own 1.20% of the company’s stock.

Luxottica Group SpA Company Profile

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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