On October 12, 2023, it was reported that Congress Asset Management Co. MA had reduced its position in Williams-Sonoma, Inc. (NYSE:WSM) by 46.7% during the second quarter. This information was disclosed in the company’s most recent filing with the Securities and Exchange Commission (SEC). At the end of the quarter, Congress Asset Management Co. MA owned approximately 474,894 shares of Williams-Sonoma’s stock after selling 416,311 shares. The value of this position amounted to $59,428,000.
Williams-Sonoma is a specialty retailer that recently announced its quarterly earnings results on August 23rd. The company reported $3.12 earnings per share (EPS) for the quarter, surpassing the consensus estimate of $2.71 by $0.41. Additionally, Williams-Sonoma had a return on equity of 64.43% and a net margin of 11.68%. However, its revenue for the quarter reached only $1.86 billion, falling short of the consensus estimate of $1.96 billion.
Comparing these figures to the same period in the prior year, it is evident that there has been a decline in performance for Williams-Sonoma as its revenue experienced a decrease of 12.9%. Despite this downturn, research analysts anticipate that Williams-Sonoma will still achieve earnings per share of 13.97 for the current fiscal year.
The decision made by Congress Asset Management Co. MA to reduce its position in Williams-Sonoma highlights their assessment of the company’s future prospects and financial performance potential. As an asset management firm focused on maximizing returns for their clients’ portfolios, Congress Asset Management Co., MA may have determined that it would be prudent to reduce exposure to Williams-Somona based on their analysis.
Investors and market participants will be keeping a close eye on future developments and announcements from Williams-Sonoma, Inc. as it navigates through potential challenges and seeks to regain a stronger financial footing.
Williams-Sonoma, Inc.: Hedge Funds Adjust Holdings as Analyst Opinions Remain Mixed
Williams-Sonoma, Inc. has caught the attention of several hedge funds and institutional investors recently, with some increasing their holdings while others reduced their stakes in the specialty retailer. Great West Life Assurance Co. Can raised its holdings in Williams-Sonoma by 7.9% during the first quarter, now owning 46,227 shares worth $6,915,000. Aviva PLC also lifted its position in the company by 9.7% during the same period, now holding 14,762 shares worth $2,140,000.
Baird Financial Group Inc. and Brown Brothers Harriman & Co. also increased their holdings in Williams-Sonoma albeit at a smaller percentage. Baird Financial Group now owns 391,118 shares worth $56,712,000 and Brown Brothers Harriman & Co holds 2,092 shares valued at $303,000. Additionally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management made its first investment in Williams-Sonoma during the first quarter with a new position worth $292,000.
According to reports from various analysts on WSM shares as cited by Bloomberg.com, there is a mixed viewpoint on the stock with six analysts rating it as “sell,” eight as “hold,” and five as “buy.” The consensus rating for Williams-Sonoma is currently labeled as “hold” with an average target price of $141.11.
In other news related to the company, CEO Laura Alber sold 100,000 shares of Williams-Sonoma stock on September 25th at an average price of $150 per share, totaling a value of $15 million. Following this transaction, Alber now directly holds 5654shares valued at $84,875250.
Another insider transaction involved CEO Marta Benson who sold 10k shares of Williams-Sonoma stock on August 28th at an average price of $140.68 per share, netting a total value of $1,406,800. Following this sale, Benson now directly holds 54,238 shares worth approximately $7,630,201.84.
At the time of writing this article on October 12th, Williams-Sonoma stock was trading at $160.50 with a trading volume of 306,657 shares. The company has a market capitalization of $10.29 billion and a price-to-earnings ratio of 11.04. Its one-year high stands at $161.81 while the one-year low is recorded at $109.22.
In conclusion, Williams-Sonoma has seen some notable activity in terms of its stakeholders with several hedge funds and institutional investors making adjustments to their positions in the company. Analyst opinions on the stock are varied but lean towards a more cautious outlook as reflected by the average target price and consensus rating “hold.” Leadership within the company has also made significant transactions involving top executives selling shares for substantial amounts. It remains to be seen how these factors will shape the future trajectory of Williams-Sonoma’s stock performance in the market.