FBR & Co downgraded shares of Iconix Brand Group, Inc. (NASDAQ:ICON) from a buy rating to a neutral rating in a research report report published on Monday morning. The firm currently has $4.00 target price on the brand management company’s stock, down from their previous target price of $8.50.

“We are cutting our rating from Buy to Neutral, reducing our FY18 EPS from $0.68 to $0.42, and lowering our price target from $8.50 to $4.00 after Iconix announced that partner Wal-Mart is ending the Danskin Now DTR, which resulted in the company needing to restructure their recent Term Loan that will be used to pay for the expiring convertible debt in March 2018.”,” FBR & Co’s analyst commented.

A number of other analysts have also recently weighed in on the stock. Sidoti assumed coverage on shares of Iconix Brand Group in a report on Tuesday, September 19th. They issued a neutral rating and a $6.00 price target on the stock. Cowen and Company set a $9.00 price target on shares of Iconix Brand Group and gave the company a hold rating in a report on Monday, August 14th. BidaskClub cut shares of Iconix Brand Group from a sell rating to a strong sell rating in a report on Thursday, August 10th. Finally, Zacks Investment Research upgraded shares of Iconix Brand Group from a sell rating to a hold rating in a report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $8.00.

Shares of Iconix Brand Group (NASDAQ ICON) traded down 10.541% on Monday, hitting $1.655. 5,587,821 shares of the stock traded hands. The stock’s market cap is $94.49 million. The stock’s 50 day moving average price is $5.35 and its 200 day moving average price is $6.12. Iconix Brand Group has a 52-week low of $1.53 and a 52-week high of $10.80.

Iconix Brand Group (NASDAQ:ICON) last released its quarterly earnings results on Wednesday, August 9th. The brand management company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. Iconix Brand Group had a negative net margin of 82.22% and a positive return on equity of 10.38%. The business had revenue of $64.60 million for the quarter, compared to analysts’ expectations of $61.00 million. During the same period last year, the business earned $0.27 EPS. The company’s revenue was down 32.5% compared to the same quarter last year. On average, equities analysts expect that Iconix Brand Group will post $0.67 EPS for the current fiscal year.

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Hedge funds have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC boosted its stake in Iconix Brand Group by 20.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 16,258 shares of the brand management company’s stock worth $112,000 after purchasing an additional 2,797 shares in the last quarter. AHL Partners LLP acquired a new stake in Iconix Brand Group in the 2nd quarter worth approximately $118,000. Public Employees Retirement System of Ohio boosted its stake in Iconix Brand Group by 5.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 17,869 shares of the brand management company’s stock worth $123,000 after purchasing an additional 876 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in Iconix Brand Group in the 2nd quarter worth approximately $142,000. Finally, Louisiana State Employees Retirement System boosted its stake in Iconix Brand Group by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 23,200 shares of the brand management company’s stock worth $160,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 83.56% of the company’s stock.

Iconix Brand Group Company Profile

Iconix Brand Group, Inc is a brand management company. As of December 31, 2016, the Company owned a portfolio of over 30 global consumer brands across women’s, men’s, and home categories. The Company operates through segments: men’s, women’s, home and international. The Company’s brand portfolio includes brands, such as Candie’s, Bongo, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific/OP, Danskin/Danskin Now, Rocawear/Roc Nation, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Ecko Unltd/Mark Ecko Cut & Sew, Zoo York, Umbro, Lee Cooper and Artful Dodger, and interests in Material Girl, Ed Hardy, Truth or Dare, Modern Amusement, Buffalo, Nick Graham Hydraulic and PONY brands.

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