Abercrombie & Fitch (NYSE:ANF) Stock Price Down 7.5% - Here's What Happened

Abercrombie & Fitch Co. (NYSE:ANF - Get Free Report) shares dropped 7.5% during mid-day trading on Thursday . The stock traded as low as $83.70 and last traded at $81.86. Approximately 758,802 shares were traded during trading, a decline of 64% from the average daily volume of 2,133,142 shares. The stock had previously closed at $88.47.

Analysts Set New Price Targets

A number of equities research analysts have commented on ANF shares. Raymond James cut their target price on shares of Abercrombie & Fitch from $110.00 to $90.00 and set an "outperform" rating for the company in a research report on Tuesday, May 27th. JPMorgan Chase & Co. lifted their price objective on Abercrombie & Fitch from $142.00 to $147.00 and gave the stock an "overweight" rating in a report on Thursday. Wall Street Zen downgraded Abercrombie & Fitch from a "buy" rating to a "hold" rating in a report on Sunday, March 9th. Citigroup restated a "buy" rating on shares of Abercrombie & Fitch in a research note on Wednesday, May 28th. Finally, Jefferies Financial Group reduced their price target on shares of Abercrombie & Fitch from $170.00 to $135.00 and set a "buy" rating for the company in a research report on Wednesday, May 21st. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $111.38.

Abercrombie & Fitch Price Performance

The business has a 50-day simple moving average of $74.51 and a 200 day simple moving average of $107.17. The firm has a market cap of $3.73 billion, a PE ratio of 7.75 and a beta of 1.47.

Abercrombie & Fitch (NYSE:ANF - Get Free Report) last released its earnings results on Wednesday, May 28th. The apparel retailer reported $1.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.24. Abercrombie & Fitch had a net margin of 11.16% and a return on equity of 46.50%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the firm posted $2.14 EPS. The firm's quarterly revenue was up 7.5% compared to the same quarter last year. On average, equities analysts forecast that Abercrombie & Fitch Co. will post 10.62 earnings per share for the current fiscal year.

Abercrombie & Fitch declared that its Board of Directors has authorized a stock repurchase program on Wednesday, March 5th that permits the company to repurchase $1.30 billion in shares. This repurchase authorization permits the apparel retailer to buy up to 29.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. purchased a new stake in shares of Abercrombie & Fitch during the 4th quarter worth approximately $27,000. UMB Bank n.a. grew its position in Abercrombie & Fitch by 161.4% in the 1st quarter. UMB Bank n.a. now owns 583 shares of the apparel retailer's stock valued at $45,000 after acquiring an additional 360 shares during the last quarter. Fifth Third Bancorp increased its stake in Abercrombie & Fitch by 56.2% in the 4th quarter. Fifth Third Bancorp now owns 367 shares of the apparel retailer's stock worth $55,000 after buying an additional 132 shares during the period. Versant Capital Management Inc raised its stake in shares of Abercrombie & Fitch by 55.6% during the first quarter. Versant Capital Management Inc now owns 728 shares of the apparel retailer's stock valued at $56,000 after acquiring an additional 260 shares in the last quarter. Finally, Private Trust Co. NA lifted its holdings in shares of Abercrombie & Fitch by 30.9% in the 4th quarter. Private Trust Co. NA now owns 415 shares of the apparel retailer's stock worth $62,000 after buying an additional 98 shares during the period.

Abercrombie & Fitch Company Profile

Abercrombie & Fitch Co engages in the retail of apparel, personal care products, and accessories. The firm operates through following geographical segments: Americas, EMEA and APAC. The Americas segment includes operations in North America and South America. The EMEA segment includes operations in Europe, the Middle East and Africa.