Signet Jewelers (NYSE:SIG) Shares Gap Up After Better-Than-Expected Earnings

Signet Jewelers Limited (NYSE:SIG) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $48.30, but opened at $58.53. Signet Jewelers shares last traded at $59.14, with a volume of 1,074,073 shares.

The company reported $6.62 EPS for the quarter, topping the consensus estimate of $6.39 by $0.23. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.33 billion. Signet Jewelers had a return on equity of 28.69% and a net margin of 8.57%. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period in the prior year, the business posted $6.73 earnings per share.

Analysts Set New Price Targets

SIG has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their price target on Signet Jewelers from $110.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Bank of America decreased their price target on Signet Jewelers from $95.00 to $65.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Telsey Advisory Group reaffirmed a “market perform” rating and set a $55.00 price target on shares of Signet Jewelers in a research report on Wednesday. Finally, StockNews.com downgraded Signet Jewelers from a “buy” rating to a “hold” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $93.20.

Insider Buying and Selling at Signet Jewelers

In other Signet Jewelers news, Director Eugenia Ulasewicz sold 3,333 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $54.13, for a total transaction of $180,415.29. Following the completion of the transaction, the director now directly owns 22,752 shares of the company’s stock, valued at approximately $1,231,565.76. This represents a 12.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Signet Jewelers

Institutional investors and hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC grew its holdings in Signet Jewelers by 149.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 703 shares of the company’s stock valued at $57,000 after purchasing an additional 421 shares during the period. Erste Asset Management GmbH bought a new position in shares of Signet Jewelers in the third quarter worth $77,000. KBC Group NV boosted its holdings in shares of Signet Jewelers by 25.5% in the third quarter. KBC Group NV now owns 1,293 shares of the company’s stock worth $133,000 after acquiring an additional 263 shares during the period. Sterling Capital Management LLC boosted its holdings in shares of Signet Jewelers by 832.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,362 shares of the company’s stock worth $110,000 after acquiring an additional 1,216 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Signet Jewelers by 32.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,656 shares of the company’s stock worth $123,000 after acquiring an additional 410 shares during the period.

Signet Jewelers Stock Up 17.5 %

The stock has a fifty day moving average price of $55.25 and a 200 day moving average price of $78.66. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.55 and a quick ratio of 0.25. The stock has a market capitalization of $2.47 billion, a P/E ratio of 6.53, a price-to-earnings-growth ratio of 3.43 and a beta of 2.20.

About Signet Jewelers

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 Outlet, Zales Jewelers, 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.