Iconix Brand Group (NASDAQ:ICON) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
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.”
Several other research analysts also recently commented on the stock. Roth Capital set a $2.00 price objective on shares of Iconix Brand Group and gave the company a “hold” rating in a report on Thursday, December 7th. ValuEngine raised shares of Iconix Brand Group from a “hold” rating to a “buy” rating in a report on Friday, December 1st. B. Riley reaffirmed a “neutral” rating and issued a $4.00 price target (down previously from $8.50) on shares of Iconix Brand Group in a report on Wednesday, November 1st. FBR & Co downgraded shares of Iconix Brand Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $8.50 to $4.00 in a report on Monday, October 30th. Finally, Sidoti began coverage on shares of Iconix Brand Group in a report on Tuesday, September 19th. They issued a “neutral” rating and a $6.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. Iconix Brand Group has an average rating of “Hold” and a consensus price target of $5.00.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Cubist Systematic Strategies LLC lifted its stake in Iconix Brand Group by 20.8% in the second 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 during the last quarter. AHL Partners LLP bought a new stake in Iconix Brand Group in the second quarter worth about $118,000. Public Employees Retirement System of Ohio lifted its stake in Iconix Brand Group by 5.2% in the second 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 during the last quarter. Bayesian Capital Management LP bought a new stake in Iconix Brand Group in the second quarter worth about $142,000. Finally, Voya Investment Management LLC lifted its stake in Iconix Brand Group by 21.4% in the second 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 during the last quarter. 84.99% of the stock is owned by institutional investors and hedge funds.
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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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