Signet Jewelers (NYSE:SIG) Shares Gap Up on Earnings Beat

Signet Jewelers Limited (NYSE:SIG)’s stock price 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 traded.

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

Signet Jewelers Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Friday, April 25th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Friday, April 25th. This is a boost from Signet Jewelers’s previous quarterly dividend of $0.29. Signet Jewelers’s payout ratio is presently 13.35%.

Analysts Set New Price Targets

A number of research analysts recently commented on SIG shares. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $55.00 price target on shares of Signet Jewelers in a research note on Wednesday. Bank of America reduced their target price on Signet Jewelers from $95.00 to $65.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. StockNews.com cut Signet Jewelers from a “buy” rating to a “hold” rating in a report on Friday, December 6th. Wells Fargo & Company lowered their target price on Signet Jewelers from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, UBS Group increased their price target on Signet Jewelers from $85.00 to $89.00 and gave the company a “buy” rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Signet Jewelers has an average rating of “Moderate Buy” and an average target price of $81.60.

Insider Transactions at Signet Jewelers

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SIG. Janney Montgomery Scott LLC boosted its position in shares of Signet Jewelers by 3.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 6,517 shares of the company’s stock valued at $526,000 after acquiring an additional 205 shares during the last quarter. KBC Group NV boosted its position in shares of Signet Jewelers by 25.5% during the 3rd quarter. KBC Group NV now owns 1,293 shares of the company’s stock valued at $133,000 after acquiring an additional 263 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Signet Jewelers by 0.9% during the 3rd quarter. Franklin Resources Inc. now owns 34,122 shares of the company’s stock valued at $3,330,000 after acquiring an additional 288 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Signet Jewelers by 3.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,498 shares of the company’s stock valued at $1,083,000 after acquiring an additional 330 shares during the last quarter. Finally, Xponance Inc. boosted its position in shares of Signet Jewelers by 12.2% during the 4th quarter. Xponance Inc. now owns 3,149 shares of the company’s stock valued at $254,000 after acquiring an additional 343 shares during the last quarter.

Signet Jewelers Trading Down 0.6 %

The company has a market capitalization of $2.45 billion, a PE ratio of 6.48, a PEG ratio of 3.43 and a beta of 2.20. The company has a current ratio of 1.55, a quick ratio of 0.25 and a debt-to-equity ratio of 0.14. The stock has a fifty day moving average of $54.89 and a two-hundred day moving average of $78.50.

Signet Jewelers Company Profile

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.