Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell Raises Signet Jewelers (NYSE:SIG) Price Target to $79.00

Signet Jewelers (NYSE:SIG) had its price target hoisted by analysts at Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell from $68.00 to $79.00 in a research note issued to investors on Friday, Stock Target Advisor reports. The brokerage currently has a “neutral” rating on the stock. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell’s price target points to a potential upside of 10.86% from the stock’s current price.

Other research analysts have also issued reports about the stock. Citigroup lifted their price objective on shares of Signet Jewelers from $68.00 to $79.00 and gave the stock a “neutral” rating in a research note on Friday. Wells Fargo & Company raised shares of Signet Jewelers from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $57.00 to $70.00 in a research note on Thursday. Telsey Advisory Group lifted their price objective on shares of Signet Jewelers from $60.00 to $70.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 13th. Finally, Zacks Investment Research raised shares of Signet Jewelers from a “hold” rating to a “strong-buy” rating and set a $66.00 price objective for the company in a research note on Wednesday, April 21st. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $72.80.

Shares of SIG stock traded up $1.68 on Friday, reaching $71.26. The company’s stock had a trading volume of 8,107 shares, compared to its average volume of 1,061,931. The stock’s fifty day simple moving average is $61.29. Signet Jewelers has a 1 year low of $9.70 and a 1 year high of $74.80. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.79 and a quick ratio of 0.78. The stock has a market capitalization of $3.73 billion, a P/E ratio of -50.18 and a beta of 2.61.

Signet Jewelers (NYSE:SIG) last posted its earnings results on Wednesday, June 9th. The company reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.96. Signet Jewelers had a negative net margin of 0.32% and a positive return on equity of 13.68%. The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same period last year, the firm posted ($1.59) earnings per share. Signet Jewelers’s revenue for the quarter was up 98.2% compared to the same quarter last year. On average, research analysts expect that Signet Jewelers will post 4.71 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of SIG. Melvin Capital Management LP purchased a new stake in shares of Signet Jewelers during the first quarter valued at $104,364,000. SummerHaven Investment Management LLC purchased a new stake in shares of Signet Jewelers during the fourth quarter valued at $1,049,000. Norges Bank purchased a new stake in shares of Signet Jewelers during the fourth quarter valued at $19,969,000. BlackRock Inc. boosted its stake in shares of Signet Jewelers by 8.5% during the first quarter. BlackRock Inc. now owns 8,751,768 shares of the company’s stock valued at $507,426,000 after purchasing an additional 683,400 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Signet Jewelers by 157.3% in the first quarter. Goldman Sachs Group Inc. now owns 827,247 shares of the company’s stock valued at $47,964,000 after acquiring an additional 505,692 shares in the last quarter. 94.13% of the stock is owned by hedge funds and other institutional investors.

Signet Jewelers Company Profile

Signet Jewelers Limited engages in the retail sale of diamond jewelry, watches, and other products. It operates through three segments: North America, International, and Other. The North America segment operates jewelry stores in malls and off-mall locations primarily under the Kay Jewelers, Kay Jewelers Outlet, Jared The Galleria Of Jewelry, Jared Vault, Zales Jewelers, Zales Outlet, Piercing Pagoda, and Peoples Jewellers, as well as operates online through JamesAllen.com.

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