Allianz Asset Management GmbH Sells 68,562 Shares of PVH Corp. (NYSE:PVH)

Key Points

• Allianz Asset Management GmbH has significantly reduced its stake in PVH Corp. by 37.9%, selling 68,562 shares during the first quarter, which now gives them a total of 112,276 shares valued at approximately $7.26 million.
• PVH Corp. reported quarterly earnings of $2.30 per share, exceeding analysts' estimates, with revenues of $1.98 billion, marking a 1.6% year-over-year growth.
• The company declared a quarterly dividend of $0.0375 per share, reflecting an annualized dividend yield of 0.20% and a low payout ratio of 2.12%.

Allianz Asset Management GmbH reduced its stake in shares of PVH Corp. (NYSE:PVH - Free Report) by 37.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 112,276 shares of the textile maker's stock after selling 68,562 shares during the period. Allianz Asset Management GmbH owned 0.21% of PVH worth $7,258,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Kapitalo Investimentos Ltda bought a new stake in shares of PVH during the fourth quarter valued at approximately $47,000. Hoey Investments Inc. acquired a new stake in PVH in the 4th quarter valued at $55,000. Allworth Financial LP grew its position in shares of PVH by 78.2% in the 1st quarter. Allworth Financial LP now owns 930 shares of the textile maker's stock valued at $60,000 after acquiring an additional 408 shares during the period. GAMMA Investing LLC boosted its holdings in PVH by 135.7% in the 1st quarter. GAMMA Investing LLC now owns 1,148 shares of the textile maker's stock valued at $74,000 after purchasing an additional 661 shares during the period. Finally, Central Pacific Bank Trust Division lifted its holdings in shares of PVH by 9.7% during the 1st quarter. Central Pacific Bank Trust Division now owns 1,920 shares of the textile maker's stock worth $124,000 after acquiring an additional 170 shares during the period. Institutional investors and hedge funds own 97.25% of the company's stock.

PVH Trading Down 1.8%

PVH traded down $1.36 on Thursday, reaching $73.50. 123,898 shares of the company traded hands, compared to its average volume of 1,451,374. PVH Corp. has a one year low of $59.28 and a one year high of $113.47. The firm has a fifty day simple moving average of $72.53 and a two-hundred day simple moving average of $74.90. The company has a market cap of $3.53 billion, a P/E ratio of 10.37, a price-to-earnings-growth ratio of 1.55 and a beta of 1.81. The company has a quick ratio of 0.53, a current ratio of 1.11 and a debt-to-equity ratio of 0.37.

PVH (NYSE:PVH - Get Free Report) last released its earnings results on Wednesday, June 4th. The textile maker reported $2.30 earnings per share for the quarter, topping the consensus estimate of $2.24 by $0.06. PVH had a net margin of 4.63% and a return on equity of 12.66%. The company had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the previous year, the firm earned $2.45 EPS. PVH's revenue was up 1.6% compared to the same quarter last year. As a group, equities research analysts expect that PVH Corp. will post 11.67 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Stefan Larsson bought 15,645 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was acquired at an average price of $63.92 per share, for a total transaction of $1,000,028.40. Following the acquisition, the chief executive officer owned 269,438 shares of the company's stock, valued at $17,222,476.96. This trade represents a 6.16% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jesper Andersen acquired 600 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was purchased at an average price of $66.10 per share, with a total value of $39,660.00. Following the acquisition, the director owned 736 shares of the company's stock, valued at approximately $48,649.60. This trade represents a 441.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PVH. Jefferies Financial Group raised shares of PVH from a "hold" rating to a "buy" rating and increased their target price for the stock from $70.00 to $105.00 in a research note on Wednesday, May 14th. Barclays cut their price objective on shares of PVH from $87.00 to $83.00 and set an "overweight" rating for the company in a research report on Monday, June 9th. Bank of America decreased their price objective on shares of PVH from $86.00 to $76.00 and set a "neutral" rating for the company in a report on Friday, June 6th. Evercore ISI lowered their price objective on shares of PVH from $105.00 to $95.00 and set an "outperform" rating on the stock in a research note on Thursday, June 5th. Finally, Telsey Advisory Group restated an "outperform" rating and issued a $90.00 price target on shares of PVH in a research report on Thursday, June 5th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $93.40.

PVH Company Profile

PVH Corp. operates as an apparel company in the United States and internationally. The company operates through Tommy Hilfiger North America, Tommy Hilfiger International, Calvin Klein North America, Calvin Klein International, and Heritage Brands Wholesale segments. It designs and markets men's, women's, and children's branded apparel, footwear and accessories, underwear, sleepwear, outerwear, home furnishings, luggage, dresses, suits and swimwear, activewear, sportswear, socks and accessories, outerwear, golf products, footwear, watches and jewelry, eyeglasses and non-ophthalmic sunglasses, jeans wear, performance apparel, intimate apparel, dress shirts, handbags, fragrance, small leather goods, and other related products; and men's and boy's tailored clothing products, duvets, pillows, mattress pads and toppers, and feather beds.