Iconix Brand Group, Inc. (NASDAQ:ICON) shares rose 8.2% during mid-day trading on Thursday . The company traded as high as $1.34 and last traded at $1.32. Approximately 2,982,539 shares changed hands during mid-day trading, an increase of 60% from the average daily volume of 1,860,905 shares. The stock had previously closed at $1.22.
ICON has been the subject of a number of research analyst reports. FBR & Co cut Iconix Brand Group from a “buy” rating to a “neutral” rating and cut their price target for the company from $8.50 to $4.00 in a report on Monday, October 30th. Roth Capital cut Iconix Brand Group from a “buy” rating to a “neutral” rating and set a $2.00 price target for the company. in a report on Monday, October 30th. B. Riley reaffirmed a “neutral” rating and issued a $4.00 price target (down from $8.50) on shares of Iconix Brand Group in a report on Wednesday, November 1st. Zacks Investment Research cut Iconix Brand Group from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Finally, ValuEngine raised Iconix Brand Group from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $5.00.
The firm has a market cap of $81.24, a price-to-earnings ratio of -0.09 and a beta of 1.40. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of -5.92.
A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Iconix Brand Group by 8.4% during the 2nd quarter. Vanguard Group Inc. now owns 6,204,245 shares of the brand management company’s stock worth $42,871,000 after purchasing an additional 481,845 shares during the last quarter. ING Groep NV bought a new stake in Iconix Brand Group during the 3rd quarter worth about $11,096,000. State Street Corp raised its holdings in Iconix Brand Group by 1.7% during the 2nd quarter. State Street Corp now owns 1,304,008 shares of the brand management company’s stock worth $9,015,000 after purchasing an additional 22,222 shares during the last quarter. Smith Graham & Co. Investment Advisors LP raised its holdings in Iconix Brand Group by 57.2% during the 3rd quarter. Smith Graham & Co. Investment Advisors LP now owns 1,190,598 shares of the brand management company’s stock worth $6,775,000 after purchasing an additional 433,018 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Iconix Brand Group by 8.8% during the 2nd quarter. Northern Trust Corp now owns 1,020,317 shares of the brand management company’s stock worth $7,051,000 after purchasing an additional 82,924 shares during the last quarter. 84.78% of the stock is owned by hedge funds and other institutional investors.
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About Iconix Brand Group
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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