Bank of America Corp DE cut its stake in Zumiez Inc. (NASDAQ:ZUMZ) by 4.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,275 shares of the apparel and footwear maker’s stock after selling 3,896 shares during the quarter. Bank of America Corp DE’s holdings in Zumiez were worth $1,986,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in shares of Zumiez by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 139,345 shares of the apparel and footwear maker’s stock valued at $3,330,000 after acquiring an additional 3,407 shares during the last quarter. Cambria Investment Management L.P. bought a new stake in shares of Zumiez in the 2nd quarter valued at about $262,000. Sun Life Financial INC bought a new stake in shares of Zumiez in the 2nd quarter valued at about $110,000. Renaissance Technologies LLC increased its stake in shares of Zumiez by 91.2% in the 2nd quarter. Renaissance Technologies LLC now owns 465,900 shares of the apparel and footwear maker’s stock valued at $11,671,000 after acquiring an additional 222,200 shares during the last quarter. Finally, Capital Fund Management S.A. bought a new stake in shares of Zumiez in the 2nd quarter valued at about $318,000. 76.02% of the stock is owned by institutional investors.
In related news, insider Chris K. Visser sold 1,934 shares of the stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $28.08, for a total transaction of $54,306.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Travis Smith sold 3,193 shares of the stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $28.85, for a total value of $92,118.05. Following the sale, the director now directly owns 17,770 shares of the company’s stock, valued at $512,664.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 124,344 shares of company stock valued at $3,788,085. 27.70% of the stock is owned by company insiders.
Zumiez (NASDAQ:ZUMZ) last posted its earnings results on Thursday, September 6th. The apparel and footwear maker reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.04. Zumiez had a return on equity of 9.82% and a net margin of 3.43%. The business had revenue of $219.00 million during the quarter, compared to analysts’ expectations of $218.50 million. During the same period in the prior year, the business earned ($0.02) EPS. Zumiez’s revenue for the quarter was up 13.9% compared to the same quarter last year. On average, analysts anticipate that Zumiez Inc. will post 1.7 earnings per share for the current year.
A number of brokerages have recently commented on ZUMZ. TheStreet cut Zumiez from a “b-” rating to a “c+” rating in a research note on Monday, July 16th. BidaskClub raised Zumiez from a “sell” rating to a “hold” rating in a research note on Tuesday, October 30th. Pivotal Research raised Zumiez from a “hold” rating to a “buy” rating and increased their target price for the stock from $30.00 to $36.00 in a research note on Tuesday, September 4th. DA Davidson started coverage on Zumiez in a research note on Tuesday, September 25th. They set a “neutral” rating and a $29.00 target price for the company. Finally, Robert W. Baird lowered their target price on Zumiez from $30.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, October 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $26.88.
Zumiez Company Profile
Zumiez Inc, together with its subsidiaries, operates as a specialty retailer of apparel, footwear, accessories, and hardgoods for young men and women. Its hardgoods include skateboards, snowboards, bindings, components, and other equipment. As of September 1, 2018, the company operated 703 stores, including 610 stores in the United States, 50 stores in Canada, 36 stores in Europe, and 7 stores in Australia under the names of Zumiez, Blue Tomato, and Fast Times.
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