Quinn Opportunity Partners LLC has significantly reduced its stake in Guess?, Inc. (NYSE: GES) by an impressive 92.8% during the second quarter, according to a recent 13F filing with the Securities & Exchange Commission. After selling 471,373 shares, the institutional investor now holds just 36,700 shares of the company’s stock, representing a mere 0.07% ownership, valued at approximately $444,000 at the end of the reporting period.
This reduction in holdings comes amidst a backdrop of varied activity from other institutional investors. Vanguard Personalized Indexing Management LLC increased its stake in Guess? by 4.7% during the same quarter, acquiring an additional 915 shares to bring its total to 20,277 shares, valued at $245,000. The State of Alaska Department of Revenue also raised its stake by 8.6%, now owning 16,409 shares worth $198,000 after purchasing 1,297 shares. Other significant movements include Whittier Trust Co. of Nevada Inc., which ramped up its holdings by 507.5% in the first quarter, and Principal Financial Group, which saw a 2.5% increase in its stake during the same period.
As of now, institutional investors collectively own 61.74% of Guess?’s stock.
Recent analyst activity has provided a mixed bag of opinions on Guess?. UBS Group raised the stock’s target price from $13.00 to $16.75, maintaining a “neutral” rating. Similarly, Zacks Research upgraded the stock from a “hold” to a “strong-buy” rating. However, Small Cap Consu downgraded its rating from “strong-buy” to “hold.” Currently, analysts have issued one strong buy rating, four hold ratings, and set a consensus price target of $16.75.
On the market, Guess? shares opened at $16.95 on Thursday. The company reported a 5.5% year-over-year increase in revenue, totaling $772.94 million for the recently concluded quarter, surpassing expectations. Despite the good news, Guess? has faced pressure on its margins, achieving a net margin of only 1.01% for the quarter. On the earnings front, the company reported an EPS of $0.26, exceeding forecasts by $0.10.
In terms of dividends, Guess? recently declared a quarterly dividend of $0.225 per share, translating to an annualized yield of 5.3%. This announcement highlights the company’s commitment to returning value to shareholders, despite the challenging market conditions.
Founded in 1981, Guess? Inc. designs and markets a wide range of lifestyle collections and operates through various segments, including retail and wholesale channels across multiple regions. With a market capitalization of $883.72 million, the company’s ability to navigate current market challenges will be closely observed by stakeholders and analysts alike.