Signet Jewelers' (SIG) "Overweight" Rating Reiterated at Stephens

Key Points

• Stephens reaffirmed its “Overweight” rating on Signet Jewelers and maintained a $130 price target, implying approximately 52.8% upside from the stock’s $85.06 opening price.
• Analyst sentiment remains generally positive, with Signet holding a “Moderate Buy” consensus rating and an average price target of $113.62.
• Institutional interest increased, including a major purchase by the California State Teachers’ Retirement System, which raised its position by 8,406% to roughly 3.85 million shares.

Signet Jewelers (NYSE:SIG - Get Free Report)'s stock had its "overweight" rating reaffirmed by equities research analysts at Stephens in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $130.00 price target on the stock. Stephens' price objective suggests a potential upside of 52.83% from the company's current price.

SIG has been the subject of a number of other reports. Weiss Ratings reissued a "hold (c)" rating on shares of Signet Jewelers in a research report on Monday, July 6th. Wells Fargo & Company reaffirmed a "mixed" rating on shares of Signet Jewelers in a research report on Wednesday, June 3rd. Raymond James Financial initiated coverage on shares of Signet Jewelers in a research note on Thursday, July 23rd. They issued an "outperform" rating and a $105.00 price objective on the stock. UBS Group increased their target price on shares of Signet Jewelers from $121.00 to $122.00 and gave the stock a "buy" rating in a research report on Monday, August 24th. Finally, Zacks Research lowered shares of Signet Jewelers from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $113.62.

Signet Jewelers Trading Down 0.3%

Shares of Signet Jewelers stock opened at $85.06 on Tuesday. Signet Jewelers has a 1 year low of $71.61 and a 1 year high of $110.20. The company has a market cap of $3.35 billion, a P/E ratio of 11.93, a P/E/G ratio of 0.89 and a beta of 1.11. The stock has a 50-day moving average price of $88.05 and a 200 day moving average price of $87.88.

Hedge Funds Weigh In On Signet Jewelers

Several institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LP acquired a new stake in shares of Signet Jewelers in the second quarter worth about $1,583,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Signet Jewelers during the 2nd quarter valued at about $1,458,000. California State Teachers Retirement System raised its stake in shares of Signet Jewelers by 8,406.0% in the 2nd quarter. California State Teachers Retirement System now owns 3,854,002 shares of the company's stock valued at $332,215,000 after acquiring an additional 3,808,693 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Signet Jewelers in the 2nd quarter valued at approximately $32,000. Finally, AXQ Capital LP acquired a new stake in Signet Jewelers in the 2nd quarter worth approximately $390,000.

Signet Jewelers Company Profile

Signet Jewelers Ltd is the world's largest retailer of diamond jewelry, operating a diversified network of retail stores across the United States, Canada, the United Kingdom and Ireland. Its portfolio includes well-established banners such as Kay Jewelers, Zales, Jared The Galleria of Jewelry, H.Samuel, Ernest Jones, Peoples and Piercing Pagoda, offering customers a range of shopping environments from suburban malls to high-street locations.

The company's product assortment encompasses engagement rings, wedding bands, fine fashion jewelry and timepieces, complemented by services including jewelry cleaning, repairs, appraisals and extended care plans.

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