Investment firm Voya Investment Management LLC has recently increased their holdings in Under Armor, Inc. by 104.6%, according to their filing with the Securities and Exchange Commission (SEC). This brings their total shares to 713,912, approximately 0.16% of Under Armor’s worth at $7,253,000 as of the most recent SEC filing.
Under Armor posted their quarterly earnings on May 9th with an EPS of $0.18 beating the consensus estimate of $0.15 by $0.03 with a net margin of 6.55%. The company had revenue of $1.4 billion during that quarter bringing potentially more growth for investors in the future.
Under Armor is a company that specializes in developing, marketing and distributing performance apparel across various markets including men, women and youth both domestically and internationally. It also provides footwear products consisting running shoes, training shoes, basketball shoes among others tailored to its customers’ needs.
This recent increase in holdings shows good investor confidence which could further bolster future investment opportunities for Under Armor as it continues expanding its brand worldwide particularly after it showcased resilience amidst the pandemic restrictions over the past year and a half. Investors stand to gain substantial returns if Under Armour beats expectations once again when the next report comes out later this year.
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Hedge Funds Increase or Reduce Stakes in Under Armour, Inc. as Insider Sells Off Shares
Under Armour, Inc. has been making headlines recently after a number of hedge funds increased or reduced their stakes in the company. According to Bloomberg.com, 42.37% of the stock is currently owned by institutional investors and hedge funds. One of these companies is Captrust Financial Advisors, which recently raised its position in Under Armour by 58.0% during the 1st quarter to now own 5,168 shares valued at $88,000. Additionally, Harbour Investments Inc. increased its position by 335.1% during the last quarter, while Quadrant Capital Group LLC raised theirs by a massive 2,312.4%.
Despite these recent moves by hedge funds and institutional investors, New York Stock Exchange (NYSE) trading for Under Armour on Friday saw an opening price of $7.14 per share. The company has a one year low of $6.38 and a one year high of $13.05 with a market cap value of $3.17 billion.
Under Armour specializes in developing and distributing performance apparel and footwear for men, women, and youth customers in loose fit types and categories including cleated sports and outdoor activities like running and recovery applications.
While the stock has experienced some movements from analysts lately but carries an average consensus rating of “Hold” among thirteen equities research analysts as reported on Bloomberg.com.
In other news related to Under Armour’s internal affairs, insider Kevin A Plank sold off 16 million shares on May 31st worth approximately $98 million through transactions that were disclosed through legal filings with the Securities and Exchange Commission (SEC) as seen on Yahoo Finance.
As we look ahead into the future with Under Armour’s operations as well as how these recent updates affect its performance as a publicly-traded company will be interesting to see what management can achieve over time amidst external market pressures while upholding an “equal weight” rating from Wells Fargo & Company.
