Shares of Oxford Industries Inc (NYSE:OXM) shot up 8.4% on Thursday following a better than expected earnings announcement. The company traded as high as $79.56 and last traded at $74.58. 788,441 shares traded hands during trading, an increase of 378% from the average session volume of 164,929 shares. The stock had previously closed at $68.80.
The textile maker reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.09. Oxford Industries had a net margin of 5.99% and a return on equity of 15.73%. The business had revenue of $282.00 million for the quarter, compared to analyst estimates of $276.75 million. During the same quarter in the previous year, the firm posted $1.28 earnings per share. Oxford Industries’s revenue was up 3.4% compared to the same quarter last year.
A number of brokerages recently issued reports on OXM. Zacks Investment Research raised shares of Oxford Industries from a “sell” rating to a “hold” rating in a research report on Thursday, May 30th. Telsey Advisory Group reaffirmed a “market perform” rating and set a $82.00 target price (up previously from $76.00) on shares of Oxford Industries in a research report on Thursday, April 18th. Finally, Citigroup initiated coverage on shares of Oxford Industries in a report on Tuesday, April 16th. They issued a “buy” rating on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Oxford Industries currently has a consensus rating of “Buy” and an average target price of $89.29.
A number of institutional investors have recently made changes to their positions in OXM. Victory Capital Management Inc. increased its holdings in Oxford Industries by 5,698.2% in the 4th quarter. Victory Capital Management Inc. now owns 333,106 shares of the textile maker’s stock valued at $23,664,000 after buying an additional 327,361 shares during the period. Norges Bank bought a new stake in Oxford Industries in the 4th quarter valued at $23,037,000. Ranger Investment Management L.P. bought a new stake in Oxford Industries in the 4th quarter valued at $16,945,000. Maverick Capital Ltd. bought a new stake in Oxford Industries in the 1st quarter valued at $6,548,000. Finally, Westwood Holdings Group Inc. increased its holdings in Oxford Industries by 16.9% in the 1st quarter. Westwood Holdings Group Inc. now owns 565,885 shares of the textile maker’s stock valued at $42,589,000 after buying an additional 81,732 shares during the period. 92.66% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market cap of $1.20 billion, a PE ratio of 17.26, a price-to-earnings-growth ratio of 1.54 and a beta of 0.48. The company has a current ratio of 1.90, a quick ratio of 0.77 and a debt-to-equity ratio of 0.03.
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About Oxford Industries (NYSE:OXM)
Oxford Industries, Inc, an apparel company, designs, sources, markets, and distributes products of company owned and licensed brands, and private labels apparel products worldwide. The company offers men's and women's sportswear and related products under the Tommy Bahama brand; women's and girl's dresses and sportswear, scarves, bags, jewelry, and belts, as well as footwear and children's apparel under the Lilly Pulitzer brand; and men's shirts, pants, shorts, outerwear, ties, swimwear, footwear, and accessories, as well as women's products under the Southern Tide brand.
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