Signet Jewelers (NYSE:SIG) Lifted to Equal Weight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Signet Jewelers (NYSE:SIG) from an underweight rating to an equal weight rating in a report released on Thursday, The Fly reports.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Signet Jewelers from a hold rating to a strong-buy rating and set a $66.00 target price for the company in a research note on Wednesday, April 21st. Telsey Advisory Group raised their target price on shares of Signet Jewelers from $60.00 to $70.00 and gave the stock a market perform rating in a research note on Tuesday, April 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Signet Jewelers currently has a consensus rating of Hold and an average target price of $55.60.

Shares of Signet Jewelers stock opened at $69.58 on Thursday. Signet Jewelers has a 1 year low of $9.70 and a 1 year high of $74.80. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.79 and a quick ratio of 0.78. The stock has a market cap of $3.64 billion, a P/E ratio of -49.00 and a beta of 2.61. The stock’s fifty day simple moving average is $61.29.

Signet Jewelers (NYSE:SIG) last issued its quarterly earnings data on Thursday, June 10th. The company reported $2.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.96. Signet Jewelers had a negative net margin of 0.32% and a positive return on equity of 13.68%. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period last year, the firm posted ($1.59) EPS. Signet Jewelers’s revenue for the quarter was up 98.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Signet Jewelers will post 4.71 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisor Partners LLC acquired a new stake in shares of Signet Jewelers in the first quarter valued at about $305,000. Schroder Investment Management Group acquired a new stake in shares of Signet Jewelers in the first quarter valued at about $3,805,000. Principal Financial Group Inc. lifted its stake in shares of Signet Jewelers by 3.1% in the first quarter. Principal Financial Group Inc. now owns 450,045 shares of the company’s stock valued at $26,094,000 after purchasing an additional 13,602 shares during the period. Squarepoint Ops LLC lifted its stake in shares of Signet Jewelers by 520.9% in the first quarter. Squarepoint Ops LLC now owns 45,947 shares of the company’s stock valued at $2,664,000 after purchasing an additional 38,547 shares during the period. Finally, Melvin Capital Management LP acquired a new stake in shares of Signet Jewelers in the first quarter valued at about $104,364,000. Hedge funds and other institutional investors own 94.13% of the company’s stock.

Signet Jewelers Company Profile

Signet Jewelers Limited engages in the retail sale of diamond jewelry, watches, and other products. It operates through three segments: North America, International, and Other. The North America segment operates jewelry stores in malls and off-mall locations primarily under the Kay Jewelers, Kay Jewelers Outlet, Jared The Galleria Of Jewelry, Jared Vault, Zales Jewelers, Zales Outlet, Piercing Pagoda, and Peoples Jewellers, as well as operates online through JamesAllen.com.

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