Abercrombie & Fitch (NYSE:ANF) Shares Gap Up After Better-Than-Expected Earnings

Abercrombie & Fitch Co. (NYSE:ANF – Get Rating) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $23.01, but opened at $27.35. Abercrombie & Fitch shares last traded at $28.18, with a volume of 2,359,486 shares trading hands.

The apparel retailer reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.41. Abercrombie & Fitch had a net margin of 0.08% and a return on equity of 1.90%. The company had revenue of $836.00 million during the quarter, compared to the consensus estimate of $814.93 million. During the same quarter in the prior year, the firm earned ($0.27) EPS. The company’s revenue was up 2.9% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ANF shares. Telsey Advisory Group restated an “outperform” rating and set a $33.00 price target on shares of Abercrombie & Fitch in a report on Wednesday, March 1st. Citigroup raised their price target on shares of Abercrombie & Fitch from $24.00 to $33.00 in a report on Thursday. Jefferies Financial Group cut their price target on shares of Abercrombie & Fitch from $35.00 to $30.00 in a report on Tuesday, May 9th. Argus lowered shares of Abercrombie & Fitch from a “buy” rating to a “hold” rating in a research note on Wednesday, April 12th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Abercrombie & Fitch from $31.00 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, March 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $28.75.

Institutional Trading of Abercrombie & Fitch

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cerity Partners LLC acquired a new stake in shares of Abercrombie & Fitch during the 1st quarter valued at about $1,056,000. Quarry LP acquired a new stake in shares of Abercrombie & Fitch during the 1st quarter valued at about $29,000. Advisory Services Network LLC boosted its position in shares of Abercrombie & Fitch by 985.0% during the 1st quarter. Advisory Services Network LLC now owns 1,085 shares of the apparel retailer’s stock valued at $30,000 after acquiring an additional 985 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of Abercrombie & Fitch by 1,051.9% during the 4th quarter. Quadrant Capital Group LLC now owns 1,221 shares of the apparel retailer’s stock valued at $28,000 after acquiring an additional 1,115 shares in the last quarter. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Abercrombie & Fitch during the 1st quarter valued at about $95,000.

Abercrombie & Fitch Stock Down 5.3 %

The stock has a market capitalization of $1.43 billion, a P/E ratio of 476.00 and a beta of 1.45. The firm’s fifty day moving average is $24.89 and its 200-day moving average is $25.25. The company has a current ratio of 1.36, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

About Abercrombie & Fitch

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Abercrombie & Fitch Co engages in the retail of apparel, personal care products, and accessories. It offers apparel products, including knit tops, woven shirts, graphic t-shirts, fleece, sweaters, jeans, woven pants, shorts, outerwear, dresses, intimates and swimwear, and personal care products and accessories for men, women, and kids under the Abercrombie & Fitch, abercrombie kids, Hollister and Gilly Hicks brands.