Signet Jewelers (NYSE:SIG) Updates FY24 Earnings Guidance

Signet Jewelers (NYSE:SIG – Get Rating) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $11.07 to $11.59 for the period, compared to the consensus estimate of $10.68. The company issued revenue guidance of $7.67 billion to $7.84 billion, compared to the consensus revenue estimate of $7.89 billion. Signet Jewelers also updated its FY 2024 guidance to $11.07-$11.59 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. StockNews.com assumed coverage on Signet Jewelers in a research note on Thursday. They issued a buy rating for the company. UBS Group boosted their price objective on Signet Jewelers from $79.00 to $93.00 and gave the company a buy rating in a research note on Wednesday, December 7th. Telsey Advisory Group reiterated a market perform rating and issued a $75.00 price objective on shares of Signet Jewelers in a research note on Thursday. Bank of America upped their price target on Signet Jewelers from $65.00 to $75.00 and gave the stock a neutral rating in a research note on Wednesday, December 7th. Finally, Wells Fargo & Company upped their price target on Signet Jewelers from $90.00 to $100.00 in a research note on Friday. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $84.00.

Signet Jewelers Price Performance

Signet Jewelers stock opened at $73.30 on Friday. The business has a 50 day simple moving average of $74.53 and a 200-day simple moving average of $66.55. The stock has a market capitalization of $3.33 billion, a PE ratio of 11.62, a price-to-earnings-growth ratio of 0.79 and a beta of 2.18. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.56 and a quick ratio of 0.37. Signet Jewelers has a 12 month low of $48.31 and a 12 month high of $84.11.

Signet Jewelers (NYSE:SIG – Get Rating) last released its quarterly earnings data on Thursday, March 16th. The company reported $5.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.35 by $0.17. The firm had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Signet Jewelers had a return on equity of 47.90% and a net margin of 5.18%. Signet Jewelers’s revenue was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.01 earnings per share. Equities analysts predict that Signet Jewelers will post 11.86 earnings per share for the current year.

Signet Jewelers Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 26th. Shareholders of record on Friday, April 28th will be given a $0.23 dividend. This is a boost from Signet Jewelers’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, April 27th. This represents a $0.92 annualized dividend and a yield of 1.26%. Signet Jewelers’s dividend payout ratio is presently 14.58%.

Insiders Place Their Bets

In other Signet Jewelers news, insider Stash Ptak sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 11th. The stock was sold at an average price of $75.00, for a total value of $75,000.00. Following the sale, the insider now owns 34,333 shares of the company’s stock, valued at $2,574,975. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Signet Jewelers news, insider Stash Ptak sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 11th. The stock was sold at an average price of $75.00, for a total value of $75,000.00. Following the sale, the insider now owns 34,333 shares of the company’s stock, valued at $2,574,975. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Virginia Drosos sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 24th. The shares were sold at an average price of $75.88, for a total value of $758,800.00. Following the completion of the sale, the chief executive officer now directly owns 1,106,059 shares in the company, valued at approximately $83,927,756.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,000 shares of company stock worth $1,570,000. 1.76% of the stock is owned by corporate insiders.

Institutional Trading of Signet Jewelers

A number of large investors have recently made changes to their positions in the stock. Voya Investment Management LLC boosted its stake in shares of Signet Jewelers by 27.7% during the fourth quarter. Voya Investment Management LLC now owns 25,889 shares of the company’s stock valued at $1,760,000 after acquiring an additional 5,622 shares during the last quarter. Truist Financial Corp boosted its stake in shares of Signet Jewelers by 114.2% during the fourth quarter. Truist Financial Corp now owns 14,462 shares of the company’s stock valued at $983,000 after acquiring an additional 7,710 shares during the last quarter. State of Wyoming boosted its stake in shares of Signet Jewelers by 18.5% during the fourth quarter. State of Wyoming now owns 1,565 shares of the company’s stock valued at $106,000 after acquiring an additional 244 shares during the last quarter. CI Private Wealth LLC purchased a new position in Signet Jewelers during the fourth quarter worth about $224,000. Finally, Kiwi Wealth Investments Limited Partnership purchased a new position in Signet Jewelers during the fourth quarter worth about $1,995,000. Institutional investors and hedge funds own 97.88% of the company’s stock.

About Signet Jewelers

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Signet Jewelers Ltd. engages in the retail of diamond jewelry. It operates through the following business segments: North America, International, and Others. The North America segment operates jewelry stores in malls, mall-based kiosks, and off-mall locations throughout the U.S. and Canada. The International sells primarily in the UK and Ireland under the H.