Bank of New York Mellon Corp Cuts Holdings in Wayfair Inc (W)

Bank of New York Mellon Corp lessened its holdings in shares of Wayfair Inc (NYSE:W) by 57.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 767,836 shares of the company’s stock after selling 1,046,347 shares during the quarter. Bank of New York Mellon Corp owned about 0.86% of Wayfair worth $91,188,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Engineers Gate Manager LP purchased a new stake in Wayfair in the second quarter valued at approximately $208,000. Peregrine Asset Advisers Inc. purchased a new stake in Wayfair in the second quarter valued at approximately $214,000. World Asset Management Inc purchased a new stake in Wayfair in the second quarter valued at approximately $214,000. Comerica Bank purchased a new stake in Wayfair in the second quarter valued at approximately $255,000. Finally, BB&T Securities LLC purchased a new stake in Wayfair in the second quarter valued at approximately $298,000. Hedge funds and other institutional investors own 72.47% of the company’s stock.

W stock opened at $93.41 on Friday. The company has a market cap of $8.38 billion, a price-to-earnings ratio of -33.36 and a beta of 1.84. Wayfair Inc has a one year low of $57.89 and a one year high of $151.20.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, November 1st. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($1.09) by ($0.19). The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.67 billion. The business’s quarterly revenue was up 42.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.65) earnings per share. As a group, sell-side analysts predict that Wayfair Inc will post -5.57 EPS for the current fiscal year.

In other Wayfair news, insider Steven Conine sold 17,000 shares of Wayfair stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $123.00, for a total transaction of $2,091,000.00. Following the transaction, the insider now directly owns 69,372 shares of the company’s stock, valued at $8,532,756. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Edmond Macri sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $94.88, for a total transaction of $56,928.00. Following the completion of the transaction, the insider now owns 500 shares in the company, valued at approximately $47,440. The disclosure for this sale can be found here. Insiders have sold 448,754 shares of company stock worth $60,020,159 over the last three months. Insiders own 37.75% of the company’s stock.

A number of equities research analysts recently weighed in on the stock. Citigroup lowered their target price on shares of Wayfair from $140.00 to $105.00 and set a “neutral” rating on the stock in a research note on Friday, November 2nd. Robert W. Baird lowered their target price on shares of Wayfair from $118.00 to $108.00 and set a “neutral” rating on the stock in a research note on Friday, November 2nd. Canaccord Genuity lowered their target price on shares of Wayfair from $165.00 to $150.00 and set a “buy” rating on the stock in a research note on Friday, November 2nd. Cowen raised their target price on shares of Wayfair from $85.00 to $134.00 and gave the company an “outperform” rating in a research note on Tuesday, July 31st. Finally, Wolfe Research lowered their target price on shares of Wayfair from $143.00 to $135.00 and set an “outperform” rating on the stock in a research note on Friday, November 2nd. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $126.06.

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About Wayfair

Wayfair Inc engages in the e-commerce business in the United States, Europe, and internationally. The company offers approximately 10 million products for the home sector under various brands. It offers a selection of furniture, décor, decorative accents, housewares, seasonal décor, and other home goods through its sites, such as Wayfair, Joss & Main, AllModern, DwellStudio, Perigold, and Birch Lane.

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Institutional Ownership by Quarter for Wayfair (NYSE:W)

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