Contrarius Investment Management Ltd Grows Position in Express, Inc. (EXPR)
Contrarius Investment Management Ltd lifted its holdings in Express, Inc. (NYSE:EXPR) by 15.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,773,637 shares of the company’s stock after acquiring an additional 897,275 shares during the period. Express makes up approximately 2.4% of Contrarius Investment Management Ltd’s investment portfolio, making the stock its 15th largest position. Contrarius Investment Management Ltd owned about 9.09% of Express worth $61,979,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Wells Fargo & Company MN boosted its stake in shares of Express by 25.3% in the fourth quarter. Wells Fargo & Company MN now owns 116,525 shares of the company’s stock worth $1,182,000 after buying an additional 23,550 shares during the last quarter. MetLife Investment Advisors LLC purchased a new stake in shares of Express in the fourth quarter worth about $383,000. Alps Advisors Inc. purchased a new stake in shares of Express in the first quarter worth about $569,000. SG Americas Securities LLC purchased a new stake in shares of Express in the first quarter worth about $246,000. Finally, Mackay Shields LLC purchased a new stake in shares of Express in the first quarter worth about $2,184,000.
EXPR has been the topic of a number of recent research reports. ValuEngine downgraded Express from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Wedbush initiated coverage on Express in a research note on Thursday, May 10th. They issued a “neutral” rating and a $9.00 target price on the stock. Zacks Investment Research upgraded Express from a “strong sell” rating to a “hold” rating in a research note on Monday, May 21st. Finally, SunTrust Banks upped their price target on Express from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Thursday, July 12th. Eight analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and a consensus target price of $9.00.
NYSE EXPR opened at $10.36 on Friday. The stock has a market capitalization of $784.74 million, a P/E ratio of 28.78 and a beta of 0.86. Express, Inc. has a twelve month low of $5.28 and a twelve month high of $11.34.
Express (NYSE:EXPR) last released its quarterly earnings results on Thursday, May 31st. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. The company had revenue of $479.40 million during the quarter, compared to analysts’ expectations of $460.78 million. Express had a return on equity of 5.39% and a net margin of 1.14%. Express’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.07) EPS. analysts forecast that Express, Inc. will post 0.42 earnings per share for the current fiscal year.
Express, Inc operates as a specialty apparel and accessories retailer. It offers apparel and accessories for women and men between 20 and 30 years across various aspects of lifestyles, including work, casual, jeanswear, and going-out occasions. The company sells its products through its e-commerce Website, express.com; mobile app; and franchisees Express locations in Latin America.
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