Fox Factory (FOXF) Raised to “Buy” at Zacks Investment Research
Fox Factory (NASDAQ:FOXF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $42.00 price objective on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.41% from the stock’s previous close.
According to Zacks, “Fox Factory Holding Corp. is a designer, manufacturer and marketer of suspension products used primarily on mountain bikes, side-by-side vehicles, on-road vehicles, off-road vehicles, all-terrain vehicles, snowmobiles, specialty vehicles and applications and motorcycles. Fox Factory Holding Corp. is headquartered in California. “
A number of other equities analysts also recently issued reports on the stock. Stifel Nicolaus reiterated a “hold” rating and set a $44.00 price objective on shares of Fox Factory in a research note on Sunday, December 3rd. ValuEngine downgraded shares of Fox Factory from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Bank of America increased their price objective on shares of Fox Factory from $42.00 to $45.00 and gave the company a “neutral” rating in a research note on Tuesday, October 24th. SunTrust Banks reiterated a “hold” rating and set a $36.00 price objective on shares of Fox Factory in a research note on Friday, October 20th. Finally, William Blair downgraded shares of Fox Factory from an “outperform” rating to a “market perform” rating in a research note on Friday, October 13th. Eight investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Fox Factory has an average rating of “Hold” and an average price target of $39.00.
Fox Factory (NASDAQ:FOXF) last issued its earnings results on Wednesday, November 1st. The company reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.02. The business had revenue of $127.40 million for the quarter, compared to the consensus estimate of $123.02 million. Fox Factory had a net margin of 10.76% and a return on equity of 28.25%. The company’s revenue for the quarter was up 16.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.44 EPS. analysts expect that Fox Factory will post 1.53 earnings per share for the current fiscal year.
In other Fox Factory news, CEO Larry L. Enterline sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $38.08, for a total value of $2,856,000.00. Following the completion of the sale, the chief executive officer now directly owns 124,934 shares in the company, valued at $4,757,486.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Zvi Glasman sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $39.37, for a total transaction of $393,700.00. Following the completion of the sale, the chief financial officer now owns 160,331 shares of the company’s stock, valued at $6,312,231.47. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,000 shares of company stock worth $3,845,500. Insiders own 21.40% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Ameritas Investment Partners Inc. boosted its stake in Fox Factory by 76.4% in the second quarter. Ameritas Investment Partners Inc. now owns 3,076 shares of the company’s stock valued at $110,000 after acquiring an additional 1,332 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Fox Factory in the second quarter valued at approximately $111,000. Pinebridge Investments L.P. boosted its stake in Fox Factory by 20.5% in the second quarter. Pinebridge Investments L.P. now owns 4,564 shares of the company’s stock valued at $163,000 after acquiring an additional 778 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Fox Factory by 17.6% in the second quarter. Victory Capital Management Inc. now owns 5,883 shares of the company’s stock valued at $209,000 after acquiring an additional 880 shares in the last quarter. Finally, Amalgamated Bank purchased a new position in shares of Fox Factory in the third quarter worth $209,000. Institutional investors own 97.78% of the company’s stock.
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Fox Factory Company Profile
Fox Factory Holding Corp. is engaged in the manufacturing, sale and service of ride dynamics products. The Company’s products fall into two categories: bikes, and powered vehicles, including side-by-sides, on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles (ATVs), snowmobiles, specialty vehicles and applications, and motorcycles.
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