Empowered Funds LLC Takes Position in Fox Factory Holding Corp. $FOXF

Key Points

• Empowered Funds LLC acquired 436,098 shares of Fox Factory during the second quarter, worth approximately $7.39 million and representing about 1.04% of the company.
• Fox Factory’s latest quarterly results exceeded expectations, with EPS of $0.37 versus the $0.18 consensus estimate and revenue of $358.12 million. However, revenue declined 4.5% year over year, and the company reported a negative net margin.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $21.00, compared with the stock’s reported price of $20.56.

Empowered Funds LLC bought a new stake in Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 436,098 shares of the company's stock, valued at approximately $7,390,000. Empowered Funds LLC owned about 1.04% of Fox Factory at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FOXF. Hantz Financial Services Inc. grew its holdings in shares of Fox Factory by 188.1% during the fourth quarter. Hantz Financial Services Inc. now owns 2,057 shares of the company's stock worth $35,000 after purchasing an additional 1,343 shares during the last quarter. Farther Finance Advisors LLC boosted its position 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 purchasing an additional 1,079 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Fox Factory in the 2nd quarter valued at about $41,000. Quantbot Technologies LP purchased a new position in Fox Factory during the 2nd quarter worth approximately $48,000. Finally, Covestor Ltd grew its stake in 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 buying an additional 2,572 shares during the last quarter.

Fox Factory Stock Performance

Shares of FOXF stock opened at $20.56 on Monday. The stock has a market capitalization of $864.14 million, a PE ratio of -2.88, a price-to-earnings-growth ratio of 0.59 and a beta of 1.35. Fox Factory Holding Corp. has a 52-week low of $13.08 and a 52-week high of $29.97. The stock's 50-day moving average price is $19.06 and its 200 day moving average price is $18.01. The company has a quick ratio of 1.55, a current ratio of 3.10 and a debt-to-equity ratio of 0.96.

Fox Factory (NASDAQ:FOXF - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.18 by $0.19. Fox Factory had a positive return on equity of 5.57% and a negative net margin of 20.39%.The firm had revenue of $358.12 million during the quarter, compared to the consensus estimate of $352.94 million. During the same period in the prior year, the business earned $0.40 EPS. The firm's revenue was down 4.5% compared to the same quarter last year. As a group, equities research analysts forecast that Fox Factory Holding Corp. will post 1.55 EPS for the current year.

Analyst Upgrades and Downgrades

FOXF has been the subject of a number of research reports. Needham & Company LLC reiterated a "buy" rating on shares of Fox Factory in a research note on Wednesday, June 3rd. Weiss Ratings restated a "sell (e+)" rating on shares of Fox Factory in a research report on Friday, August 7th. Roth Capital reaffirmed a "neutral" rating and issued a $20.00 target price on shares of Fox Factory in a report on Friday, May 8th. Fox Advisors set a $20.00 target price on shares of Fox Factory in a report on Tuesday, June 30th. Finally, Zacks Research upgraded shares of Fox Factory from a "strong sell" rating to a "hold" rating in a research report on Wednesday, June 3rd. One 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 company. Based on data from MarketBeat.com, Fox Factory presently has a consensus rating of "Hold" and a consensus price target 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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