Royal Bank of Canada Trims Signet Jewelers (SIG) Target Price to $46.00

Signet Jewelers (NYSE:SIG) had its target price reduced by investment analysts at Royal Bank of Canada to $46.00 in a research note issued on Friday, The Fly reports. The firm currently has an “in-line” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 19.33% from the company’s previous close.

A number of other research analysts also recently weighed in on SIG. Zacks Investment Research restated a “hold” rating on shares of Signet Jewelers in a research note on Thursday, November 15th. Telsey Advisory Group restated a “market perform” rating and issued a $60.00 price target (down from $69.00) on shares of Signet Jewelers in a research note on Monday, December 3rd. ValuEngine downgraded Signet Jewelers from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 28th. TheStreet upgraded Signet Jewelers from a “d+” rating to a “c-” rating in a research note on Tuesday, August 21st. Finally, Wells Fargo & Co lifted their target price on Signet Jewelers from $50.00 to $65.00 and gave the stock a “market perform” rating in a research note on Friday, August 31st. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $54.06.

SIG stock traded down $2.45 during mid-day trading on Friday, reaching $38.55. The company had a trading volume of 3,577,828 shares, compared to its average volume of 1,484,504. The company has a quick ratio of 0.47, a current ratio of 2.20 and a debt-to-equity ratio of 0.49. The company has a market cap of $2.13 billion, a price-to-earnings ratio of 5.92, a P/E/G ratio of 1.48 and a beta of 0.89. Signet Jewelers has a 52 week low of $33.11 and a 52 week high of $71.07.

Signet Jewelers (NYSE:SIG) last posted its quarterly earnings results on Thursday, December 6th. The company reported ($1.06) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($1.08) by $0.02. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Signet Jewelers had a positive return on equity of 15.90% and a negative net margin of 3.23%. The business’s revenue was up 3.0% compared to the same quarter last year. During the same period last year, the company earned $0.05 earnings per share. On average, equities research analysts anticipate that Signet Jewelers will post 4.28 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Itau Unibanco Holding S.A. bought a new position in shares of Signet Jewelers during the 2nd quarter worth approximately $132,000. NuWave Investment Management LLC lifted its holdings in Signet Jewelers by 140.1% during the 3rd quarter. NuWave Investment Management LLC now owns 2,840 shares of the company’s stock worth $187,000 after purchasing an additional 1,657 shares during the last quarter. Advisors Asset Management Inc. acquired a new stake in Signet Jewelers during the 2nd quarter worth approximately $214,000. HighPoint Advisor Group LLC acquired a new stake in Signet Jewelers during the 2nd quarter worth approximately $284,000. Finally, Martingale Asset Management L P acquired a new stake in Signet Jewelers during the 2nd quarter worth approximately $290,000.

About Signet Jewelers

Signet Jewelers Limited engages in the retail sale of diamond jewelry, watches, and other products in the United States, Canada, the United Kingdom, the Republic of Ireland, and the Channel Islands. Its Sterling Jewelers division operates stores in malls and off-mall locations primarily under the Kay Jewelers, Kay Jewelers Outlet, Jared The Galleria Of Jewelry, Jared Vault, and various mall-based regional brands, as well as JamesAllen.com, an online jewelry retailer Website.

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