Signet Jewelers (NYSE:SIG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday, Zacks.com reports. They presently have a $72.00 target price on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 5.88% from the stock’s previous close.
According to Zacks, “Signet’s shares underperformed the industry in the past six months. The company has been witnessing weak same-store sales in its international segment. During first-quarter fiscal 2022, the company witnessed a decline of 12.2% year over year in same-store sales at the International segment. Also, the segment saw a decrease of 16.6% in the number of transactions owing to mandated store closures in the U.K. The unit’s brick-and-mortar same-store sales fell 40.9% year over year in the reported quarter. Going ahead, management remains concerned regarding consumers’ shift in discretionary spending away from the jewelry category. It envisions same-store sales to be negative in the second half of fiscal 2022. Nevertheless, the company’s e-commerce business has been doing well. Its Inspiring Brilliance strategy has also been yielding.”
Several other equities research analysts have also recently issued reports on SIG. raised their price objective on shares of Signet Jewelers from $68.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, June 11th. Wells Fargo & Company upgraded shares of Signet Jewelers from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $57.00 to $70.00 in a research report on Thursday, June 10th. Citigroup raised their price objective on shares of Signet Jewelers from $68.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, June 11th. Finally, Telsey Advisory Group lifted their price target on shares of Signet Jewelers from $70.00 to $85.00 and gave the company a “market perform” rating in a research report on Thursday, July 1st. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $77.00.
SIG opened at $68.00 on Monday. The firm’s fifty day moving average is $70.71. The stock has a market capitalization of $3.58 billion, a P/E ratio of 14.87, a price-to-earnings-growth ratio of 1.25 and a beta of 2.60. The company has a current ratio of 1.92, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. Signet Jewelers has a 52-week low of $13.27 and a 52-week high of $83.00.
Signet Jewelers (NYSE:SIG) last issued its earnings results on Wednesday, June 9th. The company reported $2.23 EPS for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.96. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.62 billion. Signet Jewelers had a net margin of 5.14% and a return on equity of 32.21%. The company’s quarterly revenue was up 98.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.59) earnings per share. As a group, sell-side analysts expect that Signet Jewelers will post 6.86 earnings per share for the current fiscal year.
In other news, Director Andre Branch purchased 2,700 shares of the firm’s stock in a transaction that occurred on Tuesday, June 15th. The stock was bought at an average price of $73.58 per share, for a total transaction of $198,666.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mary Elizabeth Finn sold 3,200 shares of Signet Jewelers stock in a transaction that occurred on Monday, June 21st. The stock was sold at an average price of $75.56, for a total transaction of $241,792.00. Following the completion of the transaction, the insider now owns 46,852 shares of the company’s stock, valued at approximately $3,540,137.12. The disclosure for this sale can be found here. Company insiders own 1.76% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in SIG. First Trust Advisors LP raised its holdings in Signet Jewelers by 36.6% during the first quarter. First Trust Advisors LP now owns 30,144 shares of the company’s stock worth $819,000 after purchasing an additional 8,069 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in Signet Jewelers during the fourth quarter worth approximately $202,000. Truist Financial Corp acquired a new stake in Signet Jewelers during the fourth quarter worth approximately $797,000. UBS Asset Management Americas Inc. increased its holdings in shares of Signet Jewelers by 25.0% in the 4th quarter. UBS Asset Management Americas Inc. now owns 77,002 shares of the company’s stock valued at $2,100,000 after acquiring an additional 15,387 shares during the period. Finally, Norges Bank acquired a new position in shares of Signet Jewelers in the 4th quarter valued at $19,969,000. 91.27% of the stock is currently owned by institutional investors.
Signet Jewelers Company Profile
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.
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