Iconix Brand Group, Inc. (NASDAQ:ICON) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday.

According to Zacks, “Shares of Iconix have been underperforming the Zacks Categorized industry since past six months. Further, Iconix also reported weaker-than-expected first-quarter 2017 results, wherein both earnings and revenues lagged the Zacks Consensus Estimate and declined year-over-year. The company also slashed its sales guidance expectation for 2017. Though the divestment of non-core brands like Sharper Image and Badgley Mischka are in-line with the company’s focus on managing its portfolio and spending resources on businesses that generate significant volume, we note that Iconix has been witnessing sluggishness in the women's and men's segments in the last nine consecutive quarters. With the sale of the company’s Peanuts and Strawberry Shortcake brands, management expects to reduce its debt. However, it expects challenging retail environment, sluggish international segment and competitive pressure also remain headwinds.”

Several other brokerages have also recently issued reports on ICON. Roth Capital set a $13.00 price objective on Iconix Brand Group and gave the company a “buy” rating in a research note on Thursday, May 11th. FBR & Co restated an “outperform” rating and set a $8.50 price objective on shares of Iconix Brand Group in a research note on Tuesday, July 11th. Finally, BidaskClub cut Iconix Brand Group from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. Iconix Brand Group presently has an average rating of “Hold” and a consensus price target of $10.33.

Shares of Iconix Brand Group (NASDAQ ICON) traded up 1.98% during midday trading on Monday, hitting $6.69. The stock had a trading volume of 212,276 shares. The stock has a 50 day moving average of $6.45 and a 200-day moving average of $7.94. Iconix Brand Group has a one year low of $5.91 and a one year high of $10.80. The company’s market cap is $381.74 million.

Iconix Brand Group (NASDAQ:ICON) last issued its quarterly earnings results on Wednesday, May 10th. The brand management company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by $0.01. The business had revenue of $58.72 million during the quarter, compared to analysts’ expectations of $89.34 million. Iconix Brand Group had a negative net margin of 82.70% and a positive return on equity of 9.27%. The company’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.47 EPS. Analysts forecast that Iconix Brand Group will post $0.76 EPS for the current fiscal year.

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Hedge funds have recently made changes to their positions in the stock. Van Berkom & Associates Inc. boosted its stake in shares of Iconix Brand Group by 32.9% in the first quarter. Van Berkom & Associates Inc. now owns 2,514,901 shares of the brand management company’s stock valued at $18,912,000 after buying an additional 622,250 shares during the last quarter. Comerica Bank boosted its stake in shares of Iconix Brand Group by 3.7% in the first quarter. Comerica Bank now owns 61,520 shares of the brand management company’s stock valued at $460,000 after buying an additional 2,209 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Iconix Brand Group by 5.1% in the first quarter. BNP Paribas Arbitrage SA now owns 17,899 shares of the brand management company’s stock valued at $135,000 after buying an additional 865 shares during the last quarter. Solaris Asset Management LLC boosted its stake in shares of Iconix Brand Group by 8.3% in the first quarter. Solaris Asset Management LLC now owns 33,053 shares of the brand management company’s stock valued at $249,000 after buying an additional 2,530 shares during the last quarter. Finally, Capital Fund Management S.A. purchased a new stake in shares of Iconix Brand Group during the first quarter valued at about $108,000. Hedge funds and other institutional investors own 84.25% of the company’s stock.

Iconix Brand Group Company Profile

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, home and entertainment categories. The Company operates through five segments: men’s, women’s, home, entertainment 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, Sharper Image, Umbro, Lee Cooper, Strawberry Shortcake and Artful Dodger, and interests in Material Girl, Peanuts, Ed Hardy, Truth or Dare, Modern Amusement, Buffalo, Nick Graham Hydraulic and PONY brands.

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