Bank of New York Mellon Corp Makes New $4.03 Million Investment in Fox Factory Holding Corp. $FOXF

Key Points

• Bank of New York Mellon acquired 237,956 Fox Factory shares worth approximately $4.03 million, representing about 0.57% of the company.
• Analyst opinions remain mixed, but Fox Factory has a consensus “Moderate Buy” rating and an average price target of $21.00.
• Fox Factory beat quarterly earnings expectations, reporting $0.37 EPS versus $0.18 expected, while revenue fell 4.5% year over year to $358.12 million.

Bank of New York Mellon Corp purchased a new position in shares of Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 237,956 shares of the company's stock, valued at approximately $4,032,000. Bank of New York Mellon Corp owned approximately 0.57% of Fox Factory at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Engineers Gate Manager LP grew its stake in shares of Fox Factory by 1.1% during the fourth quarter. Engineers Gate Manager LP now owns 73,895 shares of the company's stock worth $1,264,000 after buying an additional 770 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Fox Factory by 12.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,818 shares of the company's stock valued at $203,000 after acquiring an additional 858 shares during the last quarter. Resona Asset Management Co. Ltd. lifted its stake in shares of Fox Factory by 33.3% in the 4th quarter. Resona Asset Management Co. Ltd. now owns 4,142 shares of the company's stock valued at $73,000 after acquiring an additional 1,035 shares during the last quarter. Creative Planning boosted its holdings in shares of Fox Factory by 11.6% during the 3rd quarter. Creative Planning now owns 9,971 shares of the company's stock valued at $242,000 after acquiring an additional 1,040 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Fox Factory by 108.3% during the 4th quarter. Farther Finance Advisors LLC now owns 2,075 shares of the company's stock valued at $36,000 after acquiring an additional 1,079 shares in the last quarter.

Wall Street Analyst Weigh In

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

Fox Factory Trading Up 3.7%

NASDAQ FOXF opened at $21.52 on Friday. The company has a market cap of $904.49 million, a price-to-earnings ratio of -3.01, a P/E/G ratio of 0.62 and a beta of 1.38. Fox Factory Holding Corp. has a 52 week low of $13.08 and a 52 week high of $29.97. The business has a 50 day moving average price of $19.28 and a 200-day moving average price of $18.06. The company has a quick ratio of 1.55, a current ratio of 3.10 and a debt-to-equity ratio of 0.96.

Fox Factory (NASDAQ:FOXF - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.19. The business 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%. The firm's revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.40 EPS. As a group, equities analysts expect that Fox Factory Holding Corp. will post 1.55 earnings per share for the current fiscal year.

About Fox Factory

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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