Signet Jewelers (NYSE:SIG) Price Target Cut to $100.00 by Analysts at Bank of America

Signet Jewelers (NYSE:SIG) had its price objective reduced by analysts at Bank of America from $108.00 to $100.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price target would suggest a potential upside of 9.53% from the company’s previous close.

A number of other brokerages have also issued reports on SIG. Telsey Advisory Group cut their price target on shares of Signet Jewelers from $105.00 to $87.00 and set a “market perform” rating on the stock in a report on Monday. UBS Group dropped their target price on shares of Signet Jewelers from $145.00 to $132.00 and set a “buy” rating for the company in a research report on Wednesday. Citigroup reaffirmed a “buy” rating and issued a $119.00 target price on shares of Signet Jewelers in a research report on Friday, June 14th. Wells Fargo & Company dropped their target price on shares of Signet Jewelers from $125.00 to $105.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Finally, StockNews.com cut shares of Signet Jewelers from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Signet Jewelers presently has a consensus rating of “Moderate Buy” and an average target price of $108.60.

Signet Jewelers Price Performance

Signet Jewelers stock traded up $4.36 during trading hours on Friday, reaching $91.30. The stock had a trading volume of 638,318 shares, compared to its average volume of 794,780. The stock has a market cap of $4.07 billion, a PE ratio of 7.42, a PEG ratio of 0.85 and a beta of 2.10. Signet Jewelers has a 52 week low of $65.12 and a 52 week high of $112.06. The company has a fifty day simple moving average of $81.33 and a 200-day simple moving average of $92.36.

Signet Jewelers (NYSE:SIG) last announced its quarterly earnings results on Thursday, September 12th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.50 billion. Signet Jewelers had a net margin of 10.91% and a return on equity of 32.51%. The company’s revenue was down 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.55 EPS. Research analysts predict that Signet Jewelers will post 10.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Signet Jewelers news, insider Oded Edelman sold 9,000 shares of Signet Jewelers stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $74.55, for a total value of $670,950.00. Following the completion of the transaction, the insider now directly owns 28,398 shares of the company’s stock, valued at $2,117,070.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Signet Jewelers news, insider Oded Edelman sold 9,000 shares of Signet Jewelers stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $74.55, for a total value of $670,950.00. Following the completion of the transaction, the insider now directly owns 28,398 shares of the company’s stock, valued at $2,117,070.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joan M. Hilson sold 8,000 shares of Signet Jewelers stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $91.81, for a total transaction of $734,480.00. Following the completion of the sale, the insider now owns 189,231 shares of the company’s stock, valued at $17,373,298.11. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 57,439 shares of company stock valued at $4,809,869. Insiders own 3.26% of the company’s stock.

Institutional Trading of Signet Jewelers

A number of large investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new stake in shares of Signet Jewelers in the second quarter worth approximately $2,772,000. Coronation Fund Managers Ltd. grew its stake in shares of Signet Jewelers by 35.9% in the second quarter. Coronation Fund Managers Ltd. now owns 44,405 shares of the company’s stock worth $3,978,000 after acquiring an additional 11,723 shares during the period. Cetera Investment Advisers grew its position in Signet Jewelers by 2.2% during the second quarter. Cetera Investment Advisers now owns 11,793 shares of the company’s stock valued at $1,056,000 after buying an additional 257 shares during the period. Truist Financial Corp grew its position in Signet Jewelers by 204.3% during the second quarter. Truist Financial Corp now owns 10,062 shares of the company’s stock valued at $901,000 after buying an additional 6,755 shares during the period. Finally, Creative Planning grew its position in Signet Jewelers by 46.2% during the second quarter. Creative Planning now owns 7,798 shares of the company’s stock valued at $699,000 after buying an additional 2,464 shares during the period.

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.