Somnigroup International (NYSE:SGI) Stock Gets Downgrade from Zacks Research

Somnigroup International (NYSE:SGI) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday, Zacks reports.

Several other equities analysts have also issued reports on the company. UBS Group boosted their price target on Somnigroup International from $94.00 to $102.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Somnigroup International in a research note on Friday, August 21st. Stephens upgraded shares of Somnigroup International from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $66.00 to $80.00 in a research report on Monday, September 14th. Piper Sandler reissued an “overweight” rating and set a $100.00 target price (up from $95.00) on shares of Somnigroup International in a research note on Thursday, September 3rd. Finally, Morgan Stanley started coverage on shares of Somnigroup International in a report on Monday, July 27th. They issued an “overweight” rating and a $95.00 price target for the company. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Somnigroup International has a consensus rating of “Moderate Buy” and a consensus price target of $95.00.

Somnigroup International Trading Down 5.4%

Shares of NYSE:SGI traded down $3.69 during midday trading on Thursday, reaching $64.18. The company’s stock had a trading volume of 7,195,013 shares, compared to its average volume of 2,527,498. The firm has a market capitalization of $13.50 billion, a price-to-earnings ratio of 25.67, a PEG ratio of 1.09 and a beta of 1.30. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.37 and a current ratio of 0.75. The firm has a 50 day moving average price of $64.44 and a two-hundred day moving average price of $73.22. Somnigroup International has a fifty-two week low of $60.08 and a fifty-two week high of $98.56.

Somnigroup International (NYSE:SGI) last announced its earnings results on Thursday, August 6th. The company reported $0.58 EPS for the quarter, meeting the consensus estimate of $0.58. The company had revenue of $1.82 billion for the quarter. Somnigroup International had a return on equity of 19.32% and a net margin of 7.00%. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.53 EPS. As a group, analysts forecast that Somnigroup International will post 3.10 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Scott Thompson acquired 30,000 shares of Somnigroup International stock in a transaction on Thursday, August 27th. The stock was purchased at an average price of $62.84 per share, with a total value of $1,885,200.00. Following the completion of the purchase, the chief executive officer owned 4,123,634 shares of the company’s stock, valued at approximately $259,129,160.56. The trade was a 0.73% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.99% of the company’s stock.

Hedge Funds Weigh In On Somnigroup International

Large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Somnigroup International in the 2nd quarter valued at $1,507,604,000. Linonia Partnership LP acquired a new position in Somnigroup International during the second quarter worth $519,372,000. Allspring Global Investments Holdings LLC raised its holdings in Somnigroup International by 15.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,843,602 shares of the company’s stock worth $241,186,000 after buying an additional 517,542 shares during the last quarter. Bank of America Corp DE bought a new position in shares of Somnigroup International in the second quarter valued at $204,632,000. Finally, Avala Global LP bought a new position in shares of Somnigroup International in the second quarter valued at $107,831,000. 99.86% of the stock is currently owned by institutional investors.

About Somnigroup International

Somnigroup International Inc (NYSE: SGI) is a global bedding and sleep-products company. Its portfolio includes mattresses, pillows, adjustable bases, foundations, bed frames and other sleep-related products sold through retail stores, e-commerce channels and furniture and specialty retailers.

The company’s principal brands include Tempur-Pedic, Sealy and Stearns & Foster. Somnigroup also operates Mattress Firm, a large specialty mattress retailer in the United States, providing consumers with access to a broad range of bedding products from its own brands and other manufacturers.

Somnigroup International was formerly known as Tempur Sealy International.