Iconix Brand Group (ICON) Lifted to Hold at Zacks Investment Research

Iconix Brand Group (NASDAQ:ICON) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “Iconix has significantly lagged the industry in a year, mainly due to persistent softness in women's and men's segments. In third-quarter 2017, sales at the women’s and men’s categories declined 13% and 5% respectively, causing Iconix’s overall top-line to tumble 12%. Notably, the Starter brand has been majorly hurting Iconix’s business. Consequently, the licensing agreement for this brand will not be renewed. Also, other licensing agreements with Wal-Mart and Target will not be renewed post expiration. Nonetheless, the company is striving to place these brands with new or existing licensees. Also, it has been undertaking measures to enhance international business, which fared well in the quarter under review. Moreover, earnings grew year over year and is expected to be marginally above the previous range in 2017. On the contrary, revenues are projected to be at the lower end of the previous range.”

A number of other equities analysts also recently weighed in on the company. FBR & Co downgraded Iconix Brand Group from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $8.50 to $4.00 in a research report on Monday, October 30th. Roth Capital downgraded Iconix Brand Group from a “buy” rating to a “neutral” rating and set a $2.00 price target for the company. in a research report on Monday, October 30th. B. Riley reaffirmed a “neutral” rating and set a $4.00 price target (down previously from $8.50) on shares of Iconix Brand Group in a research report on Wednesday, November 1st. Finally, ValuEngine raised Iconix Brand Group from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $5.00.

Iconix Brand Group (ICON) traded up $0.01 during trading hours on Tuesday, reaching $1.17. The company’s stock had a trading volume of 2,006,274 shares, compared to its average volume of 2,379,247. Iconix Brand Group has a 52-week low of $1.10 and a 52-week high of $9.79. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of -5.92. The firm has a market cap of $69.80, a P/E ratio of -0.08 and a beta of 1.29.

Iconix Brand Group (NASDAQ:ICON) last released its quarterly earnings results on Friday, December 22nd. The brand management company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Iconix Brand Group had a positive return on equity of 17.65% and a negative net margin of 311.99%. The firm had revenue of $53.17 million during the quarter, compared to the consensus estimate of $53.20 million. research analysts forecast that Iconix Brand Group will post 0.65 EPS for the current year.

Several institutional investors have recently made changes to their positions in ICON. Cubist Systematic Strategies LLC raised its stake in shares of Iconix Brand Group by 20.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 16,258 shares of the brand management company’s stock worth $112,000 after purchasing an additional 2,797 shares in the last quarter. AHL Partners LLP bought a new stake in shares of Iconix Brand Group during the 2nd quarter worth approximately $118,000. Public Employees Retirement System of Ohio raised its stake in shares of Iconix Brand Group by 5.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 17,869 shares of the brand management company’s stock worth $123,000 after purchasing an additional 876 shares in the last quarter. Voya Investment Management LLC raised its stake in shares of Iconix Brand Group by 21.4% during the 2nd quarter. Voya Investment Management LLC now owns 24,215 shares of the brand management company’s stock worth $167,000 after purchasing an additional 4,274 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in Iconix Brand Group by 29.1% in the 2nd quarter. Alliancebernstein L.P. now owns 29,291 shares of the brand management company’s stock valued at $202,000 after acquiring an additional 6,600 shares during the period. Institutional investors own 86.89% of the company’s stock.

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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, 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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