Fox Factory Holding Corp. $FOXF Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its Fox Factory stake by 55.9% in the first quarter, selling 227,501 shares and retaining 179,505 shares worth approximately $2.96 million.
• Analyst sentiment is mixed but leans cautious: Fox Factory has an average “Hold” rating and a consensus price target of $21, with ratings ranging from Strong Buy to Sell.
• Fox Factory exceeded quarterly earnings expectations, reporting $0.37 in EPS versus $0.18 forecast and $358.1 million in revenue, although revenue declined 4.5% year over year and the company posted a negative net margin.

Bank of America Corp DE cut its position in Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) by 55.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 179,505 shares of the company's stock after selling 227,501 shares during the quarter. Bank of America Corp DE owned about 0.43% of Fox Factory worth $2,955,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. RWWM Inc. lifted its holdings in Fox Factory by 4.7% in the first quarter. RWWM Inc. now owns 5,533,072 shares of the company's stock worth $91,074,000 after purchasing an additional 247,635 shares during the period. Nantahala Capital Management LLC boosted its holdings in shares of Fox Factory by 200.3% in the fourth quarter. Nantahala Capital Management LLC now owns 2,188,300 shares of the company's stock valued at $37,442,000 after acquiring an additional 1,459,652 shares in the last quarter. Engine Capital Management LP boosted its holdings in shares of Fox Factory by 162.3% in the first quarter. Engine Capital Management LP now owns 2,026,230 shares of the company's stock valued at $33,352,000 after acquiring an additional 1,253,808 shares in the last quarter. Estuary Capital Management LP raised its holdings in Fox Factory by 15.3% during the first quarter. Estuary Capital Management LP now owns 1,815,271 shares of the company's stock worth $29,879,000 after purchasing an additional 240,512 shares in the last quarter. Finally, State Street Corp raised its holdings in Fox Factory by 1.4% during the fourth quarter. State Street Corp now owns 1,620,544 shares of the company's stock worth $27,728,000 after purchasing an additional 21,914 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FOXF shares. Roth Capital reaffirmed a "neutral" rating and set a $20.00 target price on shares of Fox Factory in a report on Friday, May 8th. Bank of America downgraded shares of Fox Factory from a "neutral" rating to an "underperform" rating and cut their price target for the company from $24.00 to $20.00 in a report on Tuesday, June 30th. Weiss Ratings restated a "sell (e+)" rating on shares of Fox Factory in a research report on Friday, August 7th. Fox Advisors set a $20.00 price objective on shares of Fox Factory in a research note on Tuesday, June 30th. Finally, Needham & Company LLC reiterated a "buy" rating on shares of Fox Factory in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $21.00.

Fox Factory Stock Performance

Shares of FOXF stock opened at $20.43 on Tuesday. Fox Factory Holding Corp. has a fifty-two week low of $13.08 and a fifty-two week high of $29.97. The stock's 50-day moving average is $19.11 and its two-hundred day moving average is $18.02. 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 firm has a market cap of $858.67 million, a P/E ratio of -2.86, a PEG ratio of 0.59 and a beta of 1.35.

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

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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