Engine Capital Management LP raised its holdings in shares of Fox Factory Holding Corp. (NASDAQ:FOXF – Free Report) by 162.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,026,230 shares of the company’s stock after buying an additional 1,253,808 shares during the period. Fox Factory comprises approximately 4.0% of Engine Capital Management LP’s investment portfolio, making the stock its 11th biggest position. Engine Capital Management LP’s holdings in Fox Factory were worth $33,352,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. increased its holdings in shares of Fox Factory by 188.1% in the fourth quarter. Hantz Financial Services Inc. now owns 2,057 shares of the company’s stock valued at $35,000 after buying an additional 1,343 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Fox Factory by 108.3% during the 4th quarter. Farther Finance Advisors LLC now owns 2,075 shares of the company’s stock worth $36,000 after acquiring an additional 1,079 shares in the last quarter. Covestor Ltd boosted its stake in shares of Fox Factory by 693.3% during the 4th quarter. Covestor Ltd now owns 2,943 shares of the company’s stock worth $50,000 after acquiring an additional 2,572 shares in the last quarter. Resona Asset Management Co. Ltd. grew its holdings in shares of Fox Factory by 33.3% in the 4th quarter. Resona Asset Management Co. Ltd. now owns 4,142 shares of the company’s stock worth $73,000 after acquiring an additional 1,035 shares during the last quarter. Finally, OP Asset Management Ltd acquired a new position in shares of Fox Factory in the 1st quarter worth $91,000.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating on shares of Fox Factory in a research report on Wednesday, June 3rd. Zacks Research upgraded Fox Factory from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 3rd. Bank of America cut Fox Factory from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $24.00 to $20.00 in a research note on Tuesday, June 30th. Fox Advisors set a $20.00 price objective on Fox Factory in a report on Tuesday, June 30th. Finally, Stifel Nicolaus set a $24.00 price objective on shares of Fox Factory in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $23.20.
Fox Factory Trading Up 0.3%
NASDAQ FOXF opened at $18.57 on Tuesday. Fox Factory Holding Corp. has a twelve month low of $13.08 and a twelve month high of $31.18. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.52 and a current ratio of 2.99. The stock has a market cap of $778.83 million, a price-to-earnings ratio of -2.59, a PEG ratio of 0.72 and a beta of 1.37. The firm’s 50 day moving average price is $17.71 and its two-hundred day moving average price is $17.75.
Fox Factory (NASDAQ:FOXF – Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.09. The company had revenue of $368.66 million for 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%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.23 EPS. Equities analysts anticipate that Fox Factory Holding Corp. will post 1.41 EPS for the current year.
About Fox Factory
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.
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