Geode Capital Management Increases Stake in Fox Factory Holding Corp.

Geode Capital Management LLC has expanded its position in Fox Factory Holding Corp. (NASDAQ:FOXF) by 0.9% during the third quarter, as indicated by their recent filing with the Securities and Exchange Commission (SEC). After acquiring an additional 8,474 shares, Geode now holds a total of 1,002,109 shares of Fox Factory. The value of these holdings is approximately $41,595,000 based on the latest SEC disclosures.

Other institutional investors have also made adjustments to their stakes in Fox Factory. Notably, D. E. Shaw & Co. Inc. enhanced its holdings by 25.2% in the second quarter, bringing its total ownership to 674,051 shares valued at around $32,483,000, following an increase of 135,542 shares during that quarter. Additionally, Disciplined Growth Investors Inc. MN entered a new position in Fox Factory in the third quarter, investing about $5,743,000. Meanwhile, Victory Capital Management Inc. raised its holdings by 223.3% in the second quarter, owning 42,119 shares worth approximately $2,030,000 after acquiring 29,092 additional shares. Thrivent Financial for Lutherans grew its position in Fox Factory by 89.0% during the third quarter, now owning 68,532 shares valued at $2,844,000 after purchasing an extra 32,263 shares. Barclays PLC also significantly increased its stake by 474.7% in the same period, owning 122,806 shares worth about $5,097,000 after buying an additional 101,437 shares.

Current Stock Performance

On Wednesday, the stock for Fox Factory opened at $29.17. Over the past year, the shares have experienced a low of $28.75 and a high of $70.13. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 112.20, and a PEG ratio of 2.67, with a beta of 1.60. Its financial ratios indicate a current ratio of 3.21, a quick ratio of 1.62, and a debt-to-equity ratio of 0.62. The stock's 50-day moving average stands at $33.60, while the 200-day moving average is $40.14.

In terms of earnings, Fox Factory announced its quarterly results on October 31st. The company reported an earnings per share (EPS) of $0.35, which fell short of analysts’ expectations of $0.42 by $0.07. Revenue for the quarter was recorded at $359.10 million, also below the anticipated $366.86 million. The company achieved a return on equity of 5.23% with a net margin of 0.78%. Compared to the same quarter last year, revenue increased by 8.4%. Analysts predict that Fox Factory Holding Corp. will earn approximately $1.31 per share for the current fiscal year.

Recent Analyst Opinions

Several analysts have updated their views on Fox Factory's stock lately. For instance, Robert W. Baird decreased its target price from $45.00 to $38.00 while maintaining a “neutral” rating. StockNews.com improved their rating on Fox Factory from “sell” to “hold” in a recent report. Furthermore, Truist Financial reduced its price target from $54.00 to $42.00, indicating a “buy” rating. Bank of America also lowered its target from $53.00 to $43.00 and assigned a “neutral” rating. Lastly, Roth Mkm adjusted their target downwards from $45.00 to $36.00, basing a “neutral” rating on their assessment. Currently, five analysts advise holding the stock, while two recommend buying, which gives an average rating of “Hold” and a price target of $40.67 according to MarketBeat.com.

About Fox Factory Holding Corp.

Fox Factory Holding Corp. specializes in designing, engineering, manufacturing, and marketing high-performance products and systems globally. The company caters to a diverse range of vehicles, offering products for side-by-side units, on-road vehicles, off-road trucks, and specialty vehicles, including military and motorcycles. Their product lineup also comprises lift kits, shock products, and various aftermarket accessories embedded in trucks, in addition to offering mid-end and high-end suspension components.

Geode, Investment, FoxFactory