Zacks Investment Research Downgrades Luxottica Group SpA (LUX) to Hold
Luxottica Group SpA (NYSE:LUX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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. “
Other equities analysts have also recently issued research reports about the stock. Deutsche Bank AG raised shares of Luxottica Group SpA from a “hold” rating to a “buy” rating in a research report on Tuesday, September 13th. Credit Suisse Group AG started coverage on shares of Luxottica Group SpA in a research report on Wednesday, June 15th. They issued an “outperform” rating on the stock. Royal Bank Of Canada cut shares of Luxottica Group SpA from an “outperform” rating to a “sector perform” rating in a research report on Monday, August 8th. RBC Capital Markets cut shares of Luxottica Group SpA from an “outperform” rating to a “sector perform” rating in a research report on Monday, August 8th. Finally, Bank of America Corp. reaffirmed a “sell” rating and issued a $41.00 price target on shares of Luxottica Group SpA in a research report on Thursday, September 29th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $48.50.
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Shares of Luxottica Group SpA (NYSE:LUX) traded down 0.93% during midday trading on Tuesday, hitting $45.73. The stock had a trading volume of 40,287 shares. Luxottica Group SpA has a 52 week low of $45.48 and a 52 week high of $72.55. The stock’s 50-day moving average price is $48.24 and its 200 day moving average price is $51.15. The company has a market cap of $21.93 billion, a price-to-earnings ratio of 25.34 and a beta of 0.85.
A number of large investors have recently bought and sold shares of the stock. US Bancorp DE raised its stake in 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 period. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Luxottica Group SpA during the first quarter valued at about $110,000. Sei Investments Co. raised its stake 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 raised its stake 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 raised its stake 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 1.19% of the company’s stock.
About Luxottica Group SpA
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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