On August 20, 2023, it was reported that &Y Intercept Hong Kong Ltd had acquired a new position in Abercrombie & Fitch Co. (NYSE:ANF) during the first quarter of the year. According to the company’s recent Form 13F filing with the Securities and Exchange Commission (SEC), they purchased 8,351 shares of the apparel retailer’s stock, which were valued at approximately $232,000.
The acquisition by &Y Intercept Hong Kong Ltd highlights their interest in investing in Abercrombie & Fitch and suggests confidence in the future prospects of the company. This move may also demonstrate a belief that ANF’s stock has potential for growth and could generate favorable returns for shareholders.
In related news, it was revealed that CEO Fran Horowitz sold 120,000 shares of Abercrombie & Fitch stock on July 10th. The average price per share was $35.42, resulting in a total transaction value of $4,250,400.00. Following this sale, Horowitz now directly owns 933,913 shares of the company’s stock which have an estimated value of $33,079,198.46 as of August 20th.
Additionally, CFO Scott D. Lipesky sold 7,500 shares of Abercrombie & Fitch stock on July 26th at an average price per share of $38.00. The total transaction amount for this sale was $285,000.00. As a result of this sale, Lipesky now holds approximately 131,918 shares of ANF valued at $5,012,884.
These insider sales by senior executives could potentially indicate different motivations: it could be a strategic decision to take advantage of the current market conditions or it could reflect personal financial planning strategies unrelated to the performance or outlook of Abercrombie & Fitch as a business.
It is worth noting that over the last ninety days, insiders at Abercrombie & Fitch have collectively sold 302,387 shares of company stock, amounting to $11,214,903 in value. This represents approximately 3.77% of the total outstanding shares. Insider selling can sometimes be perceived as a lack of confidence in a company’s future performance; however, it is important to conduct further analysis and consider other factors before making any definitive conclusions.
Investors and analysts interested in Abercrombie & Fitch should closely monitor these developments and transaction details disclosed by the company to better understand the dynamics surrounding its current financial position and potential future prospects. The SEC filing referenced in this article provides access to additional information for those seeking more detailed insights into these transactions.
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Renewed Investor Confidence and Positive Analyst Outlook Spark Anticipation for Abercrombie & Fitch’s Financial Performance
In recent months, major investors have been making adjustments to their holdings of Abercrombie & Fitch, an American apparel retailer. Russell Investments Group Ltd. increased its ownership of the company by 3.4% in the first quarter, now owning 108,522 shares valued at $3,009,000. Alpha DNA Investment Management LLC and Advisors Preferred LLC also joined in investing in Abercrombie & Fitch during the same period, with stakes worth $1,153,000 and $300,000 respectively. Additionally, Victory Capital Management Inc. raised its holdings by 21.7%, now owning 13,776 shares worth $382,000. Fisher Asset Management LLC followed suit with a minor increase of 3.4%, resulting in their possession of 1,006,883 shares valued at $27,941,000.
These developments signify a renewed interest and confidence from institutional investors in Abercrombie & Fitch. The company has experienced a series of changes in investment activity that has piqued curiosity within the industry.
Various financial analysts have also weighed in on the situation with Abercrombie & Fitch stock recently. Argus upgraded the stock rating from “hold” to “buy” and set a price target of $41.00 per share on June 12th. In another report on August 15th, Citigroup increased their price objective for Abercrombie & Fitch from $33.00 to $45.00 while labeling it as “neutral”. Furthermore, Telsey Advisory Group raised their price objective from $35.00 to $47.00 and gave the stock an “outperform” rating just last week.
UBS Group had previously increased their target price on the stock from $28.00 to $32.00 on May 25th based on solid market performance indicators echoing positive sentiment toward Abercrombie & Fitch. However, Jefferies Financial Group advised caution with a target price reduction from $35.00 to $30.00 in May.
According to Bloomberg.com, Abercrombie & Fitch currently holds an average rating of “Hold” among financial analysts and boasts an average price target of $34.29.
As of August 20th, shares of Abercrombie & Fitch on the New York Stock Exchange opened at $43.20. The company’s market capitalization stands at $2.16 billion, with a P/E ratio of 61.71 and a beta value of 1.50. Over the last 50 days, the stock has shown a moving average of $37.71, while its 200-day moving average was recorded at $30.86.
Abercrombie & Fitch has hit a 52-week low of $14.02 and reached a high of $43.33 in the same time frame.
The company reported its quarterly earnings results on May 24th, revealing an earnings per share (EPS) of $0.39 for the quarter – surpassing consensus estimates by $0.41 per share, which had expected negative EPS around ($0.02). Abercrombie & Fitch recorded revenue amounting to $836 million for the quarter compared to a consensus estimate of approximately $814.93 million – indicating a revenue growth rate of 2.9% year-over-year.
With these positive figures revealed during their latest earnings report and increasing interest from institutional investors, it is anticipated that Abercrombie & Fitch will post strong financial performance this year – earnings per share are estimated at 2.09 for the current fiscal year.