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

Oxford Industries, Inc. (NYSE:OXM)’s stock price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. 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.

The textile maker reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.20). Oxford Industries had a return on equity of 21.93% and a net margin of 1.92%. The firm had revenue of $308.00 million for the quarter, compared to analyst estimates of $316.84 million. During the same period in the prior year, the company earned $1.01 earnings per share. The firm’s quarterly revenue was down 5.7% on a year-over-year basis.

Oxford Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be issued a dividend of $0.67 per share. The ex-dividend date of this dividend is Friday, January 17th. This represents a $2.68 annualized dividend and a yield of 3.49%. Oxford Industries’s payout ratio is presently 147.25%.

Analyst Ratings Changes

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

Insider Activity

In other Oxford Industries news, EVP Scott Grassmyer sold 1,495 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $86.77, for a total value of $129,721.15. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.70% of the company’s stock.

Institutional Trading of Oxford Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pacer Advisors Inc. bought a new position in shares of Oxford Industries in the 2nd quarter worth $54,882,000. FMR LLC raised 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 purchasing an additional 244,022 shares during the last quarter. Millennium Management LLC lifted its position in shares of Oxford Industries by 254.1% during the second quarter. Millennium Management LLC now owns 266,412 shares of the textile maker’s stock valued at $26,681,000 after purchasing an additional 191,185 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Oxford Industries by 31.6% during the third quarter. Victory Capital Management Inc. now owns 652,726 shares of the textile maker’s stock worth $56,631,000 after purchasing an additional 156,634 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in 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 purchasing an additional 102,525 shares in the last quarter. 91.16% of the stock is currently owned by institutional investors and hedge funds.

Oxford Industries Stock Performance

The company’s 50 day simple moving average is $77.79 and its 200 day simple moving average is $88.82. The stock has a market cap of $1.21 billion, a PE ratio of 42.24 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.