Iconix Brand Group (NASDAQ:ICON) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Iconix has significantly lagged the industry in a year, mainly due to persistent softness in Men's and Home segments. In fourth-quarter 2017, sales at the Men’s and Home categories declined 30% and 6%, respectively. Such aspects caused Iconix’s overall topline to tumble 2%, excluding divestitures and revenues from deconsolidated regions. Further, the termination of several licensing agreements has also been hurting the company’s performance. Nonetheless, the company is striving to place these brands with new or existing licensees. Also, it has been undertaking measures to enhance international business that has been yielding strong results for a while. The company is expected to continue expanding the international footprint, which is evident from its initiatives to expand in Canada. Iconix is also on track with reducing its debt load, strengthening its balance sheet and enhancing its financial flexibility.”
Several other equities analysts have also recently issued reports on the stock. Roth Capital set a $2.00 price objective on shares of Iconix Brand Group and gave the company a “hold” rating in a research note on Thursday, February 15th. ValuEngine raised shares of Iconix Brand Group from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, Guggenheim reissued a “hold” rating on shares of Iconix Brand Group in a research note on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $5.00.
Iconix Brand Group (NASDAQ:ICON) last announced its earnings results on Wednesday, March 14th. The brand management company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.07. The business had revenue of $52.30 million for the quarter, compared to analysts’ expectations of $51.50 million. Iconix Brand Group had a negative net margin of 217.71% and a positive return on equity of 20.17%. During the same period in the previous year, the company posted $0.38 EPS. equities analysts expect that Iconix Brand Group will post 0.15 EPS for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in ICON. Voya Investment Management LLC increased its stake in Iconix Brand Group by 21.4% in the 2nd quarter. Voya Investment Management LLC now owns 24,215 shares of the brand management company’s stock valued at $167,000 after buying an additional 4,274 shares during the period. Spark Investment Management LLC acquired a new position in shares of Iconix Brand Group during the 4th quarter worth $187,000. Royal Bank of Canada grew its stake in shares of Iconix Brand Group by 12.3% during the 2nd quarter. Royal Bank of Canada now owns 35,342 shares of the brand management company’s stock worth $245,000 after purchasing an additional 3,884 shares during the period. New York State Common Retirement Fund grew its stake in shares of Iconix Brand Group by 2.4% during the 2nd quarter. New York State Common Retirement Fund now owns 39,100 shares of the brand management company’s stock worth $270,000 after purchasing an additional 899 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Iconix Brand Group by 18.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 41,323 shares of the brand management company’s stock worth $286,000 after purchasing an additional 6,431 shares during the period. 68.61% of the stock is currently owned by institutional investors.
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About Iconix Brand Group
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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