Northern Trust Corp raised its position in Zagg Inc (NASDAQ:ZAGG) by 8.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 406,625 shares of the specialty retailer’s stock after acquiring an additional 30,715 shares during the quarter. Northern Trust Corp owned approximately 1.44% of Zagg worth $7,034,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Reliance Trust Co. of Delaware purchased a new position in shares of Zagg in the second quarter valued at about $180,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of Zagg in the second quarter valued at about $233,000. Bank of Montreal Can purchased a new position in shares of Zagg in the second quarter valued at about $242,000. Guggenheim Capital LLC purchased a new position in shares of Zagg in the first quarter valued at about $180,000. Finally, Cambria Investment Management L.P. purchased a new position in shares of Zagg in the second quarter valued at about $302,000. Hedge funds and other institutional investors own 86.09% of the company’s stock.
In related news, President Brian Stech sold 10,000 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $14.67, for a total transaction of $146,700.00. Following the transaction, the president now owns 198,864 shares in the company, valued at $2,917,334.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.80% of the stock is owned by insiders.
Zagg (NASDAQ:ZAGG) last announced its quarterly earnings results on Tuesday, November 6th. The specialty retailer reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.09. Zagg had a net margin of 6.00% and a return on equity of 32.36%. The company had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $149.13 million. During the same quarter in the previous year, the company earned $0.34 earnings per share. Zagg’s quarterly revenue was up 5.0% on a year-over-year basis. As a group, equities analysts predict that Zagg Inc will post 1.35 EPS for the current fiscal year.
A number of equities analysts have issued reports on ZAGG shares. BidaskClub cut shares of Zagg from a “sell” rating to a “strong sell” rating in a research report on Saturday, November 10th. ValuEngine cut shares of Zagg from a “sell” rating to a “strong sell” rating in a research report on Friday, October 19th. B. Riley decreased their price objective on shares of Zagg from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 7th. Finally, TheStreet cut shares of Zagg from a “b-” rating to a “c+” rating in a research report on Monday. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $19.50.
ZAGG Inc, together with its subsidiaries, designs, manufactures, and distributes mobile tech accessories for smartphones and tablets in the United States, Europe, and internationally. It operates in ZAGG and mophie segments. The company offers screen protection products; battery cases and power management products for tablets, smartphones, MP3 players, cameras, and other electronic mobile devices; device specific keyboards and device agnostic keyboards; and earbuds, headphones, wireless charging products, Bluetooth speakers, and cables under the ZAGG, InvisibleShield, IFROGZ, and mophie brands.
Further Reading: Cost of Equity For A Business, Investors
Want to see what other hedge funds are holding ZAGG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zagg Inc (NASDAQ:ZAGG).
Receive News & Ratings for Zagg Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zagg and related companies with MarketBeat.com's FREE daily email newsletter.