6,474,266 Shares in Fox Factory Holding Corp. $FOXF Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 6.47 million Fox Factory shares worth approximately $109.7 million, giving it a 15.44% ownership stake.
• Fox Factory beat quarterly earnings expectations with EPS of $0.37 versus the $0.18 consensus and revenue of $358.1 million, although revenue fell 4.5% year over year and the company reported a negative net margin.
• Analysts maintain a consensus “Hold” rating with a $21 price target; shares recently opened at $20.56 after trading between $13.08 and $29.97 over the past year.

BlackRock Inc. bought a new stake in Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,474,266 shares of the company's stock, valued at approximately $109,706,000. BlackRock Inc. owned 15.44% of Fox Factory at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. increased its holdings in shares of Fox Factory by 188.1% during the fourth quarter. Hantz Financial Services Inc. now owns 2,057 shares of the company's stock valued at $35,000 after purchasing an additional 1,343 shares during the period. Farther Finance Advisors LLC grew its position in Fox Factory by 108.3% in the 4th quarter. Farther Finance Advisors LLC now owns 2,075 shares of the company's stock valued at $36,000 after buying an additional 1,079 shares in the last quarter. Covestor Ltd increased its stake in Fox Factory by 693.3% during the 4th quarter. Covestor Ltd now owns 2,943 shares of the company's stock valued at $50,000 after buying an additional 2,572 shares during the period. Resona Asset Management Co. Ltd. increased its stake in Fox Factory by 33.3% during the 4th quarter. Resona Asset Management Co. Ltd. now owns 4,142 shares of the company's stock valued at $73,000 after buying an additional 1,035 shares during the period. Finally, OP Asset Management Ltd bought a new stake in shares of Fox Factory during the 1st quarter worth about $91,000.

Fox Factory Stock Down 2.6%

Shares of FOXF stock opened at $20.56 on Friday. The stock's 50 day simple moving average is $19.06 and its 200 day simple moving average is $18.02. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.55 and a current ratio of 3.10. Fox Factory Holding Corp. has a twelve month low of $13.08 and a twelve month high of $29.97. The company has a market capitalization of $864.14 million, a price-to-earnings ratio of -2.88, a PEG ratio of 0.59 and a beta of 1.35.

Fox Factory (NASDAQ:FOXF - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.19. The business had revenue of $358.12 million for the quarter, compared to analyst estimates of $352.94 million. Fox Factory had a negative net margin of 20.39% and a positive return on equity of 5.57%. Fox Factory's revenue was down 4.5% compared to the same quarter last year. During the same period last year, the business posted $0.40 EPS. As a group, research analysts predict that Fox Factory Holding Corp. will post 1.55 EPS for the current year.

Analysts Set New Price Targets

FOXF has been the subject of a number of research analyst reports. Bank of America downgraded shares of Fox Factory from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $24.00 to $20.00 in a research report on Tuesday, June 30th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Fox Factory in a report on Friday, August 7th. Roth Capital restated a "neutral" rating and issued a $20.00 target price on shares of Fox Factory in a research note on Friday, May 8th. Needham & Company LLC reaffirmed a "buy" rating on shares of Fox Factory in a research note on Wednesday, June 3rd. Finally, Zacks Research upgraded Fox Factory from a "strong sell" rating to a "hold" rating in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $21.00.

Fox Factory Profile

Fox Factory Holding Corp., headquartered in Duluth, Minnesota, designs, engineers and manufactures high-performance suspension systems, shock absorbers and related components for powersports, light-vehicle and mountain-bike applications. The company's FOX brand offers a comprehensive portfolio of forks, shocks, coilovers and internal bypass dampers aimed at OEM and aftermarket customers seeking enhanced ride quality, control and durability across off-road vehicles, motorcycles and bicycles.

Founded in 1974 by Bob Fox in California, Fox Factory has expanded its technology base and market reach through strategic acquisitions such as Marzocchi Suspension, DVO Suspension and Walker Evans Racing.

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