Bank of America Reaffirms “Neutral” Rating for Fox Factory (NASDAQ:FOXF)

Bank of America reaffirmed their neutral rating on shares of Fox Factory (NASDAQ:FOXF) in a research note released on Thursday morning, Briefing.com Automated Import reports. The brokerage currently has a $86.00 price target on the stock, up from their previous price target of $78.00.

Several other research analysts have also recently issued reports on FOXF. SunTrust Banks increased their price target on Fox Factory to $70.00 and gave the stock a hold rating in a research note on Thursday, May 2nd. They noted that the move was a valuation call. BidaskClub cut Fox Factory from a buy rating to a hold rating in a research note on Thursday. Finally, Zacks Investment Research cut Fox Factory from a buy rating to a hold rating in a research note on Wednesday, July 3rd. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Fox Factory has a consensus rating of Buy and a consensus price target of $75.83.

Shares of NASDAQ:FOXF traded down $1.65 on Thursday, hitting $75.65. The company’s stock had a trading volume of 201,408 shares, compared to its average volume of 197,744. Fox Factory has a 12 month low of $49.97 and a 12 month high of $86.91. The firm has a market capitalization of $2.97 billion, a P/E ratio of 34.08, a price-to-earnings-growth ratio of 1.80 and a beta of 1.30. The company’s 50-day moving average price is $80.93. The company has a quick ratio of 1.29, a current ratio of 2.73 and a debt-to-equity ratio of 0.21.

Fox Factory (NASDAQ:FOXF) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.68 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.02. Fox Factory had a return on equity of 29.77% and a net margin of 12.45%. The company had revenue of $192.10 million during the quarter, compared to analysts’ expectations of $187.96 million. During the same quarter in the prior year, the business posted $0.56 earnings per share. The company’s revenue for the quarter was up 22.5% compared to the same quarter last year. On average, equities research analysts expect that Fox Factory will post 2.62 earnings per share for the current year.

In related news, CEO Larry L. Enterline sold 100,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $67.41, for a total transaction of $6,741,000.00. Following the completion of the transaction, the chief executive officer now owns 5,652 shares of the company’s stock, valued at $381,001.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Zvi Glasman sold 5,000 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $80.00, for a total value of $400,000.00. Following the transaction, the chief financial officer now directly owns 20,284 shares of the company’s stock, valued at approximately $1,622,720. The disclosure for this sale can be found here. Insiders have sold 116,865 shares of company stock valued at $8,055,306 in the last ninety days. Company insiders own 2.30% of the company’s stock.

A number of hedge funds have recently made changes to their positions in FOXF. Nisa Investment Advisors LLC acquired a new position in shares of Fox Factory in the 1st quarter valued at $31,000. Huntington National Bank acquired a new position in shares of Fox Factory in the 1st quarter valued at $33,000. Private Capital Group LLC boosted its position in shares of Fox Factory by 78.0% in the 1st quarter. Private Capital Group LLC now owns 557 shares of the company’s stock valued at $39,000 after purchasing an additional 244 shares during the period. Mckinley Capital Management LLC Delaware acquired a new position in shares of Fox Factory in the 1st quarter valued at $62,000. Finally, Ellis Investment Partners LLC acquired a new position in shares of Fox Factory in the 1st quarter valued at $101,000. 99.46% of the stock is owned by institutional investors and hedge funds.

Fox Factory Company Profile

Fox Factory Holding Corp. designs, engineers, manufactures, and markets ride dynamics products worldwide. The company offers front fork and rear suspension products for mountain bikes and road bikes; and powered vehicle products for side-by-side vehicles, on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles, snowmobiles, specialty vehicles and applications, and motorcycles.

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Analyst Recommendations for Fox Factory (NASDAQ:FOXF)

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