Empowered Funds LLC Acquires 180,168 Shares of Fox Factory Holding Corp. $FOXF

Key Points

• Empowered Funds LLC nearly doubled its Fox Factory stake in the first quarter, adding 180,168 shares to own 372,186 shares, or approximately 0.89% of the company valued at $6.13 million.
• Fox Factory reported quarterly EPS of $0.37, beating estimates of $0.18, while revenue of $358.1 million exceeded expectations but declined 4.5% year over year. The company remains unprofitable on a net-margin basis.
• Wall Street’s consensus rating is Hold, with a $21.00 average price target; analysts’ views range from Strong Buy to Sell. FOXF recently traded at $21.02, above its 50-day and 200-day moving averages.

Empowered Funds LLC boosted its holdings in Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) by 93.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 372,186 shares of the company's stock after purchasing an additional 180,168 shares during the quarter. Empowered Funds LLC owned about 0.89% of Fox Factory worth $6,126,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FOXF. Hantz Financial Services Inc. grew its position in shares of Fox Factory by 188.1% during the 4th quarter. Hantz Financial Services Inc. now owns 2,057 shares of the company's stock worth $35,000 after buying an additional 1,343 shares during the period. Farther Finance Advisors LLC increased its stake in shares of 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 acquiring an additional 1,079 shares in the last quarter. Covestor Ltd lifted its position in shares of 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 acquiring an additional 2,572 shares during the period. Resona Asset Management Co. Ltd. lifted its position in shares of 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 acquiring an additional 1,035 shares during the period. Finally, OP Asset Management Ltd bought a new position in Fox Factory during the first quarter worth $91,000.

Fox Factory Price Performance

FOXF opened at $21.02 on Monday. The company has a debt-to-equity ratio of 0.96, a current ratio of 3.10 and a quick ratio of 1.55. The company's 50-day moving average is $18.44 and its 200 day moving average is $17.84. Fox Factory Holding Corp. has a fifty-two week low of $13.08 and a fifty-two week high of $30.56. The firm has a market capitalization of $883.47 million, a P/E ratio of -2.94, a PEG ratio of 0.60 and a beta of 1.35.

Fox Factory (NASDAQ:FOXF - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.19. The business had revenue of $358.12 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 4.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.40 EPS. Research analysts expect that Fox Factory Holding Corp. will post 1.55 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FOXF has been the subject of a number of research reports. Needham & Company LLC restated a "buy" rating on shares of Fox Factory in a report on Wednesday, June 3rd. Bank of America cut shares of Fox Factory from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $24.00 to $20.00 in a research report on Tuesday, June 30th. Zacks Research upgraded Fox Factory from a "strong sell" rating to a "hold" rating in a research note on Wednesday, June 3rd. 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. Finally, Fox Advisors set a $20.00 price target on Fox Factory in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Fox Factory currently has a consensus rating of "Hold" and a consensus target price of $21.00.

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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