Estuary Capital Management LP Has $29.88 Million Stock Holdings in Fox Factory Holding Corp. $FOXF

Key Points

• Estuary Capital Management increased its Fox Factory stake by 15.3% in the first quarter, buying 240,512 additional shares. Its 1.82 million shares were worth approximately $29.88 million, representing 4.33% of Fox Factory and 5% of the fund’s holdings.
• Other institutional investors, including Millennium Management, UBS Asset Management and Royal Bank of Canada, also increased their positions in Fox Factory during the quarter.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and a $23.20 average price target. Fox Factory recently beat quarterly EPS and revenue expectations, while shares opened at $18.57.

Estuary Capital Management LP lifted its position in Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) by 15.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,815,271 shares of the company's stock after buying an additional 240,512 shares during the quarter. Fox Factory comprises approximately 5.0% of Estuary Capital Management LP's holdings, making the stock its 12th largest position. Estuary Capital Management LP owned 4.33% of Fox Factory worth $29,879,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Royal Bank of Canada raised its holdings in Fox Factory by 82.2% in the 1st quarter. Royal Bank of Canada now owns 12,898 shares of the company's stock worth $301,000 after acquiring an additional 5,820 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Fox Factory by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,142 shares of the company's stock valued at $587,000 after purchasing an additional 1,103 shares during the last quarter. Millennium Management LLC grew its position in shares of Fox Factory by 18.7% in the first quarter. Millennium Management LLC now owns 464,493 shares of the company's stock valued at $10,841,000 after purchasing an additional 73,090 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Fox Factory in the first quarter worth about $263,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Fox Factory by 20.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,431 shares of the company's stock worth $2,041,000 after purchasing an additional 15,021 shares during the period.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Fox Advisors set a $20.00 target price on Fox Factory in a research note on Tuesday, June 30th. Stifel Nicolaus set a $24.00 price target on Fox Factory in a research report on Thursday, April 16th. Roth Capital reiterated a "neutral" rating and set a $20.00 price target on shares of Fox Factory in a report on Friday, May 8th. Needham & Company LLC reissued a "buy" rating on shares of Fox Factory in a research report on Wednesday, June 3rd. Finally, Bank of America downgraded shares of Fox Factory from a "neutral" rating to an "underperform" rating and lowered their price objective for the stock from $24.00 to $20.00 in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Fox Factory currently has an average rating of "Hold" and a consensus target price of $23.20.

Fox Factory Stock Up 0.3%

FOXF stock opened at $18.57 on Tuesday. Fox Factory Holding Corp. has a twelve month low of $13.08 and a twelve month high of $31.18. The company has a quick ratio of 1.52, a current ratio of 2.99 and a debt-to-equity ratio of 1.00. The company has a market cap of $778.83 million, a PE ratio of -2.59, a price-to-earnings-growth ratio of 0.72 and a beta of 1.37. The business's 50-day simple moving average is $17.71 and its 200 day simple moving average is $17.75.

Fox Factory (NASDAQ:FOXF - Get Free Report) last posted 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 firm had revenue of $368.66 million during the quarter, compared to analysts' expectations of $351.75 million. During the same quarter in the prior year, the firm posted $0.23 EPS. The company's revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts anticipate that Fox Factory Holding Corp. will post 1.41 earnings per share for the current 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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