Signet Jewelers (NYSE:SIG) PT Raised to $83.00 at Bank of America

Posted by on Sep 2nd, 2023

Signet Jewelers (NYSE:SIG – Get Free Report) had its target price raised by equities research analysts at Bank of America from $71.00 to $83.00 in a report issued on Friday, FlyOnTheWall reports. Bank of America‘s price target would indicate a potential upside of 5.57% from the company’s current price.

Several other brokerages also recently weighed in on SIG. Citigroup dropped their price objective on Signet Jewelers from $82.00 to $68.00 in a research report on Friday, June 9th. Telsey Advisory Group reaffirmed a “market perform” rating and set a $71.00 price target on shares of Signet Jewelers in a report on Thursday. StockNews.com began coverage on shares of Signet Jewelers in a research report on Thursday, August 17th. They set a “hold” rating for the company. Northcoast Research cut shares of Signet Jewelers from a “buy” rating to a “neutral” rating in a research note on Monday, June 12th. Finally, Wells Fargo & Company dropped their price target on Signet Jewelers from $100.00 to $95.00 in a research note on Friday, June 9th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $84.20.

Get Our Latest Research Report on Signet Jewelers

Signet Jewelers Stock Up 4.8 %

SIG stock opened at $78.62 on Friday. Signet Jewelers has a 52 week low of $51.29 and a 52 week high of $83.42. The business has a 50-day simple moving average of $72.86 and a 200 day simple moving average of $71.79. The company has a quick ratio of 0.51, a current ratio of 1.74 and a debt-to-equity ratio of 0.09. The company has a market cap of $3.57 billion, a PE ratio of 7.87, a price-to-earnings-growth ratio of 0.90 and a beta of 2.13.

Signet Jewelers (NYSE:SIG – Get Free Report) last issued its earnings results on Thursday, August 31st. The company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.45 by $0.10. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Signet Jewelers had a net margin of 7.27% and a return on equity of 40.57%. The business’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.68 EPS. Sell-side analysts anticipate that Signet Jewelers will post 9.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Signet Jewelers news, insider Joan M. Hilson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $65.00, for a total transaction of $650,000.00. Following the completion of the sale, the insider now owns 235,762 shares of the company’s stock, valued at approximately $15,324,530. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Oded Edelman sold 6,800 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $74.62, for a total transaction of $507,416.00. Following the transaction, the insider now owns 105,102 shares in the company, valued at approximately $7,842,711.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joan M. Hilson sold 10,000 shares of the stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $65.00, for a total transaction of $650,000.00. Following the transaction, the insider now directly owns 235,762 shares in the company, valued at $15,324,530. The disclosure for this sale can be found here. Insiders have sold a total of 101,979 shares of company stock valued at $7,252,711 over the last ninety days. 4.54% of the stock is owned by company insiders.

Institutional Trading of Signet Jewelers

Several large investors have recently made changes to their positions in SIG. Brown Advisory Inc. bought a new stake in shares of Signet Jewelers during the first quarter valued at approximately $34,309,000. Millennium Management LLC increased its stake in Signet Jewelers by 857.4% during the 4th quarter. Millennium Management LLC now owns 457,101 shares of the company’s stock valued at $31,083,000 after purchasing an additional 409,355 shares in the last quarter. Norges Bank acquired a new position in Signet Jewelers during the fourth quarter worth $21,605,000. GMT Capital Corp raised its holdings in Signet Jewelers by 40.2% during the first quarter. GMT Capital Corp now owns 1,026,700 shares of the company’s stock worth $79,857,000 after buying an additional 294,500 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Signet Jewelers during the first quarter valued at about $17,484,000.

Signet Jewelers Company Profile

(Get Free Report)

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 Jewelers, Zales Outlet, 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.

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