Norden Group LLC recently made headlines in the financial sector by significantly reducing its stake in Fox Factory Holding Corp. (NASDAQ:FOXF), a move that has piqued the interest of market observers and individual investors alike. This strategic adjustment by the prominent investment firm signals a notable shift in its portfolio strategy concerning the performance-defining product manufacturer.
The reported decrease by Norden Group LLC amounted to a 20.2% reduction in its position during the first quarter, as detailed by financial reporting channels. After offloading 3,262 shares during this period, the firm’s total holdings in Fox Factory stood at 12,901 shares, valued at approximately $301,000 based on its most recent SEC filings.
While Norden Group scaled back, several other significant hedge funds adopted a contrasting approach, demonstrating varied institutional confidence in FOXF. RWWM Inc., for instance, dramatically increased its holdings by 79.0% in the first quarter, acquiring an additional 1,579,029 shares to reach a substantial total of 3,576,560 shares, now valued at an impressive $83,477,000.
This trend of increased investment continued with other major players. The Manufacturers Life Insurance Company exhibited an extraordinary boost in its stake during the fourth quarter, soaring by 6,413.1% to own 1,352,242 shares, worth $40,932,000. Similarly, Capital World Investors expanded its position by 21.8% in the same quarter, accumulating 1,341,155 shares valued at $40,597,000.
Further solidifying the diverse institutional sentiment, ArrowMark Colorado Holdings LLC also bolstered its investment in Fox Factory by 10.9% in the fourth quarter, reaching 1,028,062 shares worth $31,119,000. D. E. Shaw & Co. Inc. followed suit, increasing its stake by 46.6% to 821,380 shares, valued at $24,863,000, underscoring the dynamic nature of institutional investment in FOXF stock.
As these shifts unfold, Fox Factory Holding Corp. shares opened at $30.26, exhibiting key financial metrics including a quick ratio of 1.36 and a current ratio of 3.18. The company maintains a debt-to-equity ratio of 0.73, a market capitalization of $1.26 billion, and a P/E ratio of -5.05, with a beta of 1.50, reflecting its market volatility and operational health.
The stock’s performance over the past year has seen a 52-week low of $17.95 and a high of $54.85, indicating significant price fluctuations. Currently, FOXF trades with a 50-day moving average price of $26.61 and a 200-day moving average of $25.26, figures closely watched by investors for market trends and potential entry or exit points.
Equity research analysts have offered varied perspectives on FOXF stock. Truist Financial recently raised its target price from $28.00 to $34.00, reiterating a “buy” rating, while Stifel Nicolaus adjusted its target from $40.00 to $34.00, maintaining a “buy.” Robert W. Baird, however, set a “neutral” rating with a decreased target of $25.00, contributing to the stock’s overall consensus “Hold” rating and an average price target of $36.43.
Fox Factory Holding Corp. itself is a global designer and manufacturer of high-performance products and systems. Its extensive product line includes components for powered vehicles such as side-by-sides, on-road and off-road vehicles, ATVs, snowmobiles, and specialty applications. The company also supplies lift kits, shock products, and a wide range of mid-end and high-end suspension systems, underscoring its significant position in specialized automotive and recreational markets.
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