Signet Jewelers (NYSE:SIG) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Signet Jewelers has been upgraded to a "buy" rating by Wall Street Zen, signaling positive investor sentiment following their quarterly earnings report.
• Multiple analysts have raised their price targets for Signet's stock, with UBS Group increasing its target from $84.00 to $95.00, reflecting growing confidence in the company’s performance.
• The stock has shown resilience with a recent quarterly revenue of $1.54 billion, up 2% year-over-year, despite a net margin of just 0.63%.

Wall Street Zen upgraded shares of Signet Jewelers (NYSE:SIG - Free Report) from a hold rating to a buy rating in a report published on Saturday.

SIG has been the topic of several other research reports. Wells Fargo & Company increased their price objective on Signet Jewelers from $70.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Wednesday, June 4th. Bank of America increased their target price on Signet Jewelers from $65.00 to $78.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. UBS Group increased their target price on Signet Jewelers from $84.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. CL King began coverage on Signet Jewelers in a research report on Monday, May 5th. They set a "buy" rating and a $80.00 target price on the stock. Finally, Jefferies Financial Group began coverage on Signet Jewelers in a research report on Monday, June 16th. They set a "buy" rating and a $102.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Signet Jewelers currently has a consensus rating of "Moderate Buy" and an average target price of $88.86.

Signet Jewelers Price Performance

Shares of NYSE SIG traded up $0.30 during mid-day trading on Friday, reaching $76.11. The company's stock had a trading volume of 283,017 shares, compared to its average volume of 1,390,925. The firm has a market capitalization of $3.13 billion, a PE ratio of 82.72, a P/E/G ratio of 0.68 and a beta of 1.40. The stock has a fifty day moving average of $79.18 and a two-hundred day moving average of $64.71. Signet Jewelers has a 52 week low of $45.55 and a 52 week high of $106.28.

Signet Jewelers (NYSE:SIG - Get Free Report) last issued its quarterly earnings data on Tuesday, June 3rd. The company reported $1.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.17. Signet Jewelers had a return on equity of 22.41% and a net margin of 0.63%. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the business posted $1.11 earnings per share. The company's quarterly revenue was up 2.0% compared to the same quarter last year. Analysts anticipate that Signet Jewelers will post 8.73 EPS for the current fiscal year.

Signet Jewelers Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, July 25th will be paid a $0.32 dividend. The ex-dividend date is Friday, July 25th. This represents a $1.28 dividend on an annualized basis and a yield of 1.7%. Signet Jewelers's dividend payout ratio (DPR) is 139.13%.

Hedge Funds Weigh In On Signet Jewelers

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE raised its stake in Signet Jewelers by 0.4% in the 2nd quarter. US Bancorp DE now owns 30,302 shares of the company's stock worth $2,411,000 after acquiring an additional 121 shares during the last quarter. Yousif Capital Management LLC raised its stake in Signet Jewelers by 0.8% in the 2nd quarter. Yousif Capital Management LLC now owns 17,220 shares of the company's stock worth $1,370,000 after acquiring an additional 133 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of Signet Jewelers by 40.5% during the 1st quarter. Versant Capital Management Inc now owns 773 shares of the company's stock valued at $45,000 after buying an additional 223 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Signet Jewelers by 2.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 11,008 shares of the company's stock valued at $876,000 after buying an additional 224 shares during the last quarter. Finally, SummerHaven Investment Management LLC raised its stake in shares of Signet Jewelers by 2.7% during the 1st quarter. SummerHaven Investment Management LLC now owns 9,214 shares of the company's stock valued at $535,000 after buying an additional 242 shares during the last quarter.

Signet Jewelers Company Profile

Signet Jewelers Limited operates as a diamond jewelry retailer. It operates through three segments: North America, International, and Other. The North America segment operates jewelry stores in jewelry stores in malls, mall-based kiosks, and off-mall locations in the United States and Canada primarily under the Kay Jewelers, Kay Jewelers Outlet, Jared The Galleria Of Jewelry, Jared Vault, Zales Outlet, Zales Jewelers, Diamonds Direct, James Allen, Banter by Piercing Pagoda, and Peoples Jewellers names, as well as operates online through its digital banners, James Allen and Blue Nile.