Oxford Industries (NYSE:OXM) Shares Gap Down on Disappointing Earnings

Oxford Industries, Inc. (NYSE:OXM)’s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $84.11, but opened at $78.00. Oxford Industries shares last traded at $78.59, with a volume of 260,326 shares changing hands.

The textile maker reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.20). Oxford Industries had a net margin of 0.98% and a return on equity of 19.26%. The business had revenue of $308.00 million for the quarter, compared to the consensus estimate of $316.84 million. During the same period in the prior year, the company earned $1.01 EPS. Oxford Industries’s quarterly revenue was down 5.7% on a year-over-year basis.

Oxford Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be issued a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Friday, January 17th. Oxford Industries’s dividend payout ratio (DPR) is 301.13%.

Analysts Set New Price Targets

A number of brokerages recently commented on OXM. UBS Group lowered their price objective on Oxford Industries from $81.00 to $80.00 and set a “neutral” rating for the company in a research note on Thursday. Telsey Advisory Group restated a “market perform” rating and set a $86.00 price target on shares of Oxford Industries in a research report on Wednesday, December 4th. Finally, Citigroup cut their price objective on shares of Oxford Industries from $92.00 to $65.00 and set a “sell” rating on the stock in a research report on Friday, September 13th.

Insider Activity at Oxford Industries

In related news, EVP Scott Grassmyer sold 1,495 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $86.77, for a total value of $129,721.15. Following the completion of the sale, the executive vice president now owns 31,428 shares of the company’s stock, valued at $2,727,007.56. This represents a 4.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 5.70% of the stock is owned by insiders.

Institutional Trading of Oxford Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its holdings in shares of Oxford Industries by 36.8% in the third quarter. FMR LLC now owns 906,324 shares of the textile maker’s stock valued at $78,633,000 after acquiring an additional 244,022 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Oxford Industries by 31.6% during the 3rd quarter. Victory Capital Management Inc. now owns 652,726 shares of the textile maker’s stock valued at $56,631,000 after purchasing an additional 156,634 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Oxford Industries by 4.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 568,234 shares of the textile maker’s stock valued at $49,300,000 after purchasing an additional 25,619 shares in the last quarter. State Street Corp increased its position in shares of Oxford Industries by 1.3% during the 3rd quarter. State Street Corp now owns 559,581 shares of the textile maker’s stock valued at $48,549,000 after purchasing an additional 7,336 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Oxford Industries by 22.7% in the 3rd quarter. Wellington Management Group LLP now owns 553,382 shares of the textile maker’s stock worth $48,011,000 after buying an additional 102,525 shares in the last quarter. 91.16% of the stock is currently owned by institutional investors.

Oxford Industries Price Performance

The company has a fifty day moving average price of $77.89 and a two-hundred day moving average price of $88.65. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 91.56 and a beta of 1.56.

About Oxford Industries

Oxford Industries, Inc, an apparel company, designs, sources, markets, and distributes products of lifestyle and other brands worldwide. The company offers men's and women's sportswear and related products under the Tommy Bahama brand; and women's and girl's dresses and sportswear, scarves, bags, jewelry, and belts, as well as children's apparel, swim, footwear, and licensed products under the Lilly Pulitzer brand.