Signet Jewelers (NYSE:SIG) Updates FY24 Earnings Guidance

Signet Jewelers (NYSE:SIG – Get Rating) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $11.07 to $11.59 for the period, compared to the consensus earnings per share estimate of $10.68. The company issued revenue guidance of $7.67 billion to $7.84 billion, compared to the consensus revenue estimate of $7.89 billion. Signet Jewelers also updated its FY 2024 guidance to $11.07-$11.59 EPS.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. StockNews.com initiated coverage on shares of Signet Jewelers in a research note on Thursday. They set a buy rating on the stock. Telsey Advisory Group restated a market perform rating and issued a $75.00 target price on shares of Signet Jewelers in a report on Thursday. UBS Group raised their target price on shares of Signet Jewelers from $92.00 to $98.00 in a report on Friday. Bank of America raised their target price on shares of Signet Jewelers from $65.00 to $75.00 and gave the stock a neutral rating in a report on Wednesday, December 7th. Finally, Wells Fargo & Company raised their target price on shares of Signet Jewelers from $90.00 to $100.00 in a report on Friday. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Signet Jewelers presently has an average rating of Moderate Buy and a consensus price target of $85.00.

Signet Jewelers Stock Performance

Shares of SIG stock opened at $73.30 on Friday. Signet Jewelers has a 12 month low of $48.31 and a 12 month high of $84.11. The stock has a market cap of $3.33 billion, a PE ratio of 11.62, a price-to-earnings-growth ratio of 0.83 and a beta of 2.18. The company has a current ratio of 1.56, a quick ratio of 0.37 and a debt-to-equity ratio of 0.09. The company’s fifty day moving average price is $74.56 and its 200-day moving average price is $66.60.

Signet Jewelers (NYSE:SIG – Get Rating) last announced its earnings results on Thursday, March 16th. The company reported $5.52 EPS for the quarter, beating analysts’ consensus estimates of $5.35 by $0.17. The firm had revenue of $2.66 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Signet Jewelers had a net margin of 4.80% and a return on equity of 46.64%. The company’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.01 EPS. On average, equities analysts expect that Signet Jewelers will post 11.45 EPS for the current fiscal year.

Signet Jewelers Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 26th. Stockholders of record on Friday, April 28th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.26%. The ex-dividend date is Thursday, April 27th. This is a positive change from Signet Jewelers’s previous quarterly dividend of $0.20. Signet Jewelers’s payout ratio is currently 12.68%.

Insider Transactions at Signet Jewelers

In other news, CEO Virginia Drosos sold 10,000 shares of Signet Jewelers stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $73.62, for a total value of $736,200.00. Following the completion of the transaction, the chief executive officer now owns 925,305 shares of the company’s stock, valued at approximately $68,120,954.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Signet Jewelers news, insider Stash Ptak sold 1,000 shares of the business’s stock in a transaction dated Wednesday, January 11th. The stock was sold at an average price of $75.00, for a total value of $75,000.00. Following the completion of the transaction, the insider now owns 34,333 shares of the company’s stock, valued at approximately $2,574,975. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Virginia Drosos sold 10,000 shares of the business’s stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $73.62, for a total value of $736,200.00. Following the completion of the transaction, the chief executive officer now directly owns 925,305 shares of the company’s stock, valued at approximately $68,120,954.10. The disclosure for this sale can be found here. Insiders sold a total of 21,000 shares of company stock valued at $1,570,000 in the last quarter. 1.76% of the stock is owned by insiders.

Hedge Funds Weigh In On Signet Jewelers

Hedge funds have recently bought and sold shares of the business. State of Wyoming raised its position in Signet Jewelers by 18.5% in the 4th quarter. State of Wyoming now owns 1,565 shares of the company’s stock worth $106,000 after buying an additional 244 shares during the last quarter. Ancora Advisors LLC raised its position in Signet Jewelers by 268.4% in the 1st quarter. Ancora Advisors LLC now owns 2,579 shares of the company’s stock worth $150,000 after buying an additional 1,879 shares during the last quarter. Creative Planning purchased a new position in Signet Jewelers in the 4th quarter worth about $201,000. Equitable Holdings Inc. purchased a new position in Signet Jewelers in the 4th quarter worth about $202,000. Finally, Laidlaw Wealth Management LLC purchased a new position in Signet Jewelers in the 4th quarter worth about $204,000. Hedge funds and other institutional investors own 97.88% of the company’s stock.

Signet Jewelers Company Profile

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Signet Jewelers Ltd. engages in the retail of diamond jewelry. It operates through the following business segments: North America, International, and Others. The North America segment operates jewelry stores in malls, mall-based kiosks, and off-mall locations throughout the U.S. and Canada. The International sells primarily in the UK and Ireland under the H.