The Manufacturers Life Insurance Company Reduces Stake in Fox Factory Holding Corp. $FOXF

Key Points

• The Manufacturers Life Insurance Company cut its Fox Factory stake by 7.6% in the first quarter, selling 81,992 shares and retaining 997,602 shares valued at approximately $16.4 million, or 2.38% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $23.20. Recent changes included a Bank of America downgrade to “underperform,” while Needham maintained a “buy” rating.
• Fox Factory beat first-quarter earnings expectations, reporting $0.18 EPS versus $0.09 expected and revenue of $368.66 million, up 3.8% year over year. However, the company posted a negative net margin of 20.25%, and shares opened at $18.00.

The Manufacturers Life Insurance Company lowered its stake in shares of Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) by 7.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 997,602 shares of the company's stock after selling 81,992 shares during the quarter. The Manufacturers Life Insurance Company owned 2.38% of Fox Factory worth $16,421,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. raised its holdings in shares of Fox Factory by 188.1% in 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 raised its holdings in shares of Fox Factory by 108.3% in the fourth 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 in the last quarter. Covestor Ltd raised its holdings in shares of 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 purchasing an additional 2,572 shares in the last quarter. Resona Asset Management Co. Ltd. lifted its holdings in Fox Factory by 33.3% during the fourth quarter. Resona Asset Management Co. Ltd. now owns 4,142 shares of the company's stock worth $73,000 after buying an additional 1,035 shares during the period. Finally, OP Asset Management Ltd purchased a new stake in shares of Fox Factory during the 1st quarter worth $91,000.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Zacks Research upgraded shares of Fox Factory from a "strong sell" rating to a "hold" rating in a research note on Wednesday, June 3rd. Needham & Company LLC reiterated a "buy" rating on shares of Fox Factory in a research report on Wednesday, June 3rd. Stifel Nicolaus set a $24.00 price target on Fox Factory in a research report on Thursday, April 16th. Bank of America cut shares of Fox Factory from a "neutral" rating to an "underperform" rating and dropped their price objective for the stock from $24.00 to $20.00 in a research note on Tuesday, June 30th. Finally, Fox Advisors set a $20.00 target price on Fox Factory in a research report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $23.20.

Fox Factory Stock Performance

NASDAQ FOXF opened at $18.00 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.99 and a quick ratio of 1.52. The stock's 50 day simple moving average is $17.89 and its 200-day simple moving average is $17.76. The company has a market cap of $754.92 million, a PE ratio of -2.51, a price-to-earnings-growth ratio of 0.70 and a beta of 1.37. Fox Factory Holding Corp. has a 1-year low of $13.08 and a 1-year high of $30.75.

Fox Factory (NASDAQ:FOXF - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.18 EPS for the quarter, topping 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 firm had revenue of $368.66 million during the quarter, compared to analysts' expectations of $351.75 million. During the same period in the previous year, the business earned $0.23 earnings per share. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities research analysts anticipate that Fox Factory Holding Corp. will post 1.41 EPS 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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