September 20, 2023 – Nordea Investment Management AB has disclosed its purchase of a new stake in Fox Factory Holding Corp. (NASDAQ:FOXF) during the second quarter, according to its recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 74,998 shares of Fox Factory, valued at approximately $8,149,000. At the end of the quarter, Nordea Investment Management AB owned about 0.18% of the company.
Fox Factory (NASDAQ:FOXF) recently released its quarterly earnings data on Thursday, August 3rd. The company exceeded analysts’ consensus estimates by reporting an EPS of $1.21 for the quarter, surpassing predictions by $0.07 per share. With a return on equity of 19.41% and a net margin of 11.45%, Fox Factory demonstrated a strong financial performance.
During the quarter, Fox Factory generated revenue of $400.72 million, slightly below the consensus estimate of $401.67 million. While it experienced a decline in quarterly revenue compared to the same period last year, with a decrease of 1.5%, analysts are optimistic about its future performance.
Equities analysts anticipate that Fox Factory Holding Corp. will post an EPS of 5.03 for the current fiscal year.
This recent purchase by Nordea Investment Management AB reflects investor confidence in Fox Factory Holding Corp.’s potential for growth and success in the market moving forward.
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Recent Developments and Analyst Ratings for Fox Factory Holding Corp.
September 20, 2023
Institutional investors have been making significant changes to their positions in Fox Factory Holding Corp., a leading manufacturer of high-performance suspension products. Among the recent developments is the purchase of new shares by OLD Mission Capital LLC during the fourth quarter of last year. The investment firm acquired a new position in Fox Factory valued at approximately $25,000. Similarly, Covestor Ltd grew its holdings in the company by 58.4% during the first quarter, now owning 358 shares worth $35,000 after buying an additional 132 shares.
BOKF NA also made a significant move in the first quarter, purchasing a new position in Fox Factory worth approximately $56,000. Meanwhile, Benjamin Edwards Inc. saw significant growth in its holdings during the same period as well. The firm increased its stake by 138.0%, now owning 614 shares valued at $75,000 after acquiring an additional 356 shares. Lastly, Quadrant Capital Group LLC experienced a 36.3% growth in its FOXF holdings during the fourth quarter of last year. The firm now owns 653 shares worth $60,000 after adding an additional 174 shares to its portfolio.
Several equities analysts have recently issued reports on Fox Factory’s performance and prospects. Stifel Nicolaus reissued a “buy” rating on September 18th and set a price objective of $130.00 for the company’s stock. Bank of America has also been bullish on Fox Factory, increasing their price target from $130 to $135 and maintaining a “buy” rating.
Other analysts have shared positive views on the company as well. B.Riley initiated coverage and gave Fox Factory a “buy” rating with a price target of $125 back in June this year. StockNews.com initiated coverage with a “hold” rating more recently on August 17th.
The average rating, according to Bloomberg, is a “Moderate Buy,” with an average price target of $128.00 from the nine analysts who have covered the stock.
In recent news, it has been revealed that insider Paul Stecher sold 2,300 shares of Fox Factory stock on August 25th at an average price of $107.00. This transaction amounted to $246,100. In addition to this sale, CEO Michael C. Dennison also sold 9,129 shares of the stock on August 10th at an average price of $114.00.
Despite these insider sales, overall ownership by insiders is relatively low at just 0.20% of the company’s stock.
Shares of Fox Factory Holding Corp., listed as NASDAQ:FOXF, opened at $102.08 on Wednesday and have seen a one-year low of $73.05 and a high of $127.54. The stock has a fifty-day moving average of $108.44 and a two hundred-day moving average of $106.87.
With a market capitalization of $4.33 billion and a PE ratio of 23.36, Fox Factory is positioned as an attractive investment within the industry.
The company has demonstrated steady growth in recent years and continues to expand its product offerings to meet the demands of the market.
Investors should carefully monitor any further developments that may impact the performance and valuation of Fox Factory Holding Corp., as it remains an intriguing option for those seeking opportunities in the automotive industry or looking for potential growth stocks in their portfolios.
Please note that this article is based solely on publicly available information up until September 20, 2023 and should not be considered as financial or investment advice.
