Zacks Investment Research Upgrades PVH Corp. (PVH) to Buy
PVH Corp. (NYSE:PVH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $143.00 price objective on the textile maker’s stock. Zacks Investment Research‘s target price points to a potential upside of 13.09% from the company’s previous close.
According to Zacks, “PVH Corp. has outperformed the industry year to date driven by its superb earnings history and brand strength. The company posted better-than-expected earnings and sales results for second-quarter fiscal 2017. While sales marked its fourth consecutive beat, earnings retained its positive surprise trend for the 13th straight time. Results continued to gain from solid momentum at its Calvin Klein and Tommy Hilfiger brands, particularly in the international regions. Further, the company raised earnings outlook for fiscal 2017. However, concerns regarding the volatile macroeconomic and geopolitical environment remain. While currency rates improved in second quarter, currency headwinds are expected to hurt fiscal 2017 earnings by 20 cents per share. Apart from this, a volatile retail scenario and greater marketing costs may hurt performance. Nonetheless, the company’s efforts to keep pace with the evolving consumer trends bode well.”
Several other brokerages have also weighed in on PVH. Sanford C. Bernstein began coverage on shares of PVH Corp. in a research report on Tuesday. They set a “market perform” rating and a $142.00 price objective on the stock. Cowen and Company set a $145.00 price objective on shares of PVH Corp. and gave the company a “buy” rating in a research report on Wednesday, August 23rd. Credit Suisse Group set a $149.00 price objective on shares of PVH Corp. and gave the company a “buy” rating in a research report on Thursday, August 24th. Citigroup Inc. raised their price objective on shares of PVH Corp. from $125.00 to $148.00 and gave the company a “neutral” rating in a research report on Friday, August 25th. Finally, Buckingham Research raised their price objective on shares of PVH Corp. from $142.00 to $143.00 and gave the company a “buy” rating in a research report on Friday, August 25th. Four investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. PVH Corp. currently has an average rating of “Buy” and a consensus price target of $137.81.
PVH Corp. (NYSE PVH) traded down 0.77% during midday trading on Thursday, hitting $126.45. 755,342 shares of the stock traded hands. PVH Corp. has a 1-year low of $84.53 and a 1-year high of $130.75. The firm has a market cap of $9.79 billion, a P/E ratio of 24.11 and a beta of 0.46. The company has a 50-day moving average price of $124.14 and a 200-day moving average price of $108.46.
PVH Corp. (NYSE:PVH) last issued its quarterly earnings data on Wednesday, August 23rd. The textile maker reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.04. The firm had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.02 billion. PVH Corp. had a net margin of 4.96% and a return on equity of 11.67%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.47 earnings per share. Analysts predict that PVH Corp. will post $7.71 EPS for the current year.
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In other news, SVP Dana Perlman sold 769 shares of the firm’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $114.77, for a total value of $88,258.13. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP David F. Kozel sold 8,867 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $125.19, for a total transaction of $1,110,059.73. The disclosure for this sale can be found here. In the last 90 days, insiders sold 87,750 shares of company stock worth $10,368,221. 1.30% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. boosted its stake in PVH Corp. by 28.2% during the second quarter. Advisors Asset Management Inc. now owns 927 shares of the textile maker’s stock worth $106,000 after buying an additional 204 shares in the last quarter. FNY Partners Fund LP boosted its stake in PVH Corp. by 53.3% during the first quarter. FNY Partners Fund LP now owns 1,150 shares of the textile maker’s stock worth $118,000 after buying an additional 400 shares in the last quarter. Fiduciary Trust Co. acquired a new stake in PVH Corp. during the second quarter worth $138,000. Penserra Capital Management LLC boosted its stake in PVH Corp. by 9.5% during the first quarter. Penserra Capital Management LLC now owns 1,334 shares of the textile maker’s stock worth $138,000 after buying an additional 116 shares in the last quarter. Finally, NINE MASTS CAPITAL Ltd acquired a new stake in PVH Corp. during the first quarter worth $155,000. Institutional investors and hedge funds own 95.24% of the company’s stock.
About PVH Corp.
PVH Corp. is an apparel company. The Company operates through three segments: Calvin Klein, which consists of the Calvin Klein North America and Calvin Klein International segments; Tommy Hilfiger, which consists of the Tommy Hilfiger North America and Tommy Hilfiger International segments, and Heritage Brands, which consists of the Heritage Brands Wholesale and Heritage Brands Retail segments.
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