Bank of America Corp DE Decreases Stock Holdings in Somnigroup International Inc. $SGI

Key Points

• Bank of America reduced its Somnigroup International stake by 11.2% in the first quarter, selling 283,228 shares and retaining 2.24 million shares worth approximately $165.8 million. Institutional investors collectively own 99.86% of SGI.
• Analyst sentiment remains positive, with six Buy ratings and three Holds giving SGI a “Moderate Buy” consensus and an average price target of $98.14, well above its recent $69.79 price.
• Somnigroup reported quarterly EPS of $0.59, beating estimates by $0.02, while revenue rose 12.3% year over year to $1.80 billion. The stock is trading below its 52-week high of $98.56.

Bank of America Corp DE trimmed its position in shares of Somnigroup International Inc. (NYSE:SGI - Free Report) by 11.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,242,959 shares of the company's stock after selling 283,228 shares during the period. Bank of America Corp DE owned about 1.07% of Somnigroup International worth $165,800,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Quantinno Capital Management LP lifted its position in shares of Somnigroup International by 27.9% in the 1st quarter. Quantinno Capital Management LP now owns 154,491 shares of the company's stock worth $11,420,000 after purchasing an additional 33,729 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Somnigroup International by 193.4% during the first quarter. Renaissance Technologies LLC now owns 494,100 shares of the company's stock valued at $36,524,000 after purchasing an additional 325,700 shares during the last quarter. Oak Thistle LLC bought a new stake in shares of Somnigroup International in the 4th quarter worth approximately $1,409,000. Allspring Global Investments Holdings LLC boosted its position in shares of Somnigroup International by 62.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,046,320 shares of the company's stock worth $224,240,000 after purchasing an additional 1,171,485 shares in the last quarter. Finally, IPG Investment Advisors LLC boosted its position in shares of Somnigroup International by 43.7% in the 4th quarter. IPG Investment Advisors LLC now owns 84,236 shares of the company's stock worth $7,521,000 after purchasing an additional 25,600 shares in the last quarter. 99.86% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SGI shares. Zelman & Associates assumed coverage on Somnigroup International in a research report on Tuesday, June 23rd. They set an "outperform" rating and a $99.00 price objective for the company. Weiss Ratings downgraded Somnigroup International from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Morgan Stanley started coverage on Somnigroup International in a research note on Monday, July 27th. They issued an "overweight" rating and a $95.00 target price on the stock. Stephens restated an "equal weight" rating and set a $89.00 price target on shares of Somnigroup International in a report on Tuesday, April 14th. Finally, Bank of America lowered their price target on Somnigroup International from $106.00 to $96.00 and set a "buy" rating for the company in a research report on Tuesday, April 14th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Somnigroup International presently has an average rating of "Moderate Buy" and a consensus price target of $98.14.

Somnigroup International Price Performance

NYSE SGI opened at $69.79 on Thursday. The stock has a market capitalization of $14.68 billion, a price-to-earnings ratio of 28.49, a PEG ratio of 1.30 and a beta of 1.20. Somnigroup International Inc. has a 1-year low of $60.39 and a 1-year high of $98.56. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.78 and a quick ratio of 0.38. The business's fifty day moving average price is $72.49 and its 200-day moving average price is $77.86.

Somnigroup International (NYSE:SGI - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Somnigroup International had a return on equity of 19.62% and a net margin of 6.80%.The firm had revenue of $1.80 billion for the quarter. During the same period last year, the business earned $0.49 EPS. The firm's quarterly revenue was up 12.3% compared to the same quarter last year. On average, equities analysts predict that Somnigroup International Inc. will post 3.15 earnings per share for the current year.

Somnigroup International Profile

Somnigroup International Inc, together with its subsidiaries, designs, manufactures, distributes, and retails bedding products in the United States and internationally. It provides mattresses, foundations and adjustable foundations, and adjustable bases, as well as other products comprising pillows, mattress covers, sheets, cushions, and various other accessories and comfort products under the Tempur-Pedic, Sealy, Stearns & Foster, Sealy, and Cocoon by Sealy brand names. The company sells its products through approximately company-owned stores, online, and call centers; and third party retailers, including third party distribution, hospitality, and healthcare.

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