V.F. (NYSE:VFC) Shares Gap Up After Better-Than-Expected Earnings

Shares of V.F. Co. (NYSE:VFC) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $16.44, but opened at $18.00. V.F. shares last traded at $18.38, with a volume of 2,087,524 shares changing hands.

The textile maker reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.04. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.85 billion. V.F. had a negative net margin of 9.27% and a positive return on equity of 13.14%. The business’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.15) EPS.

V.F. Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Monday, June 10th were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date was Monday, June 10th. V.F.’s payout ratio is -14.40%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on VFC. Bank of America lowered their price objective on V.F. from $13.00 to $11.00 and set an “underperform” rating on the stock in a research note on Thursday, May 23rd. Telsey Advisory Group boosted their price objective on V.F. from $15.00 to $19.00 and gave the company a “market perform” rating in a research note on Wednesday. Barclays boosted their price objective on V.F. from $12.00 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, July 18th. Robert W. Baird lowered their price objective on V.F. from $16.00 to $13.00 and set a “neutral” rating on the stock in a research note on Thursday, May 23rd. Finally, StockNews.com cut V.F. from a “hold” rating to a “sell” rating in a research note on Monday, May 27th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, V.F. presently has an average rating of “Hold” and a consensus price target of $14.94.

Insiders Place Their Bets

In related news, insider Bracken Darrell acquired 75,200 shares of the stock in a transaction on Monday, June 10th. The stock was purchased at an average price of $13.26 per share, for a total transaction of $997,152.00. Following the completion of the transaction, the insider now owns 219,972 shares of the company’s stock, valued at approximately $2,916,828.72. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other V.F. news, Director Richard Carucci bought 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average price of $13.78 per share, for a total transaction of $344,500.00. Following the completion of the acquisition, the director now directly owns 215,130 shares in the company, valued at $2,964,491.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bracken Darrell bought 75,200 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were acquired at an average price of $13.26 per share, with a total value of $997,152.00. Following the acquisition, the insider now owns 219,972 shares of the company’s stock, valued at $2,916,828.72. The disclosure for this purchase can be found here. 0.70% of the stock is owned by insiders.

Hedge Funds Weigh In On V.F.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Eagle Bay Advisors LLC bought a new position in V.F. in the fourth quarter worth $25,000. Mather Group LLC. purchased a new stake in shares of V.F. in the first quarter worth $27,000. Future Financial Wealth Managment LLC purchased a new stake in shares of V.F. in the first quarter worth $31,000. Allworth Financial LP grew its stake in shares of V.F. by 111.5% in the fourth quarter. Allworth Financial LP now owns 1,817 shares of the textile maker’s stock worth $34,000 after acquiring an additional 958 shares during the last quarter. Finally, Bank & Trust Co purchased a new stake in shares of V.F. in the second quarter worth $35,000. Institutional investors own 86.84% of the company’s stock.

V.F. Stock Performance

The company has a debt-to-equity ratio of 2.84, a current ratio of 1.22 and a quick ratio of 0.71. The stock has a market capitalization of $7.21 billion, a PE ratio of -7.35, a PEG ratio of 1.24 and a beta of 1.52. The business has a 50 day moving average price of $14.31 and a 200 day moving average price of $14.46.

About V.F.

V.F. Corporation, together with its subsidiaries, engages in the design, procurement, marketing, and distribution of branded lifestyle apparel, footwear, and accessories for men, women, and children in the Americas, Europe, and the Asia-Pacific. It operates through three segments: Outdoor, Active, and Work.