FBR & Co Reaffirms “Buy” Rating for Iconix Brand Group, Inc. (ICON)

FBR & Co reiterated their buy rating on shares of Iconix Brand Group, Inc. (NASDAQ:ICON) in a research report released on Thursday. They currently have a $8.50 price target on the brand management company’s stock.

“We are reiterating our Buy rating, estimates, and $8.50 price target on ICON after meeting with Iconix management. With financial pressures basically cured for the near term and the company focused on driving organic revenue growth and new licensing agreements for key brands, we believe that ICON, trading under 8.5x our somewhat conservative 2018 EPS projection, represents a compelling investment in the current management team and a shifting business model that still provides material visibility and free cash flow. We also believe that, as the company moves key brands to new homes, investors will view the perceived risks to the business model as shrinking and drive higher valuations.”,” the firm’s analyst wrote.

A number of other equities analysts also recently issued reports on ICON. Cowen and Company set a $9.00 price objective on Iconix Brand Group and gave the stock a hold rating in a report on Monday, August 14th. BidaskClub downgraded Iconix Brand Group from a sell rating to a strong sell rating in a report on Thursday, August 10th. Finally, Zacks Investment Research upgraded Iconix Brand Group from a sell rating to a hold rating in a report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Iconix Brand Group has an average rating of Hold and a consensus price target of $10.17.

Iconix Brand Group (NASDAQ ICON) traded up 2.89% during mid-day trading on Thursday, hitting $5.69. 786,441 shares of the stock traded hands. The firm’s market capitalization is $324.85 million. The company has a 50-day moving average of $5.71 and a 200 day moving average of $6.60. Iconix Brand Group has a 1-year low of $4.79 and a 1-year high of $10.80.

Iconix Brand Group (NASDAQ:ICON) last posted its quarterly earnings data on Wednesday, August 9th. The brand management company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. The business had revenue of $64.60 million during the quarter, compared to the consensus estimate of $61.00 million. Iconix Brand Group had a positive return on equity of 10.38% and a negative net margin of 82.22%. The firm’s quarterly revenue was down 32.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.27 earnings per share. On average, equities research analysts anticipate that Iconix Brand Group will post $0.67 EPS for the current year.

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Several large investors have recently modified their holdings of ICON. Vanguard Group Inc. increased its holdings in shares of Iconix Brand Group by 30.4% during the first quarter. Vanguard Group Inc. now owns 5,722,400 shares of the brand management company’s stock valued at $43,032,000 after acquiring an additional 1,335,032 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Iconix Brand Group by 11.8% during the first quarter. Dimensional Fund Advisors LP now owns 4,741,989 shares of the brand management company’s stock valued at $35,659,000 after acquiring an additional 501,393 shares in the last quarter. Van Berkom & Associates Inc. increased its holdings in shares of Iconix Brand Group by 7.2% during the second quarter. Van Berkom & Associates Inc. now owns 2,695,624 shares of the brand management company’s stock valued at $18,627,000 after acquiring an additional 180,723 shares in the last quarter. First Manhattan Co. increased its holdings in shares of Iconix Brand Group by 580.9% during the second quarter. First Manhattan Co. now owns 169,375 shares of the brand management company’s stock valued at $1,170,000 after acquiring an additional 144,500 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Iconix Brand Group during the second quarter valued at $842,000. Hedge funds and other institutional investors own 82.89% of the company’s stock.

Iconix Brand Group Company Profile

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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