Zacks Investment Research Downgrades Signet Jewelers (NYSE:SIG) to Hold

Signet Jewelers (NYSE:SIGGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports. They presently have a $66.00 target price on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.92% from the stock’s previous close.

According to Zacks, “Signet's shares have risen and outperformed the industry in the past three months. The company has been gaining from growth in e-commerce business and advancements made in respect of the Inspiring Brilliance strategy. Such upsides supported the company’s performance during fourth-quarter fiscal 2022, wherein the top and the bottom line beat the Zacks Consensus Estimate as well as improved year on year. During the quarter, the company witnessed same-store sales growth and higher margins. Its efforts to boost banner value propositions, product newness, marketing efforts and connected commerce strategy have been yielding. Digital business is the key growth driver and management is focused on enhancing the data- analytics capabilities. Management provided an encouraging view for fiscal 2023, projecting total revenues of $8.03-$8.25 billion.”

A number of other brokerages also recently weighed in on SIG. StockNews.com raised shares of Signet Jewelers from a “hold” rating to a “buy” rating in a research note on Saturday, March 26th. Telsey Advisory Group lowered their price objective on shares of Signet Jewelers from $110.00 to $100.00 and set a “market perform” rating on the stock in a research report on Friday, January 21st. Citigroup lifted their price objective on shares of Signet Jewelers from $90.00 to $94.00 and gave the stock a “neutral” rating in a report on Friday, March 18th. Finally, Wells Fargo & Company reduced their target price on Signet Jewelers from $140.00 to $105.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 5th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $96.00.

Shares of NYSE:SIG opened at $57.43 on Thursday. The firm has a fifty day moving average price of $73.07 and a two-hundred day moving average price of $82.46. The company has a market cap of $2.86 billion, a price-to-earnings ratio of 4.71, a PEG ratio of 0.68 and a beta of 2.37. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.80 and a quick ratio of 0.81. Signet Jewelers has a one year low of $55.15 and a one year high of $111.92.

Signet Jewelers (NYSE:SIGGet Rating) last posted its quarterly earnings data on Thursday, March 17th. The company reported $5.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.91 by $0.10. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.77 billion. Signet Jewelers had a return on equity of 51.76% and a net margin of 9.84%. The firm’s quarterly revenue was up 28.6% on a year-over-year basis. During the same quarter last year, the company earned $4.15 earnings per share. Equities research analysts expect that Signet Jewelers will post 11.27 EPS for the current fiscal year.

In other news, CEO Virginia Drosos sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, March 21st. The shares were sold at an average price of $80.80, for a total value of $1,616,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Brian A. Tilzer sold 2,750 shares of the stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $83.86, for a total transaction of $230,615.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,939 shares of company stock worth $4,708,762. 1.76% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SIG. BlackRock Inc. grew its position in shares of Signet Jewelers by 9.8% in the 4th quarter. BlackRock Inc. now owns 9,136,052 shares of the company’s stock worth $795,112,000 after buying an additional 815,094 shares during the last quarter. Select Equity Group L.P. boosted its holdings in Signet Jewelers by 45.8% in the first quarter. Select Equity Group L.P. now owns 8,079,589 shares of the company’s stock valued at $587,386,000 after acquiring an additional 2,538,257 shares in the last quarter. Vanguard Group Inc. raised its holdings in Signet Jewelers by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 6,181,170 shares of the company’s stock worth $449,370,000 after purchasing an additional 31,035 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Signet Jewelers by 1.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,518,544 shares of the company’s stock worth $198,886,000 after purchasing an additional 31,093 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Signet Jewelers by 2.5% in the 1st quarter. State Street Corp now owns 1,769,053 shares of the company’s stock worth $128,610,000 after purchasing an additional 42,874 shares during the period. 94.80% of the stock is owned by institutional investors and hedge funds.

Signet Jewelers Company Profile (Get Rating)

Signet Jewelers Limited operates as a diamond jewelry retailer. It operates through three segments: North America, International, and Other. The North America segment operates jewelry stores in jewelry stores in malls, mall-based kiosks, and off-mall locations in the United States and Canada primarily under the Kay Jewelers, Kay Jewelers Outlet, Jared The Galleria Of Jewelry, Jared Vault, Zales Jewelers, Zales Outlet, Diamonds Direct, James Allen, Banter by Piercing Pagoda, and Peoples Jewellers names, as well as operates online through JamesAllen.com and Rocksbox.

Read More

Get a free copy of the Zacks research report on Signet Jewelers (SIG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Signet Jewelers (NYSE:SIG)

Receive News & Ratings for Signet Jewelers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Signet Jewelers and related companies with MarketBeat.com's FREE daily email newsletter.