Fox Factory Holding Corp. $FOXF Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its Fox Factory stake by 85.1% in the second quarter, selling 169,917 shares and retaining 29,653 shares worth approximately $502,000.
• Fox Factory shares opened at $18.66, down 1.2%, with the stock trading between a 52-week low of $13.08 and high of $26.08.
• The company exceeded quarterly earnings expectations, reporting $0.37 in EPS versus consensus of $0.18 and $358.1 million in revenue, although revenue declined 4.5% year over year and analysts maintain a “Moderate Buy” consensus with a $21 target price.

Engineers Gate Manager LP reduced its position in shares of Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) by 85.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,653 shares of the company's stock after selling 169,917 shares during the quarter. Engineers Gate Manager LP owned about 0.07% of Fox Factory worth $502,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of FOXF. Hantz Financial Services Inc. boosted its stake in shares of Fox Factory by 188.1% during the 4th quarter. Hantz Financial Services Inc. now owns 2,057 shares of the company's stock worth $35,000 after acquiring an additional 1,343 shares in the last quarter. Illinois Municipal Retirement Fund raised its position in shares of Fox Factory by 11.1% during the first quarter. Illinois Municipal Retirement Fund now owns 22,500 shares of the company's stock worth $370,000 after purchasing an additional 2,254 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Fox Factory during the second quarter valued at $41,000. Quantbot Technologies LP purchased a new stake in shares of Fox Factory during the second quarter valued at $48,000. Finally, Inspire Investing LLC boosted its position in shares of Fox Factory by 14.3% in the 1st quarter. Inspire Investing LLC now owns 31,394 shares of the company's stock valued at $517,000 after purchasing an additional 3,924 shares during the period.

Fox Factory Trading Down 1.2%

NASDAQ:FOXF opened at $18.66 on Thursday. The stock has a market cap of $784.28 million, a PE ratio of -2.61, a price-to-earnings-growth ratio of 0.55 and a beta of 1.38. Fox Factory Holding Corp. has a fifty-two week low of $13.08 and a fifty-two week high of $26.08. 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 stock's 50-day moving average is $19.91 and its two-hundred day moving average is $18.14.

Fox Factory (NASDAQ:FOXF - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.18 by $0.19. Fox Factory had a negative net margin of 20.39% and a positive return on equity of 5.57%. The business had revenue of $358.12 million during the quarter, compared to analysts' expectations of $352.94 million. During the same period last year, the company posted $0.40 earnings per share. The firm's quarterly 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 1.53 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FOXF shares. Weiss Ratings restated a "sell (e+)" rating on shares of Fox Factory in a report on Friday, August 7th. Bank of America downgraded shares of Fox Factory from a "neutral" rating to an "underperform" rating and dropped their target price for the stock from $24.00 to $20.00 in a research report on Tuesday, June 30th. Fox Advisors set a $20.00 price target on shares of Fox Factory in a report on Tuesday, June 30th. Needham & Company LLC restated a "buy" rating on shares of Fox Factory in a research report on Wednesday, June 3rd. Finally, Zacks Research raised shares of Fox Factory from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 31st. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.00.

Fox Factory Company Profile

Fox Factory Holding Corp. NASDAQ: FOXF designs, engineers and manufactures performance products for the cycling, powersports and specialty vehicle markets. The company's offerings are intended for applications ranging from mountain biking and racing to off-road driving, snowmobiling and other recreational activities.

Its product portfolio includes suspension forks, shocks, dropper seatposts, wheels, drivetrain components, protective equipment, apparel and other vehicle accessories. Fox Factory sells products under brands that include FOX, Marzocchi, Race Face, Easton Cycling, Ride Concepts and RockyMounts.

Founded in 1974 by Bob Fox, the company began with suspension technology and expanded through product development and acquisitions into a broader portfolio of performance brands.

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