Principal Financial Group Inc. Sells 57,122 Shares of Fox Factory Holding Corp. $FOXF

Key Points

• Principal Financial Group cut its Fox Factory stake by 21.9% in the first quarter, selling 57,122 shares and retaining 203,515 shares worth approximately $3.35 million.
• Institutional sentiment was mixed: several investors, including Royal Bank of Canada and Millennium Management, increased their positions, while analyst coverage resulted in an overall “Hold” consensus and an average price target of $23.20.
• Fox Factory shares opened at $18.94, near their recent moving averages. The company beat quarterly earnings and revenue estimates, reporting $0.18 EPS on $368.66 million in revenue, though it posted a negative net margin.

Principal Financial Group Inc. trimmed its position in Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) by 21.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 203,515 shares of the company's stock after selling 57,122 shares during the period. Principal Financial Group Inc. owned about 0.49% of Fox Factory worth $3,350,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

FOXF has been the subject of a number of recent research reports. Needham & Company LLC reissued a "buy" rating on shares of Fox Factory in a research report on Wednesday, June 3rd. Stifel Nicolaus set a $24.00 target price on Fox Factory in a report on Thursday, April 16th. Bank of America downgraded Fox Factory from a "neutral" rating to an "underperform" rating and lowered their target price for the company from $24.00 to $20.00 in a research report on Tuesday, June 30th. Fox Advisors set a $20.00 target price on Fox Factory in a research report on Tuesday, June 30th. Finally, Weiss Ratings lowered Fox Factory from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $23.20.

Fox Factory Stock Down 0.8%

FOXF opened at $18.94 on Thursday. The firm has a 50-day simple moving average of $17.82 and a two-hundred day simple moving average of $17.76. Fox Factory Holding Corp. has a 52 week low of $13.08 and a 52 week high of $31.18. The company has a market capitalization of $794.34 million, a PE ratio of -2.64, a price-to-earnings-growth ratio of 0.74 and a beta of 1.37. The company has a quick ratio of 1.52, a current ratio of 2.99 and a debt-to-equity ratio of 1.00.

Fox Factory (NASDAQ:FOXF - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.18 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.09. The firm had revenue of $368.66 million during the quarter, compared to analyst estimates of $351.75 million. Fox Factory had a positive return on equity of 5.20% and a negative net margin of 20.25%.The business's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.23 earnings per share. Analysts forecast that Fox Factory Holding Corp. will post 1.41 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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