NINE MASTS CAPITAL Ltd lowered its position in Michael Kors Holdings Ltd (NYSE:KORS) by 8.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,500 shares of the lifestyle brand’s stock after selling 500 shares during the quarter. NINE MASTS CAPITAL Ltd’s holdings in Michael Kors were worth $377,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Great Lakes Advisors LLC grew its holdings in shares of Michael Kors by 4.5% in the third quarter. Great Lakes Advisors LLC now owns 81,435 shares of the lifestyle brand’s stock valued at $5,583,000 after purchasing an additional 3,490 shares during the period. Morgan Stanley grew its holdings in shares of Michael Kors by 143.4% in the third quarter. Morgan Stanley now owns 1,081,216 shares of the lifestyle brand’s stock valued at $74,127,000 after purchasing an additional 636,995 shares during the period. Lombard Odier Asset Management USA Corp purchased a new stake in shares of Michael Kors in the third quarter valued at about $3,428,000. Nordea Investment Management AB grew its holdings in shares of Michael Kors by 0.7% in the third quarter. Nordea Investment Management AB now owns 505,484 shares of the lifestyle brand’s stock valued at $34,656,000 after purchasing an additional 3,694 shares during the period. Finally, TIAA CREF Investment Management LLC grew its holdings in shares of Michael Kors by 42.3% in the third quarter. TIAA CREF Investment Management LLC now owns 1,814,453 shares of the lifestyle brand’s stock valued at $124,399,000 after purchasing an additional 539,462 shares during the period. 86.94% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on the stock. TheStreet lowered shares of Michael Kors from a “b-” rating to a “c+” rating in a report on Thursday. Nomura set a $76.00 price objective on shares of Michael Kors and gave the company a “buy” rating in a report on Monday, November 26th. ValuEngine lowered shares of Michael Kors from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 20th. CIBC reissued a “market perform” rating on shares of Michael Kors in a report on Friday, November 16th. Finally, Oppenheimer lowered shares of Michael Kors from an “outperform” rating to a “market perform” rating and set a $90.00 price objective for the company. in a report on Friday, November 16th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and fourteen have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $73.04.
In other news, CEO John D. Idol sold 150,000 shares of the stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $72.99, for a total transaction of $10,948,500.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Krista A. Mcdonough sold 3,000 shares of the stock in a transaction dated Thursday, December 6th. The stock was sold at an average price of $42.62, for a total transaction of $127,860.00. Following the sale, the senior vice president now directly owns 2,423 shares in the company, valued at approximately $103,268.26. The disclosure for this sale can be found here. Insiders have sold 519,516 shares of company stock worth $36,945,527 in the last three months. Corporate insiders own 6.00% of the company’s stock.
Shares of KORS stock opened at $40.48 on Friday. The company has a quick ratio of 0.71, a current ratio of 1.48 and a debt-to-equity ratio of 0.23. The stock has a market cap of $6.45 billion, a price-to-earnings ratio of 8.96, a P/E/G ratio of 1.38 and a beta of 0.32. Michael Kors Holdings Ltd has a 1-year low of $40.40 and a 1-year high of $75.96.
Michael Kors (NYSE:KORS) last announced its earnings results on Wednesday, November 7th. The lifestyle brand reported $1.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.18. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.26 billion. Michael Kors had a net margin of 11.57% and a return on equity of 36.66%. Michael Kors’s revenue was up 9.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 earnings per share. Equities research analysts anticipate that Michael Kors Holdings Ltd will post 5.02 earnings per share for the current fiscal year.
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Michael Kors Profile
Michael Kors Holdings Limited design, markets, distributes, and retails branded women's and men's apparel and accessories. It operates in four segments: MK Retail, MK Wholesale, MK Licensing, and Jimmy Choo. The MK Retail segment sells women's apparel; handbags and small leather goods; men's apparel; footwear; and licensed products comprising watches, jewelry, fragrances, and beauty and eyewear.
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