Johnson Outdoors Inc. (JOUT) Upgraded by Zacks Investment Research to Strong-Buy
Johnson Outdoors Inc. (NASDAQ:JOUT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday. The brokerage currently has a $66.00 price target on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.77% from the stock’s current price.
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 brokerages also recently issued reports on JOUT. Forward View raised shares of Johnson Outdoors from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. BidaskClub raised shares of Johnson Outdoors from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Imperial Capital boosted their price objective on shares of Johnson Outdoors from $49.00 to $63.00 and gave the company an “outperform” rating in a research report on Monday. They noted that the move was a valuation call. Finally, ValuEngine raised shares of Johnson Outdoors from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Three investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $53.00.
Johnson Outdoors (NASDAQ:JOUT) traded up 2.95% during midday trading on Wednesday, reaching $59.05. 86,057 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $48.51 and a 200 day moving average price of $40.36. The company has a market cap of $579.87 million, a price-to-earnings ratio of 26.07 and a beta of 0.77. Johnson Outdoors has a 12-month low of $27.97 and a 12-month high of $59.19.
Johnson Outdoors (NASDAQ:JOUT) last issued its quarterly earnings data on Friday, August 4th. The company reported $1.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.63. The business had revenue of $155.27 million for the quarter, compared to the consensus estimate of $149.29 million. Johnson Outdoors had a net margin of 6.85% and a return on equity of 12.90%. On average, analysts expect that Johnson Outdoors will post $2.87 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in JOUT. Thomson Horstmann & Bryant Inc. increased its stake in Johnson Outdoors by 82.3% in the first quarter. Thomson Horstmann & Bryant Inc. now owns 285,360 shares of the company’s stock worth $10,415,000 after buying an additional 128,834 shares in the last quarter. Renaissance Technologies LLC increased its stake in Johnson Outdoors by 5.0% in the first quarter. Renaissance Technologies LLC now owns 280,700 shares of the company’s stock worth $10,246,000 after buying an additional 13,300 shares in the last quarter. LSV Asset Management increased its stake in Johnson Outdoors by 7.7% in the second quarter. LSV Asset Management now owns 262,083 shares of the company’s stock worth $12,635,000 after buying an additional 18,788 shares in the last quarter. Vanguard Group Inc. increased its stake in Johnson Outdoors by 14.0% in the first quarter. Vanguard Group Inc. now owns 196,830 shares of the company’s stock worth $7,184,000 after buying an additional 24,147 shares in the last quarter. Finally, FMR LLC increased its stake in Johnson Outdoors by 52.8% in the first quarter. FMR LLC now owns 138,613 shares of the company’s stock worth $5,059,000 after buying an additional 47,913 shares in the last quarter. 60.26% of the stock is currently owned by hedge funds and other institutional investors.
About Johnson Outdoors
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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