Luxottica Group SpA (NYSE:LUX) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday.
According to Zacks, “Luxottica Group is the world leader in the design, manufacture and marketing of high quality eyeglass frames and sunglasses in the mid and premium priced market segments. The Company’s products, which are designed and produced in four facilities based in Northern Italy, include over 1,700 styles available in a wide array of colors and sizes. The eyeglass and sunglass frames manufactured by Luxottica are sold through twelve wholly-owned distributors in the United States, Canada, Italy, France, Spain, Portugal, Sweden, Germany, the United Kingdom, Brazil, Switzerland and Mexico. “
LUX has been the topic of several other research reports. Deutsche Bank AG upgraded Luxottica Group SpA from a “hold” rating to a “buy” rating in a research note on Tuesday, September 13th. RBC Capital Markets lowered Luxottica Group SpA from an “outperform” rating to a “sector perform” rating in a research note on Monday, August 8th. Credit Suisse Group AG started coverage on Luxottica Group SpA in a research note on Wednesday, June 15th. They issued an “outperform” rating on the stock. Bank of America Corp. reiterated a “sell” rating and issued a $41.00 target price on shares of Luxottica Group SpA in a research note on Thursday, September 29th. Finally, Royal Bank Of Canada lowered Luxottica Group SpA from an “outperform” rating to a “sector perform” rating in a research note on Monday, August 8th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. Luxottica Group SpA presently has a consensus rating of “Hold” and an average target price of $48.50.
Shares of Luxottica Group SpA (NYSE:LUX) opened at 45.01 on Wednesday. The stock has a market capitalization of $21.58 billion, a P/E ratio of 25.09 and a beta of 0.85. The stock has a 50 day moving average of $48.03 and a 200-day moving average of $50.99. Luxottica Group SpA has a 52-week low of $45.01 and a 52-week high of $72.55.
Large investors have recently modified their holdings of the company. US Bancorp DE increased its stake in shares of Luxottica Group SpA by 35.2% in the second quarter. US Bancorp DE now owns 2,144 shares of the company’s stock valued at $105,000 after buying an additional 558 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Luxottica Group SpA during the first quarter valued at $110,000. Sei Investments Co. increased its stake in shares of Luxottica Group SpA by 136.1% in the second quarter. Sei Investments Co. now owns 2,309 shares of the company’s stock valued at $113,000 after buying an additional 1,331 shares in the last quarter. Toronto Dominion Bank increased its stake in shares of Luxottica Group SpA by 16.7% in the second quarter. Toronto Dominion Bank now owns 2,800 shares of the company’s stock valued at $138,000 after buying an additional 400 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Luxottica Group SpA by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 4,369 shares of the company’s stock valued at $213,000 after buying an additional 38 shares in the last quarter. 1.19% of the stock is owned by institutional investors and hedge funds.
About Luxottica Group SpA
Luxottica Group S.p.A. is a holding company. The Company is engaged in the design, manufacture and distribution of fashion, luxury, sport and performance eyewear. The Company operates through two segments: manufacturing and wholesale distribution, and retail distribution. Through its manufacturing and wholesale distribution operations, the Company is engaged in design, manufacturing, wholesale distribution and marketing of brands and designer lines of prescription frames and sunglasses, as well as of performance optics products.
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