Bank of America Cuts Signet Jewelers (NYSE:SIG) Price Target to $65.00

Signet Jewelers (NYSE:SIG) had its target price dropped by equities research analysts at Bank of America from $95.00 to $65.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential upside of 14.96% from the company’s current price.

SIG has been the subject of several other research reports. Telsey Advisory Group decreased their target price on shares of Signet Jewelers from $87.00 to $65.00 and set a “market perform” rating for the company in a research report on Wednesday. StockNews.com lowered Signet Jewelers from a “buy” rating to a “hold” rating in a report on Friday, December 6th. Finally, Wells Fargo & Company lifted their target price on Signet Jewelers from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $95.20.

Signet Jewelers Trading Down 4.0 %

Shares of NYSE SIG opened at $56.54 on Wednesday. Signet Jewelers has a 12-month low of $54.44 and a 12-month high of $112.06. The company has a market cap of $2.46 billion, a price-to-earnings ratio of 6.51, a price-to-earnings-growth ratio of 0.95 and a beta of 2.13. The company has a current ratio of 1.55, a quick ratio of 0.25 and a debt-to-equity ratio of 0.14. The stock’s 50 day simple moving average is $87.24 and its 200 day simple moving average is $87.61.

Signet Jewelers (NYSE:SIG) last posted its earnings results on Thursday, December 5th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.05). The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.37 billion. Signet Jewelers had a net margin of 8.57% and a return on equity of 28.69%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 earnings per share. Equities research analysts expect that Signet Jewelers will post 9.88 EPS for the current year.

Insider Activity

In other news, insider Joan M. Hilson sold 8,000 shares of Signet Jewelers stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $94.57, for a total value of $756,560.00. Following the transaction, the insider now owns 200,844 shares of the company’s stock, valued at $18,993,817.08. The trade was a 3.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Eugenia Ulasewicz sold 3,333 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $99.63, for a total transaction of $332,066.79. Following the sale, the director now directly owns 26,085 shares of the company’s stock, valued at approximately $2,598,848.55. This represents a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Crossmark Global Holdings Inc. grew its holdings in shares of Signet Jewelers by 100.1% in the 4th quarter. Crossmark Global Holdings Inc. now owns 5,731 shares of the company’s stock worth $462,000 after acquiring an additional 2,867 shares during the last quarter. Nordea Investment Management AB increased its stake in Signet Jewelers by 36.3% in the 4th quarter. Nordea Investment Management AB now owns 132,070 shares of the company’s stock worth $10,704,000 after purchasing an additional 35,174 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Signet Jewelers by 1.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 310,852 shares of the company’s stock worth $32,061,000 after buying an additional 3,238 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Signet Jewelers by 0.9% in the third quarter. Franklin Resources Inc. now owns 34,122 shares of the company’s stock worth $3,330,000 after buying an additional 288 shares during the period. Finally, Sanctuary Advisors LLC boosted its holdings in shares of Signet Jewelers by 10.7% in the third quarter. Sanctuary Advisors LLC now owns 34,260 shares of the company’s stock worth $3,515,000 after buying an additional 3,312 shares during the period.

About Signet Jewelers

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 Outlet, Zales Jewelers, Diamonds Direct, James Allen, Banter by Piercing Pagoda, and Peoples Jewellers names, as well as operates online through its digital banners, James Allen and Blue Nile.