Signet Jewelers (NYSE:SIG) Shares Gap Up on Insider Buying Activity

Shares of Signet Jewelers Limited (NYSE:SIG) gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $58.06, but opened at $59.47. Signet Jewelers shares last traded at $59.16, with a volume of 202,504 shares changing hands.

Specifically, CEO James Kevin Symancyk acquired 15,000 shares of Signet Jewelers stock in a transaction dated Monday, March 31st. The shares were bought at an average cost of $57.45 per share, with a total value of $861,750.00. Following the purchase, the chief executive officer now owns 50,710 shares in the company, valued at $2,913,289.50. This trade represents a 42.01 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

SIG has been the subject of a number of analyst reports. StockNews.com downgraded shares of Signet Jewelers from a “buy” rating to a “hold” rating in a research note on Friday, December 6th. Cfra Research raised Signet Jewelers to a “moderate buy” rating in a research note on Thursday, March 20th. Wells Fargo & Company decreased their target price on Signet Jewelers from $95.00 to $80.00 and set an “overweight” rating for the company in a research note on Thursday, March 20th. Bank of America lowered their target price on Signet Jewelers from $95.00 to $65.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Finally, UBS Group increased their price target on Signet Jewelers from $85.00 to $89.00 and gave the stock a “buy” rating in a report on Thursday, March 20th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $81.60.

Signet Jewelers Stock Performance

The firm has a market cap of $2.54 billion, a PE ratio of 6.81, a PEG ratio of 3.43 and a beta of 2.20. The company has a 50-day simple moving average of $54.48 and a two-hundred day simple moving average of $77.50. The company has a quick ratio of 0.25, a current ratio of 1.55 and a debt-to-equity ratio of 0.14.

Signet Jewelers (NYSE:SIG) last released its earnings results on Wednesday, March 19th. The company reported $6.62 earnings per share for the quarter, beating analysts’ consensus estimates of $6.39 by $0.23. Signet Jewelers had a net margin of 8.57% and a return on equity of 28.69%. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.33 billion. During the same period in the previous year, the company earned $6.73 earnings per share. The company’s quarterly revenue was down 5.8% on a year-over-year basis. As a group, equities research analysts forecast that Signet Jewelers Limited will post 8.73 earnings per share for the current year.

Signet Jewelers Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Friday, April 25th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, April 25th. This represents a $1.28 annualized dividend and a dividend yield of 2.16%. This is an increase from Signet Jewelers’s previous quarterly dividend of $0.29. Signet Jewelers’s dividend payout ratio is currently -168.42%.

Hedge Funds Weigh In On Signet Jewelers

Several hedge funds have recently made changes to their positions in SIG. Smartleaf Asset Management LLC increased its position in shares of Signet Jewelers by 149.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 703 shares of the company’s stock valued at $57,000 after buying an additional 421 shares during the period. Erste Asset Management GmbH bought a new stake in Signet Jewelers during the third quarter valued at $77,000. Sterling Capital Management LLC grew its position in Signet Jewelers by 832.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,362 shares of the company’s stock worth $110,000 after buying an additional 1,216 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in Signet Jewelers by 32.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,656 shares of the company’s stock worth $123,000 after acquiring an additional 410 shares during the last quarter. Finally, KBC Group NV boosted its position in shares of Signet Jewelers by 34.6% during the 4th quarter. KBC Group NV now owns 1,740 shares of the company’s stock valued at $140,000 after acquiring an additional 447 shares during the last quarter.

About Signet Jewelers

Signet Jewelers Limited operates as a diamond jewelry retailer. It operates through three segments: North America, International, and Other. The North America segment operates jewelry stores in jewelry stores in malls, mall-based kiosks, and off-mall locations in the United States and Canada primarily under the Kay Jewelers, Kay Jewelers Outlet, Jared The Galleria Of Jewelry, Jared Vault, Zales Outlet, Zales Jewelers, Diamonds Direct, James Allen, Banter by Piercing Pagoda, and Peoples Jewellers names, as well as operates online through its digital banners, James Allen and Blue Nile.