Signet Jewelers (NYSE:SIG) Updates FY 2024 Earnings Guidance

Signet Jewelers (NYSE:SIG – Get Rating) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of $11.07-$11.59 for the period, compared to the consensus earnings per share estimate of $10.68. The company issued revenue guidance of $7.67 billion-$7.84 billion, compared to the consensus revenue estimate of $7.89 billion. Signet Jewelers also updated its FY24 guidance to $11.07 to $11.59 EPS.

Signet Jewelers Price Performance

NYSE SIG opened at $73.30 on Friday. The company has a quick ratio of 0.37, a current ratio of 1.56 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $3.33 billion, a PE ratio of 11.62, a price-to-earnings-growth ratio of 0.83 and a beta of 2.18. The company has a 50 day moving average price of $74.56 and a two-hundred day moving average price of $66.60. Signet Jewelers has a 12-month low of $48.31 and a 12-month high of $84.11.

Signet Jewelers (NYSE:SIG – Get Rating) last posted its earnings results on Thursday, March 16th. The company reported $5.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.35 by $0.17. The firm had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Signet Jewelers had a net margin of 4.80% and a return on equity of 46.64%. The company’s revenue was down 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $5.01 earnings per share. As a group, equities analysts predict that Signet Jewelers will post 11.45 earnings per share for the current fiscal year.

Signet Jewelers Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 26th. Shareholders of record on Friday, April 28th will be paid a $0.23 dividend. The ex-dividend date is Thursday, April 27th. This is a boost from Signet Jewelers’s previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a yield of 1.26%. Signet Jewelers’s payout ratio is 12.68%.

Wall Street Analyst Weigh In

SIG has been the subject of a number of analyst reports. Wells Fargo & Company lifted their target price on shares of Signet Jewelers from $90.00 to $100.00 in a research note on Friday. Citigroup lifted their price target on shares of Signet Jewelers from $60.00 to $77.00 in a research report on Wednesday, December 7th. UBS Group lifted their price target on shares of Signet Jewelers from $92.00 to $98.00 in a research report on Friday. Telsey Advisory Group reissued a market perform rating and issued a $75.00 price target on shares of Signet Jewelers in a research report on Thursday. Finally, StockNews.com initiated coverage on shares of Signet Jewelers in a research report on Thursday. They issued a buy rating on the stock. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $85.00.

Insider Buying and Selling at Signet Jewelers

In other Signet Jewelers news, insider Stash Ptak sold 1,000 shares of the business’s stock in a transaction on Wednesday, January 11th. The shares were sold at an average price of $75.00, for a total value of $75,000.00. Following the sale, the insider now owns 34,333 shares of the company’s stock, valued at approximately $2,574,975. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Stash Ptak sold 1,000 shares of the business’s stock in a transaction on Wednesday, January 11th. The shares were sold at an average price of $75.00, for a total value of $75,000.00. Following the sale, the insider now owns 34,333 shares in the company, valued at approximately $2,574,975. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Virginia Drosos sold 10,000 shares of the business’s stock in a transaction on Tuesday, January 24th. The shares were sold at an average price of $75.88, for a total transaction of $758,800.00. Following the completion of the sale, the chief executive officer now owns 1,106,059 shares in the company, valued at approximately $83,927,756.92. The disclosure for this sale can be found here. Insiders have sold 21,000 shares of company stock valued at $1,570,000 in the last 90 days. 1.76% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Signet Jewelers

Several institutional investors and hedge funds have recently made changes to their positions in the company. Voya Investment Management LLC boosted its stake in shares of Signet Jewelers by 27.7% in the 4th quarter. Voya Investment Management LLC now owns 25,889 shares of the company’s stock valued at $1,760,000 after purchasing an additional 5,622 shares in the last quarter. Truist Financial Corp boosted its stake in shares of Signet Jewelers by 114.2% in the 4th quarter. Truist Financial Corp now owns 14,462 shares of the company’s stock valued at $983,000 after purchasing an additional 7,710 shares in the last quarter. State of Wyoming lifted its position in Signet Jewelers by 18.5% during the 4th quarter. State of Wyoming now owns 1,565 shares of the company’s stock worth $106,000 after buying an additional 244 shares in the last quarter. CI Private Wealth LLC acquired a new position in Signet Jewelers during the 4th quarter worth about $224,000. Finally, Kiwi Wealth Investments Limited Partnership acquired a new position in Signet Jewelers during the 4th quarter worth about $1,995,000. Institutional investors and hedge funds own 97.88% of the company’s stock.

About Signet Jewelers

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Signet Jewelers Ltd. engages in the retail of diamond jewelry. It operates through the following business segments: North America, International, and Others. The North America segment operates jewelry stores in malls, mall-based kiosks, and off-mall locations throughout the U.S. and Canada. The International sells primarily in the UK and Ireland under the H.