JPMorgan Chase & Co. Has $1.34 Million Position in Fox Factory Holding Corp. $FOXF

Key Points

• JPMorgan Chase cut its stake in Fox Factory by 71.3%, now holding 55,306 shares worth about $1.34 million after selling 137,514 shares in the quarter.
• Fox Factory beat quarterly estimates with $0.20 EPS (vs. $0.14 expected) and $361.1M revenue, but still shows weak profitability with a negative net margin of -37.11% despite a positive ROE.
• Analyst sentiment is mixed and the consensus is a "Hold" with a $29.50 target, while the stock trades around $16.92, well below its one-year high of $31.18.

JPMorgan Chase & Co. lowered its stake in shares of Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) by 71.3% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 55,306 shares of the company's stock after selling 137,514 shares during the period. JPMorgan Chase & Co. owned approximately 0.13% of Fox Factory worth $1,343,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Federated Hermes Inc. acquired a new position in Fox Factory in the third quarter worth about $25,000. First Horizon Corp acquired a new stake in shares of Fox Factory in the third quarter valued at $25,000. PNC Financial Services Group Inc. increased its holdings in shares of Fox Factory by 23.8% in the third quarter. PNC Financial Services Group Inc. now owns 7,365 shares of the company's stock valued at $179,000 after purchasing an additional 1,415 shares in the last quarter. KLP Kapitalforvaltning AS increased its holdings in shares of Fox Factory by 9.2% in the third quarter. KLP Kapitalforvaltning AS now owns 8,300 shares of the company's stock valued at $202,000 after purchasing an additional 700 shares in the last quarter. Finally, First Bank & Trust increased its holdings in shares of Fox Factory by 8.1% in the third quarter. First Bank & Trust now owns 8,345 shares of the company's stock valued at $203,000 after purchasing an additional 623 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FOXF shares. Weiss Ratings reiterated a "sell (d)" rating on shares of Fox Factory in a research report on Thursday, January 22nd. CJS Securities raised shares of Fox Factory to a "strong-buy" rating in a report on Thursday, December 11th. Roth Mkm lowered their target price on shares of Fox Factory from $21.00 to $19.00 and set a "neutral" rating for the company in a report on Tuesday, January 6th. Finally, Zacks Research upgraded Fox Factory from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Fox Factory currently has an average rating of "Hold" and a consensus target price of $29.50.

Fox Factory Trading Up 1.0%

Fox Factory stock opened at $16.92 on Friday. The firm has a 50-day moving average of $17.65 and a 200-day moving average of $18.77. Fox Factory Holding Corp. has a one year low of $13.08 and a one year high of $31.18. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.86 and a quick ratio of 1.37. The company has a market cap of $709.51 million, a price-to-earnings ratio of -1.30 and a beta of 1.46.

Fox Factory (NASDAQ:FOXF - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $361.07 million during the quarter, compared to the consensus estimate of $353.88 million. Fox Factory had a positive return on equity of 5.06% and a negative net margin of 37.11%.The firm's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 EPS. On average, equities analysts expect that Fox Factory Holding Corp. will post 1.31 earnings per share for the current fiscal 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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