Abercrombie & Fitch (NYSE:ANF) Shares Gap Down – Time to Sell?

Abercrombie & Fitch Co. (NYSE:ANF) shares gapped down before the market opened on Thursday . The stock had previously closed at $83.39, but opened at $73.82. Abercrombie & Fitch shares last traded at $71.20, with a volume of 606,459 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Raymond James set a $110.00 price objective on shares of Abercrombie & Fitch in a research report on Thursday, March 6th. Jefferies Financial Group decreased their price objective on shares of Abercrombie & Fitch from $220.00 to $170.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their target price on shares of Abercrombie & Fitch from $189.00 to $168.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Citigroup reduced their price target on shares of Abercrombie & Fitch from $160.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Finally, UBS Group lowered their price objective on shares of Abercrombie & Fitch from $210.00 to $150.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Abercrombie & Fitch currently has a consensus rating of “Moderate Buy” and an average price target of $140.88.

Abercrombie & Fitch Stock Performance

The firm has a 50 day simple moving average of $97.81 and a two-hundred day simple moving average of $128.28. The stock has a market cap of $3.58 billion, a P/E ratio of 7.03 and a beta of 1.45.

Abercrombie & Fitch (NYSE:ANF) last issued its quarterly earnings data on Wednesday, March 5th. The apparel retailer reported $3.57 earnings per share for the quarter, beating analysts’ consensus estimates of $3.48 by $0.09. The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Abercrombie & Fitch had a net margin of 11.16% and a return on equity of 46.50%. The company’s revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.97 earnings per share. As a group, equities research analysts predict that Abercrombie & Fitch Co. will post 10.62 EPS for the current year.

Abercrombie & Fitch announced that its board has authorized a share repurchase program on Wednesday, March 5th that permits the company to repurchase $1.30 billion in shares. This repurchase authorization permits the apparel retailer to purchase up to 29.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Abercrombie & Fitch

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new stake in shares of Abercrombie & Fitch in the fourth quarter valued at $27,000. UMB Bank n.a. lifted its holdings in Abercrombie & Fitch by 92.2% in the 4th quarter. UMB Bank n.a. now owns 223 shares of the apparel retailer’s stock valued at $33,000 after acquiring an additional 107 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of Abercrombie & Fitch by 56.2% during the 4th quarter. Fifth Third Bancorp now owns 367 shares of the apparel retailer’s stock valued at $55,000 after purchasing an additional 132 shares in the last quarter. Private Trust Co. NA grew its stake in shares of Abercrombie & Fitch by 30.9% in the 4th quarter. Private Trust Co. NA now owns 415 shares of the apparel retailer’s stock worth $62,000 after purchasing an additional 98 shares during the last quarter. Finally, Parkside Financial Bank & Trust bought a new stake in shares of Abercrombie & Fitch in the 4th quarter worth approximately $69,000.

About Abercrombie & Fitch

Abercrombie & Fitch Co engages in the retail of apparel, personal care products, and accessories. The firm operates through following geographical segments: Americas, EMEA and APAC. The Americas segment includes operations in North America and South America. The EMEA segment includes operations in Europe, the Middle East and Africa.