Abercrombie & Fitch (NYSE:ANF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The firm presently has a $29.00 price objective on the apparel retailer’s stock. Zacks Investment Research‘s price objective points to a potential upside of 19.24% from the stock’s current price.
According to Zacks, “Abercrombie surpassed the industry in the past three months driven by strategic capital investments, cost-saving efforts, loyalty and marketing programs that are aiding quarterly performances. It boasts a robust surprise trend, having reported the seventh straight earnings beat in fourth-quarter fiscal 2018. Moreover, sales topped estimates in seven of the last eight quarters. Results gained from solid comps growth and gross margin expansion. Strength in Hollister and digital business also aided results. Further, the company provided a robust outlook for fiscal 2019 as it expects the momentum from strong top-line growth, gross margin expansion and operating expense leverage to continue. However, earnings and sales dipped year over year due to adverse impacts from unfavorable currency, calendar shift and additional 53rd week in fiscal 2017. Moreover, it expects currency headwinds to hurt sales in the first quarter and fiscal 2019.”
ANF has been the subject of several other research reports. ValuEngine raised shares of Abercrombie & Fitch from a “hold” rating to a “buy” rating in a report on Wednesday, March 6th. TheStreet raised shares of Abercrombie & Fitch from a “c+” rating to a “b-” rating in a report on Friday, January 25th. Deutsche Bank set a $24.00 price objective on shares of Abercrombie & Fitch and gave the stock a “sell” rating in a report on Thursday, March 7th. Argus upped their price objective on shares of Abercrombie & Fitch to $28.00 and gave the stock a “buy” rating in a report on Friday, March 8th. Finally, Royal Bank of Canada upped their price objective on shares of Abercrombie & Fitch to $27.00 and gave the stock a “market perform” rating in a report on Thursday, March 7th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $23.36.
Abercrombie & Fitch (NYSE:ANF) last announced its quarterly earnings results on Wednesday, March 6th. The apparel retailer reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.20. Abercrombie & Fitch had a net margin of 2.12% and a return on equity of 6.93%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the company posted $1.38 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, analysts anticipate that Abercrombie & Fitch will post 1.37 earnings per share for the current year.
In other Abercrombie & Fitch news, Director Nigel Travis purchased 2,917 shares of the company’s stock in a transaction on Friday, March 8th. The shares were purchased at an average cost of $25.70 per share, for a total transaction of $74,966.90. Following the completion of the transaction, the director now owns 2,917 shares in the company, valued at $74,966.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.95% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its position in Abercrombie & Fitch by 1.1% in the fourth quarter. BlackRock Inc. now owns 9,748,353 shares of the apparel retailer’s stock worth $195,453,000 after acquiring an additional 106,499 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Abercrombie & Fitch by 25.9% during the 1st quarter. JPMorgan Chase & Co. now owns 2,891,121 shares of the apparel retailer’s stock worth $79,246,000 after buying an additional 594,811 shares during the period. Contrarius Investment Management Ltd acquired a new stake in Abercrombie & Fitch during the 4th quarter worth about $57,945,000. Paradice Investment Management LLC raised its holdings in Abercrombie & Fitch by 1.9% during the 1st quarter. Paradice Investment Management LLC now owns 2,762,542 shares of the apparel retailer’s stock worth $75,721,000 after buying an additional 52,612 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Abercrombie & Fitch by 30.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,617,030 shares of the apparel retailer’s stock worth $44,323,000 after buying an additional 378,940 shares during the period.
About Abercrombie & Fitch
Abercrombie & Fitch Co, through its subsidiaries, operates as a specialty retailer. The Company operates in two segments, Hollister and Abercrombie. It offers apparel, personal care products, intimates, and accessories for men, women, and children under the Hollister, Abercrombie & Fitch, abercrombie kids, and Gilly Hicks brands.
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