Signet Jewelers (NYSE:SIG) Price Target Raised to $78.00 at Bank of America

Signet Jewelers (NYSE:SIG - Get Free Report) had its price target boosted by equities research analysts at Bank of America from $65.00 to $78.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Bank of America's price objective points to a potential upside of 4.33% from the company's current price.

Several other research analysts also recently issued reports on the stock. Cfra Research upgraded shares of Signet Jewelers to a "moderate buy" rating in a research note on Thursday, March 20th. Wells Fargo & Company upped their target price on shares of Signet Jewelers from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 14th. CL King assumed coverage on shares of Signet Jewelers in a research note on Monday, May 5th. They issued a "buy" rating and a $80.00 target price on the stock. UBS Group upped their target price on shares of Signet Jewelers from $77.00 to $84.00 and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Finally, Telsey Advisory Group increased their price objective on shares of Signet Jewelers from $62.00 to $80.00 and gave the company a "market perform" rating in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Signet Jewelers currently has a consensus rating of "Hold" and a consensus price target of $84.67.

Signet Jewelers Trading Up 0.5%

Shares of SIG traded up $0.36 during trading hours on Wednesday, reaching $74.76. 1,167,426 shares of the company traded hands, compared to its average volume of 1,212,030. The company's fifty day moving average price is $61.09 and its two-hundred day moving average price is $65.99. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 8.60, a price-to-earnings-growth ratio of 3.43 and a beta of 1.34. The company has a quick ratio of 0.25, a current ratio of 1.55 and a debt-to-equity ratio of 0.14. Signet Jewelers has a 12 month low of $45.55 and a 12 month high of $109.52.

Signet Jewelers (NYSE:SIG - Get Free Report) last posted its quarterly earnings data on Tuesday, June 3rd. The company reported $1.18 EPS for the quarter, topping the consensus estimate of $1.01 by $0.17. Signet Jewelers had a net margin of 8.57% and a return on equity of 28.69%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the firm posted $1.11 earnings per share. Signet Jewelers's quarterly revenue was up 2.0% on a year-over-year basis. Equities research analysts predict that Signet Jewelers will post 8.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Helen Mccluskey acquired 1,700 shares of Signet Jewelers stock in a transaction dated Friday, April 25th. The stock was purchased at an average cost of $58.86 per share, with a total value of $100,062.00. Following the completion of the purchase, the director now directly owns 31,916 shares in the company, valued at approximately $1,878,575.76. This trade represents a 5.63% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Kevin Symancyk acquired 15,000 shares of Signet Jewelers stock in a transaction dated Monday, March 31st. The stock was purchased at an average cost of $57.45 per share, with a total value of $861,750.00. Following the completion of the purchase, the chief executive officer now owns 50,710 shares of the company's stock, valued at approximately $2,913,289.50. This represents a 42.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Signet Jewelers

Institutional investors have recently bought and sold shares of the stock. Grace & White Inc. NY grew its stake in Signet Jewelers by 6.1% during the fourth quarter. Grace & White Inc. NY now owns 207,262 shares of the company's stock valued at $16,728,000 after acquiring an additional 11,900 shares in the last quarter. Illinois Municipal Retirement Fund grew its stake in Signet Jewelers by 22.3% during the fourth quarter. Illinois Municipal Retirement Fund now owns 61,568 shares of the company's stock valued at $4,969,000 after acquiring an additional 11,218 shares in the last quarter. Magnetar Financial LLC bought a new position in Signet Jewelers during the fourth quarter valued at $2,418,000. Norges Bank bought a new position in Signet Jewelers during the fourth quarter valued at $40,989,000. Finally, Van ECK Associates Corp lifted its position in Signet Jewelers by 30.5% during the fourth quarter. Van ECK Associates Corp now owns 36,655 shares of the company's stock valued at $2,958,000 after purchasing an additional 8,574 shares during the last quarter.

About Signet Jewelers

Signet Jewelers Limited operates as a diamond jewelry retailer. It operates through three segments: North America, International, and Other. The North America segment operates jewelry stores in jewelry stores in malls, mall-based kiosks, and off-mall locations in the United States and Canada primarily under the Kay Jewelers, Kay Jewelers Outlet, Jared The Galleria Of Jewelry, Jared Vault, Zales Outlet, Zales Jewelers, Diamonds Direct, James Allen, Banter by Piercing Pagoda, and Peoples Jewellers names, as well as operates online through its digital banners, James Allen and Blue Nile.