FBR & Co Reaffirms “Buy” Rating for Iconix Brand Group, Inc. (ICON)
Iconix Brand Group, Inc. (NASDAQ:ICON)‘s stock had its “buy” rating reaffirmed by equities research analysts at FBR & Co in a research note issued to investors on Thursday. They presently have a $8.50 target price on the brand management company’s stock. FBR & Co’s target price indicates a potential upside of 49.38% from the stock’s current price.
The analysts wrote, “We are reiterating our Buy rating, estimates, and $8.50 price target on ICON after meeting with Iconix management. With financial pressures basically cured for the near term and the company focused on driving organic revenue growth and new licensing agreements for key brands, we believe that ICON, trading under 8.5x our somewhat conservative 2018 EPS projection, represents a compelling investment in the current management team and a shifting business model that still provides material visibility and free cash flow. We also believe that, as the company moves key brands to new homes, investors will view the perceived risks to the business model as shrinking and drive higher valuations.””
ICON has been the topic of several other research reports. BidaskClub raised Iconix Brand Group from a “sell” rating to a “hold” rating in a research report on Tuesday, July 25th. Zacks Investment Research raised Iconix Brand Group from a “sell” rating to a “hold” rating in a research report on Monday, July 17th. Finally, Cowen and Company set a $9.00 price target on Iconix Brand Group and gave the stock a “hold” rating in a research report on Monday, August 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $10.17.
Shares of Iconix Brand Group (ICON) traded up 2.89% during midday trading on Thursday, reaching $5.69. The company’s stock had a trading volume of 786,441 shares. Iconix Brand Group has a 12 month low of $4.79 and a 12 month high of $10.80. The firm’s market cap is $324.85 million. The company has a 50-day moving average price of $5.71 and a 200-day moving average price of $6.60.
Iconix Brand Group (NASDAQ:ICON) last posted its quarterly earnings results on Wednesday, August 9th. The brand management company reported $0.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.09. The firm had revenue of $64.60 million for the quarter, compared to analyst estimates of $61.00 million. Iconix Brand Group had a positive return on equity of 10.38% and a negative net margin of 82.22%. The business’s quarterly revenue was down 32.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.27 EPS. Equities analysts expect that Iconix Brand Group will post $0.67 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently modified their holdings of the company. Loews Corp boosted its stake in shares of Iconix Brand Group by 0.4% during the 1st quarter. Loews Corp now owns 24,801 shares of the brand management company’s stock worth $187,000 after acquiring an additional 100 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Iconix Brand Group by 1.3% during the 1st quarter. Louisiana State Employees Retirement System now owns 22,900 shares of the brand management company’s stock worth $172,000 after acquiring an additional 300 shares during the period. Arizona State Retirement System boosted its stake in shares of Iconix Brand Group by 1.4% during the 1st quarter. Arizona State Retirement System now owns 29,260 shares of the brand management company’s stock worth $220,000 after acquiring an additional 400 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Iconix Brand Group by 0.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 52,971 shares of the brand management company’s stock worth $398,000 after acquiring an additional 477 shares during the period. Finally, CNA Financial Corp boosted its stake in shares of Iconix Brand Group by 0.5% during the 1st quarter. CNA Financial Corp now owns 94,087 shares of the brand management company’s stock worth $708,000 after acquiring an additional 500 shares during the period. Institutional investors own 82.89% of the company’s stock.
About Iconix Brand Group
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, and home categories. The Company operates through segments: men’s, women’s, home 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, Umbro, Lee Cooper and Artful Dodger, and interests in Material Girl, Ed Hardy, Truth or Dare, Modern Amusement, Buffalo, Nick Graham Hydraulic and PONY brands.
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