New York State Teachers Retirement System Cuts Holdings in Fox Factory Holding Corp. $FOXF

New York State Teachers Retirement System lowered its position in Fox Factory Holding Corp. (NASDAQ:FOXF) by 63.9% in the first quarter, HoldingsChannel reports. The fund owned 16,761 shares of the company’s stock after selling 29,655 shares during the quarter. New York State Teachers Retirement System’s holdings in Fox Factory were worth $276,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FOXF. Nantahala Capital Management LLC grew its position in shares of Fox Factory by 200.3% during the 4th quarter. Nantahala Capital Management LLC now owns 2,188,300 shares of the company’s stock valued at $37,442,000 after acquiring an additional 1,459,652 shares during the period. State Street Corp raised its holdings in Fox Factory by 1.4% in the 4th quarter. State Street Corp now owns 1,620,544 shares of the company’s stock worth $27,728,000 after purchasing an additional 21,914 shares during the period. Estuary Capital Management LP raised its holdings in Fox Factory by 4.6% in the 4th quarter. Estuary Capital Management LP now owns 1,574,759 shares of the company’s stock worth $26,944,000 after purchasing an additional 69,405 shares during the period. Dimensional Fund Advisors LP grew its holdings in Fox Factory by 9.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,075,521 shares of the company’s stock valued at $26,125,000 after purchasing an additional 96,178 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Fox Factory by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 1,018,677 shares of the company’s stock valued at $17,433,000 after purchasing an additional 28,820 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FOXF shares. Bank of America downgraded Fox Factory from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $24.00 to $20.00 in a research note on Tuesday, June 30th. Weiss Ratings lowered shares of Fox Factory from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 11th. Zacks Research upgraded shares of Fox Factory from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 3rd. Fox Advisors set a $20.00 price objective on shares of Fox Factory in a report on Tuesday, June 30th. Finally, Roth Capital reiterated a “neutral” rating and issued a $20.00 target price on shares of Fox Factory in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fox Factory presently has an average rating of “Hold” and a consensus price target of $23.20.

Fox Factory Stock Performance

FOXF opened at $17.38 on Wednesday. Fox Factory Holding Corp. has a twelve month low of $13.08 and a twelve month high of $31.18. The firm has a market capitalization of $728.92 million, a PE ratio of -2.42, a PEG ratio of 0.68 and a beta of 1.37. The company has a current ratio of 2.99, a quick ratio of 1.52 and a debt-to-equity ratio of 1.00. The firm’s 50-day moving average price is $17.45 and its 200 day moving average price is $17.69.

Fox Factory (NASDAQ:FOXF) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.09. The company had revenue of $368.66 million during the quarter, compared to the consensus estimate of $351.75 million. Fox Factory had a negative net margin of 20.25% and a positive return on equity of 5.20%. Fox Factory’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 EPS. As a group, sell-side analysts expect that Fox Factory Holding Corp. will post 1.41 EPS for the current fiscal year.

Fox Factory Company Profile

Fox Factory Holding Corp., headquartered in Duluth, Minnesota, designs, engineers and manufactures high-performance suspension systems, shock absorbers and related components for powersports, light-vehicle and mountain-bike applications. The company’s FOX brand offers a comprehensive portfolio of forks, shocks, coilovers and internal bypass dampers aimed at OEM and aftermarket customers seeking enhanced ride quality, control and durability across off-road vehicles, motorcycles and bicycles.

Founded in 1974 by Bob Fox in California, Fox Factory has expanded its technology base and market reach through strategic acquisitions such as Marzocchi Suspension, DVO Suspension and Walker Evans Racing.