FBR & Co Downgrades Ascena Retail Group Inc. (ASNA) to Market Perform
Ascena Retail Group Inc. (NASDAQ:ASNA) was downgraded by FBR & Co from an “outperform” rating to a “market perform” rating in a report released on Tuesday. They currently have a $7.00 price objective on the stock, down from their prior price objective of $15.00. FBR & Co’s price objective indicates a potential downside of 13.79% from the company’s previous close.
A number of other research firms also recently weighed in on ASNA. Oppenheimer Holdings Inc. restated a “buy” rating on shares of Ascena Retail Group in a research report on Wednesday, June 1st. Royal Bank Of Canada downgraded Ascena Retail Group from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $12.00 to $7.00 in a research report on Tuesday. Telsey Advisory Group cut their target price on Ascena Retail Group from $9.00 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday. Cowen and Company restated a “market perform” rating and issued a $8.00 target price (down from $10.00) on shares of Ascena Retail Group in a research report on Wednesday, June 1st. Finally, RBC Capital Markets downgraded Ascena Retail Group from an “outperform” rating to a “sector perform” rating and set a $7.00 target price for the company. in a research report on Tuesday. Nine investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $11.58.
Ascena Retail Group (NASDAQ:ASNA) traded down 26.72% during midday trading on Tuesday, hitting $5.95. The stock had a trading volume of 14,159,613 shares. Ascena Retail Group has a one year low of $5.80 and a one year high of $14.76. The stock’s market cap is $1.14 billion. The firm has a 50 day moving average price of $8.03 and a 200 day moving average price of $8.34.
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Ascena Retail Group (NASDAQ:ASNA) last issued its quarterly earnings data on Monday, September 19th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.08. The business had revenue of $1.81 billion for the quarter. Ascena Retail Group had a positive return on equity of 6.15% and a negative net margin of 5.50%. The company’s revenue for the quarter was up 54.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.06 EPS. Equities analysts expect that Ascena Retail Group will post $0.69 EPS for the current year.
A number of hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors L.L.C. increased its position in Ascena Retail Group by 70.1% in the first quarter. Nisa Investment Advisors L.L.C. now owns 43,908 shares of the company’s stock worth $486,000 after buying an additional 18,100 shares during the period. Ngam Advisors L.P. increased its position in Ascena Retail Group by 50.8% in the first quarter. Ngam Advisors L.P. now owns 132,117 shares of the company’s stock worth $1,461,000 after buying an additional 44,521 shares during the period. TIAA CREF Investment Management LLC increased its position in Ascena Retail Group by 15.9% in the first quarter. TIAA CREF Investment Management LLC now owns 1,938,121 shares of the company’s stock worth $21,436,000 after buying an additional 265,229 shares during the period. Prudential Financial Inc. increased its position in Ascena Retail Group by 367.0% in the first quarter. Prudential Financial Inc. now owns 1,052,085 shares of the company’s stock worth $11,636,000 after buying an additional 826,800 shares during the period. Finally, BlackRock Inc. increased its position in Ascena Retail Group by 12.1% in the first quarter. BlackRock Inc. now owns 73,665 shares of the company’s stock worth $815,000 after buying an additional 7,931 shares during the period. 94.47% of the stock is currently owned by institutional investors.
Ascena Retail Group Company Profile
Ascena Retail Group, Inc is a specialty retailer, which offers clothing, shoes and accessories for missy and plus-size women. The Company offers its products under the Ann Taylor, LOFT, Lane Bryant, maurices, dressbarn, Catherines and Justice brands. It operates through six segments: ANN, Justice, Lane Bryant, maurices, dressbarn and Catherines.
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