Zacks Investment Research Lowers Iconix Brand Group (ICON) to Sell

Iconix Brand Group (NASDAQ:ICON) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday, January 3rd.

According to Zacks, “Iconix has significantly lagged the industry in a year, mainly due to persistent softness in women's and men's segments. In third-quarter 2017, sales at the women’s and men’s categories declined 13% and 5% respectively, causing Iconix’s overall top-line to tumble 12%. Notably, the Starter brand has been majorly hurting Iconix’s business. Consequently, the licensing agreement for this brand will not be renewed. Also, other licensing agreements with Wal-Mart and Target will not be renewed post expiration. Nonetheless, the company is striving to place these brands with new or existing licensees. Also, it has been undertaking measures to enhance international business, which fared well in the quarter under review. Moreover, earnings grew year over year and is expected to be marginally above the previous range in 2017. On the contrary, revenues are projected to be at the lower end of the previous range.”

ICON has been the subject of several other research reports. Roth Capital restated a “neutral” rating on shares of Iconix Brand Group in a research report on Tuesday, October 31st. Sidoti began coverage on shares of Iconix Brand Group in a research report on Tuesday, September 19th. They set a “neutral” rating and a $6.00 target price for the company. FBR & Co reiterated a “buy” rating and set a $8.50 target price on shares of Iconix Brand Group in a research report on Thursday, September 14th. ValuEngine upgraded shares of Iconix Brand Group from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Finally, B. Riley restated a “neutral” rating and issued a $4.00 price objective (down previously from $8.50) on shares of Iconix Brand Group in a research report on Wednesday, November 1st. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $5.00.

Shares of Iconix Brand Group (NASDAQ:ICON) traded up $0.10 on Wednesday, hitting $1.32. The stock had a trading volume of 2,980,000 shares, compared to its average volume of 2,280,000. The firm has a market cap of $75.52, a P/E 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. Iconix Brand Group has a fifty-two week low of $1.16 and a fifty-two week high of $10.80.

Several institutional investors have recently bought and sold shares of ICON. Cubist Systematic Strategies LLC boosted its stake in shares of Iconix Brand Group by 20.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 16,258 shares of the brand management company’s stock worth $112,000 after buying an additional 2,797 shares during the last quarter. AHL Partners LLP bought a new stake in shares of Iconix Brand Group in the 2nd quarter valued at about $118,000. Public Employees Retirement System of Ohio raised its holdings in shares of Iconix Brand Group by 5.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 17,869 shares of the brand management company’s stock valued at $123,000 after purchasing an additional 876 shares during the period. Bayesian Capital Management LP bought a new stake in shares of Iconix Brand Group in the 2nd quarter valued at about $142,000. Finally, Voya Investment Management LLC raised its holdings in shares of Iconix Brand Group by 21.4% in the 2nd quarter. Voya Investment Management LLC now owns 24,215 shares of the brand management company’s stock valued at $167,000 after purchasing an additional 4,274 shares during the period. Institutional investors own 84.78% of the company’s stock.

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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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