Impax Asset Management LLC Grows Stake in Michael Kors Holdings Ltd (KORS)

Impax Asset Management LLC lifted its holdings in Michael Kors Holdings Ltd (NYSE:KORS) by 55.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 70,899 shares of the lifestyle brand’s stock after acquiring an additional 25,310 shares during the quarter. Impax Asset Management LLC’s holdings in Michael Kors were worth $4,722,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in KORS. Signet Financial Management LLC purchased a new stake in Michael Kors during the second quarter worth $140,000. Dynamic Technology Lab Private Ltd purchased a new stake in Michael Kors during the second quarter worth $200,000. Conning Inc. purchased a new stake in Michael Kors during the second quarter worth $204,000. Lido Advisors LLC purchased a new stake in Michael Kors during the first quarter worth $212,000. Finally, Canandaigua National Bank & Trust Co. purchased a new stake in Michael Kors during the second quarter worth $261,000. Hedge funds and other institutional investors own 86.62% of the company’s stock.

In other news, CEO John D. Idol sold 150,000 shares of the stock in a transaction dated Friday, July 20th. The shares were sold at an average price of $67.99, for a total value of $10,198,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael David Kors sold 179,920 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $71.35, for a total transaction of $12,837,292.00. The disclosure for this sale can be found here. Insiders sold 479,920 shares of company stock valued at $34,021,792 over the last quarter. Company insiders own 6.00% of the company’s stock.

A number of analysts recently issued reports on KORS shares. Robert W. Baird set a $74.00 price target on shares of Michael Kors and gave the stock a “hold” rating in a report on Tuesday, May 29th. Canaccord Genuity set a $84.00 price objective on shares of Michael Kors and gave the company a “buy” rating in a report on Tuesday, May 29th. Citigroup decreased their price objective on shares of Michael Kors from $75.00 to $69.00 and set a “neutral” rating on the stock in a report on Thursday, May 31st. Telsey Advisory Group decreased their price objective on shares of Michael Kors from $75.00 to $67.00 and set a “market perform” rating on the stock in a report on Thursday, May 31st. Finally, Deutsche Bank set a $83.00 price objective on shares of Michael Kors and gave the company a “buy” rating in a report on Thursday, May 31st. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and seventeen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $73.33.

Shares of NYSE KORS opened at $73.36 on Tuesday. The stock has a market capitalization of $10.80 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 2.11 and a beta of 0.11. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.27. Michael Kors Holdings Ltd has a 52 week low of $42.00 and a 52 week high of $75.96.

Michael Kors (NYSE:KORS) last issued its earnings results on Wednesday, August 8th. The lifestyle brand reported $1.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.37. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Michael Kors had a net margin of 13.14% and a return on equity of 39.01%. The company’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.80 earnings per share. equities research analysts predict that Michael Kors Holdings Ltd will post 5.01 EPS for the current fiscal year.

Michael Kors Profile

Michael Kors Holdings Limited design, markets, distributes, and retails branded women's and men's apparel and accessories. It operates in four segments: MK Retail, MK Wholesale, MK Licensing, and Jimmy Choo. The MK Retail segment sells women's apparel; handbags and small leather goods; men's apparel; footwear; and licensed products comprising watches, jewelry, fragrances, and beauty and eyewear.

Read More: How are Outstanding Shares Different from Authorized Shares?

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Institutional Ownership by Quarter for Michael Kors (NYSE:KORS)

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