Fox Factory Holding Corp. $FOXF Holdings Lifted by Engine Capital Management LP

Key Points

• Engine Capital Management increased its Fox Factory stake by 162.3% in the first quarter, purchasing 1.25 million additional shares. It now owns 2.03 million shares, representing 4.83% of the company and about 4% of its portfolio.
• Fox Factory reported first-quarter adjusted earnings of $0.18 per share, beating estimates of $0.09, while revenue rose 3.8% year over year to $368.66 million. Despite the earnings beat, the company posted a negative net margin of 20.25%.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $23.20. Shares opened at $18.57, up modestly, and remain well below their 52-week high of $31.18.

Engine Capital Management LP raised its position in Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) by 162.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,026,230 shares of the company's stock after purchasing an additional 1,253,808 shares during the quarter. Fox Factory comprises approximately 4.0% of Engine Capital Management LP's investment portfolio, making the stock its 11th biggest holding. Engine Capital Management LP owned 4.83% of Fox Factory worth $33,352,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Hantz Financial Services Inc. boosted its position 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 buying an additional 1,343 shares during the period. Farther Finance Advisors LLC increased its position in 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 during the period. Covestor Ltd increased its position in Fox Factory by 693.3% in 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. increased its position in 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 period. Finally, OP Asset Management Ltd bought a new stake in Fox Factory during the 1st quarter valued at $91,000.

Fox Factory Stock Up 0.3%

Shares of FOXF stock opened at $18.57 on Tuesday. Fox Factory Holding Corp. has a 1 year low of $13.08 and a 1 year high of $31.18. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.52 and a current ratio of 2.99. The business's fifty day moving average is $17.71 and its 200-day moving average is $17.75. The stock 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.

Fox Factory (NASDAQ:FOXF - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.18 earnings per share 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 during the quarter, compared to analyst estimates of $351.75 million. During the same quarter in the prior year, the firm posted $0.23 earnings per share. The company's revenue was up 3.8% on a year-over-year basis. Equities analysts expect that Fox Factory Holding Corp. will post 1.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Zacks Research upgraded Fox Factory from a "strong sell" rating to a "hold" rating in a research report on Wednesday, June 3rd. Bank of America lowered 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. Needham & Company LLC restated a "buy" rating on shares of Fox Factory in a research note on Wednesday, June 3rd. Fox Advisors set a $20.00 price objective on shares of Fox Factory in a report on Tuesday, June 30th. Finally, Stifel Nicolaus set a $24.00 target price on shares of Fox Factory in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Fox Factory presently has an average rating of "Hold" and an average target price of $23.20.

Fox Factory Company 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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