Luxottica Group (LUXTY) Rating Lowered to Sell at Zacks Investment Research
Luxottica Group (OTCMKTS:LUXTY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued 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. “
LUXTY has been the subject of several other research reports. Royal Bank Of Canada downgraded shares of Luxottica Group from a “sector perform” rating to an “underperform” rating in a research report on Wednesday, September 20th. Societe Generale downgraded shares of Luxottica Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Luxottica Group has an average rating of “Hold” and a consensus price target of $65.00.
Several institutional investors and hedge funds have recently made changes to their positions in LUXTY. WCM Investment Management CA grew its stake in Luxottica Group by 11.3% in the 2nd quarter. WCM Investment Management CA now owns 1,434,811 shares of the company’s stock valued at $83,620,000 after acquiring an additional 145,746 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Luxottica Group in the 1st quarter valued at about $1,233,000. BB&T Securities LLC acquired a new stake in Luxottica Group in the 3rd quarter valued at about $1,133,000. Summit Global Investments acquired a new stake in Luxottica Group in the 2nd quarter valued at about $614,000. Finally, Kornitzer Capital Management Inc. KS grew its stake in Luxottica Group by 2.3% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 351,950 shares of the company’s stock valued at $19,676,000 after acquiring an additional 7,895 shares during the last quarter. Institutional investors and hedge funds own 0.45% of the company’s stock.
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About Luxottica Group
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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