Bank of America Corp DE Buys New Shares in Fox Factory Holding Corp. $FOXF

Key Points

• Bank of America acquired 228,504 Fox Factory shares worth approximately $3.87 million during the second quarter, giving it a 0.54% stake. BlackRock and several other institutional investors also increased or initiated positions.
• Analyst sentiment is mixed, with ratings ranging from strong buy to sell; however, MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $21.
• Fox Factory shares opened at $18.70, while the company’s latest quarterly results exceeded expectations with earnings of $0.37 per share and revenue of $358.12 million, despite a 4.5% year-over-year revenue decline.

Bank of America Corp DE acquired a new position in shares of Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 228,504 shares of the company's stock, valued at approximately $3,872,000. Bank of America Corp DE owned approximately 0.54% of Fox Factory at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Fox Factory during the second quarter valued at about $109,706,000. RWWM Inc. boosted its stake in Fox Factory by 4.7% during the 1st quarter. RWWM Inc. now owns 5,533,072 shares of the company's stock valued at $91,074,000 after purchasing an additional 247,635 shares during the last quarter. Engine Capital Management LP boosted its stake in Fox Factory by 162.3% during the 1st quarter. Engine Capital Management LP now owns 2,026,230 shares of the company's stock valued at $33,352,000 after purchasing an additional 1,253,808 shares during the last quarter. Estuary Capital Management LP increased its holdings in Fox Factory by 15.3% during the 1st quarter. Estuary Capital Management LP now owns 1,815,271 shares of the company's stock worth $29,879,000 after purchasing an additional 240,512 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Fox Factory by 26.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,271,969 shares of the company's stock worth $20,937,000 after purchasing an additional 262,076 shares in the last quarter.

Analyst Ratings Changes

A number of research firms have recently weighed in on FOXF. Weiss Ratings restated a "sell (e+)" rating on shares of Fox Factory in a report on Friday, August 7th. Bank of America downgraded Fox Factory from a "neutral" rating to an "underperform" rating and decreased their price target for the stock from $24.00 to $20.00 in a report on Tuesday, June 30th. Zacks Research upgraded Fox Factory from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 31st. Needham & Company LLC reaffirmed a "buy" rating on shares of Fox Factory in a report on Wednesday, June 3rd. Finally, Fox Advisors set a $20.00 target price on shares of Fox Factory in a research note on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $21.00.

Fox Factory Price Performance

FOXF opened at $18.70 on Wednesday. The firm has a 50-day moving average price of $19.90 and a 200-day moving average price of $18.20. Fox Factory Holding Corp. has a twelve month low of $13.08 and a twelve month high of $26.01. The company has a quick ratio of 1.55, a current ratio of 3.10 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $785.96 million, a price-to-earnings ratio of -2.62, a PEG ratio of 0.53 and a beta of 1.38.

Fox Factory (NASDAQ:FOXF - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.19. The company had revenue of $358.12 million for the quarter, compared to analysts' expectations 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 in the prior year, the company posted $0.40 EPS. Equities analysts expect that Fox Factory Holding Corp. will post 1.57 EPS for the current year.

Fox Factory Company Profile

Fox Factory Holding Corp. NASDAQ: FOXF designs, engineers and manufactures performance products for the cycling, powersports and specialty vehicle markets. The company's offerings are intended for applications ranging from mountain biking and racing to off-road driving, snowmobiling and other recreational activities.

Its product portfolio includes suspension forks, shocks, dropper seatposts, wheels, drivetrain components, protective equipment, apparel and other vehicle accessories. Fox Factory sells products under brands that include FOX, Marzocchi, Race Face, Easton Cycling, Ride Concepts and RockyMounts.

Founded in 1974 by Bob Fox, the company began with suspension technology and expanded through product development and acquisitions into a broader portfolio of performance brands.

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