Empowered Funds LLC Has $6.13 Million Position in 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 worth approximately $6.13 million, or 0.89% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $23.20; Bank of America downgraded the stock to “underperform” and cut its target to $20.
• Fox Factory reported quarterly revenue of $368.66 million, above estimates, and EPS of $0.18 versus the $0.09 consensus. Revenue rose 3.8% year over year, although the company posted a negative net margin of 20.25%.

Empowered Funds LLC lifted its stake in Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) by 93.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 372,186 shares of the company's stock after buying an additional 180,168 shares during the period. Empowered Funds LLC owned about 0.89% of Fox Factory worth $6,126,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FOXF. Hantz Financial Services Inc. raised its holdings in Fox Factory by 188.1% in the 4th quarter. Hantz Financial Services Inc. now owns 2,057 shares of the company's stock valued at $35,000 after acquiring an additional 1,343 shares in the last quarter. Farther Finance Advisors LLC grew 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 worth $36,000 after purchasing an additional 1,079 shares in the last quarter. Covestor Ltd grew its holdings in shares of Fox Factory by 693.3% during the 4th quarter. Covestor Ltd now owns 2,943 shares of the company's stock worth $50,000 after purchasing an additional 2,572 shares in the last quarter. Resona Asset Management Co. Ltd. increased its position in shares of Fox Factory by 33.3% during the fourth quarter. Resona Asset Management Co. Ltd. now owns 4,142 shares of the company's stock valued at $73,000 after purchasing an additional 1,035 shares during the period. Finally, OP Asset Management Ltd bought a new stake in shares of Fox Factory during the first quarter valued at approximately $91,000.

Analysts Set New Price Targets

A number of brokerages recently commented on FOXF. 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. Bank of America lowered shares of Fox Factory from a "neutral" rating to an "underperform" rating and lowered their price target for the company from $24.00 to $20.00 in a report on Tuesday, June 30th. Stifel Nicolaus set a $24.00 price target on shares of Fox Factory in a report on Thursday, April 16th. Needham & Company LLC restated a "buy" rating on shares of Fox Factory in a research note on Wednesday, June 3rd. Finally, Weiss Ratings downgraded shares of Fox Factory from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $23.20.

Fox Factory Trading Up 1.1%

Shares of FOXF opened at $18.00 on Friday. The company has a current ratio of 2.99, a quick ratio of 1.52 and a debt-to-equity ratio of 1.00. The stock has a market cap of $754.92 million, a PE ratio of -2.51, a PEG ratio of 0.70 and a beta of 1.37. Fox Factory Holding Corp. has a 1 year low of $13.08 and a 1 year high of $30.75. The stock has a 50 day simple moving average of $17.89 and a 200-day simple moving average of $17.76.

Fox Factory (NASDAQ:FOXF - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.09 by $0.09. Fox Factory had a positive return on equity of 5.20% and a negative net margin of 20.25%.The business had revenue of $368.66 million for the quarter, compared to analyst estimates of $351.75 million. During the same quarter in the previous year, the firm earned $0.23 EPS. Fox Factory's quarterly revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts predict that Fox Factory Holding Corp. will post 1.41 EPS for the current fiscal year.

Fox Factory Profile

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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