Iconix Brand Group Given Neutral Rating at Zacks (ICON)
Iconix Brand Group (NASDAQ:ICON)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Thursday. They currently have a $43.00 price objective on the stock. Zacks‘s target price points to a potential upside of 5.16% from the company’s current price.
Zacks’ analyst wrote, “Iconix’ earnings and sales exceeded the Zacks Consensus Estimate in the second quarter. The company raised its guidance for fiscal 2014. Second quarter earnings of $0.75 per share increased 4% year over year, driven by solid revenues and lower share count owing to share buybacks. Iconix revenues grew 3% driven by the company s positive results across its Women’s, Home and Entertainment businesses. The strong performance of its core brands and international expansion through joint ventures also contributed to sales growth. We are impressed that the company is signing new licensing partnerships with top retailers in the U.S. in order to increase its brand presence. The company’s strong brand portfolio, its strategic acquisitions and consistent expansion in the U.S., Europe and in emerging markets is also appealing. However, unfavorable currency translations and a volatile retail environment may continue to hinder earnings.”
A number of other analysts have also recently weighed in on ICON. Analysts at Wunderlich initiated coverage on shares of Iconix Brand Group in a research note on Tuesday, August 5th. They set a “hold” rating and a $42.00 price target on the stock. Analysts at Cowen and Company initiated coverage on shares of Iconix Brand Group in a research note on Friday, July 25th. They set an “outperform” rating and a $52.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $45.59.
Shares of Iconix Brand Group (NASDAQ:ICON) traded down 0.15% during mid-day trading on Thursday, hitting $40.83. The stock had a trading volume of 113,117 shares. Iconix Brand Group has a 52-week low of $31.40 and a 52-week high of $44.81. The stock has a 50-day moving average of $42.30 and a 200-day moving average of $40.81. The company has a market cap of $1.961 billion and a price-to-earnings ratio of 15.91.
Iconix Brand Group (NASDAQ:ICON) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.75 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.67 by $0.08. The company had revenue of $118.90 million for the quarter, compared to the consensus estimate of $116.04 million. During the same quarter in the prior year, the company posted $0.72 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis. Analysts expect that Iconix Brand Group will post $2.67 earnings per share for the current fiscal year.
In other Iconix Brand Group news, Insider David Blumberg sold 20,000 shares of the company’s stock on the open market in a transaction dated Thursday, July 31st. The stock was sold at an average price of $42.14, for a total transaction of $842,800.00. The transaction was disclosed in a filing with the SEC, which is available at this link.
Iconix Brand Group, Inc (NASDAQ:ICON), is a brand management company engaged in licensing, marketing and providing trend direction for a portfolio of consumer brands.
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