Michael Kors Holdings Ltd. (KORS) Stake Reduced by Farmers Trust Co.
Farmers Trust Co. reduced its position in Michael Kors Holdings Ltd. (NYSE:KORS) by 1.2% during the third quarter, Holdings Channel reports. The fund owned 66,353 shares of the lifestyle brand’s stock after selling 772 shares during the period. Farmers Trust Co.’s holdings in Michael Kors Holdings were worth $3,105,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of KORS. Capstone Asset Management Co. boosted its stake in Michael Kors Holdings by 2.0% in the third quarter. Capstone Asset Management Co. now owns 13,029 shares of the lifestyle brand’s stock valued at $610,000 after buying an additional 250 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in Michael Kors Holdings during the third quarter valued at about $529,000. Wilsey Asset Management Inc. boosted its stake in Michael Kors Holdings by 0.3% in the third quarter. Wilsey Asset Management Inc. now owns 149,865 shares of the lifestyle brand’s stock valued at $7,006,000 after buying an additional 500 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in Michael Kors Holdings by 15.5% in the third quarter. Oregon Public Employees Retirement Fund now owns 45,399 shares of the lifestyle brand’s stock valued at $2,124,000 after buying an additional 6,100 shares in the last quarter. Finally, First National Bank of Mount Dora Trust Investment Services acquired a new stake in Michael Kors Holdings during the third quarter valued at about $1,205,000. Institutional investors and hedge funds own 86.16% of the company’s stock.
Shares of Michael Kors Holdings Ltd. (NYSE:KORS) traded down 2.56% on Wednesday, reaching $46.49. The company had a trading volume of 3,114,153 shares. The firm has a market capitalization of $7.62 billion, a PE ratio of 10.60 and a beta of 0.84. Michael Kors Holdings Ltd. has a 12 month low of $34.83 and a 12 month high of $59.49. The firm’s 50 day moving average is $48.59 and its 200 day moving average is $48.64.
Michael Kors Holdings (NYSE:KORS) last released its quarterly earnings results on Thursday, November 10th. The lifestyle brand reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.07. Michael Kors Holdings had a return on equity of 42.50% and a net margin of 16.94%. The company had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the prior year, the firm earned $1.07 earnings per share. The firm’s revenue was down 3.7% compared to the same quarter last year. On average, equities research analysts expect that Michael Kors Holdings Ltd. will post $4.41 earnings per share for the current fiscal year.
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Several analysts recently issued reports on KORS shares. Vetr upgraded Michael Kors Holdings from a “hold” rating to a “buy” rating and set a $48.57 target price for the company in a research report on Monday, October 17th. Zacks Investment Research cut Michael Kors Holdings from a “hold” rating to a “sell” rating in a research report on Wednesday, August 3rd. Guggenheim started coverage on Michael Kors Holdings in a research report on Friday, September 30th. They set a “neutral” rating for the company. started coverage on Michael Kors Holdings in a research report on Wednesday, September 28th. They set a “sell” rating and a $45.00 target price for the company. Finally, Jefferies Group restated a “buy” rating on shares of Michael Kors Holdings in a report on Monday, September 12th. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $53.13.
In other news, SVP Lee S. Sporn sold 26,341 shares of the stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $50.02, for a total value of $1,317,576.82. Following the sale, the senior vice president now directly owns 40,707 shares in the company, valued at $2,036,164.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 5.00% of the company’s stock.
About Michael Kors Holdings
Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women’s apparel and accessories and men’s apparel bearing the Michael Kors tradename and related trademarks MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos. The Company operates through three segments: retail, wholesale and licensing.
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