Zacks Investment Research downgraded shares of Luxottica Group SpA (NASDAQ:LUXTY) from a buy rating to a hold rating in a report published on Wednesday.

According to Zacks, “Luxottica Group is the world leader in the design, manufacture and marketing of high quality eyeglass frames and sunglasses in the mid and premium priced market segments. The Company’s products, which are designed and produced in four facilities based in Northern Italy, include over 1,700 styles available in a wide array of colors and sizes. The eyeglass and sunglass frames manufactured by Luxottica are sold through twelve wholly-owned distributors in the United States, Canada, Italy, France, Spain, Portugal, Sweden, Germany, the United Kingdom, Brazil, Switzerland and Mexico. “

Shares of Luxottica Group SpA (NASDAQ LUXTY) opened at 56.54 on Wednesday. The company has a 50-day moving average price of $60.13 and a 200 day moving average price of $55.68. Luxottica Group SpA has a 1-year low of $44.85 and a 1-year high of $62.57. The firm has a market capitalization of $27.42 billion and a price-to-earnings ratio of 31.94.

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About Luxottica Group SpA

Luxottica Group S.p.A. is a holding company. The Company is engaged in the design, manufacture and distribution of fashion, luxury, sport and performance eyewear. The Company operates through two segments: manufacturing and wholesale distribution, and retail distribution. Through its manufacturing and wholesale distribution operations, the Company is engaged in design, manufacturing, wholesale distribution and marketing of brands and designer lines of prescription frames and sunglasses, as well as of performance optics products.

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