Johnson Outdoors Inc. (JOUT) Rating Lowered to Hold at Zacks Investment Research
Johnson Outdoors Inc. (NASDAQ:JOUT) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Johnson Outdoors Inc. is a leading global outdoor recreation company that turns ideas into adventure with innovative, top-quality products. The Company designs, manufactures and markets a portfolio of winning, consumer-preferred brands across four categories: Watercraft, Marine Electronics, Diving and Outdoor Equipment. Johnson Outdoors’ familiar brands include, among others: Old Town canoes and kayaks; Ocean Kayak and Necky kayaks; Lendal paddles; Escape electric boats; Minn Kota motors; Cannon downriggers; Humminbird, Bottom Line and Fishin’ Buddy fishfinders; Scubapro and UWATEC dive equipment; Silva compasses and digital instruments; and Eureka! tents. “
A number of other analysts have also recently weighed in on the stock. Forward View reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Johnson Outdoors in a report on Sunday, September 3rd. BidaskClub cut shares of Johnson Outdoors from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. ValuEngine raised shares of Johnson Outdoors from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, Imperial Capital increased their price objective on shares of Johnson Outdoors from $49.00 to $63.00 and gave the stock an “outperform” rating in a report on Monday, August 7th. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Johnson Outdoors presently has an average rating of “Buy” and a consensus target price of $67.00.
Johnson Outdoors (NASDAQ:JOUT) last released its quarterly earnings data on Friday, August 4th. The company reported $1.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.63. Johnson Outdoors had a net margin of 6.85% and a return on equity of 12.90%. The business had revenue of $155.27 million for the quarter, compared to analysts’ expectations of $149.29 million.
In related news, CFO David W. Johnson sold 1,000 shares of the stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $67.02, for a total value of $67,020.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Terry E. London sold 1,127 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $59.81, for a total transaction of $67,405.87. The disclosure for this sale can be found here. Insiders sold a total of 5,077 shares of company stock valued at $322,834 in the last quarter. 28.03% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in JOUT. Bank of New York Mellon Corp grew its position in Johnson Outdoors by 8.6% in the 1st quarter. Bank of New York Mellon Corp now owns 43,539 shares of the company’s stock valued at $1,590,000 after buying an additional 3,442 shares in the last quarter. Oxford Asset Management bought a new position in Johnson Outdoors in the 1st quarter valued at about $281,000. JPMorgan Chase & Co. bought a new position in Johnson Outdoors in the 1st quarter valued at about $461,000. American International Group Inc. grew its position in Johnson Outdoors by 7.2% in the 1st quarter. American International Group Inc. now owns 3,020 shares of the company’s stock valued at $110,000 after buying an additional 202 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. grew its position in Johnson Outdoors by 36.5% in the 1st quarter. Cornerstone Capital Management Holdings LLC. now owns 46,521 shares of the company’s stock valued at $1,697,000 after buying an additional 12,433 shares in the last quarter. Hedge funds and other institutional investors own 59.48% of the company’s stock.
Johnson Outdoors Company Profile
Johnson Outdoors Inc is a manufacturer and marketer of branded seasonal, outdoor recreation products. The Company operates through four segments: Marine Electronics, Outdoor Equipment, Watercraft and Diving. Its Marine Electronics segment’s brands are Minn Kota, Humminbird and Cannon. Its Outdoor Equipment segment’s brands are Eureka!, Jetboil and Silva.
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