TJX Companies (NYSE:TJX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Friday, February 16th. The brokerage presently has a $88.00 price objective on the apparel and home fashions retailer’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 6.71% from the company’s current price.
According to Zacks, “TJX Companies has been recording year-over-year growth in both top and bottom lines for a while now, thanks to robust consumer traffic and strength in merchandise margins. The company has been gaining from its focus on store expansions, e-commerce efforts, solid merchandise mix and other sales driving initiatives. Further, its strong merchandise margins reflect its focus on inventory management. Notably, these factors, which fuelled third-quarter results, have helped the company's stock gain 11.5% in the past six months. However, the industry rallied about 25.4% in the same time frame. Further, TJX Companies has been witnessing high wage costs for quite sometime now. Unfortunately, management expects this to linger and hurt earnings growth by 2% in fiscal 2018. Nevertheless, management stated that it began the fourth quarter on a strong note, with its solid inventory position keeping it well placed for the holiday season.”
Other equities research analysts have also issued research reports about the stock. Nomura lowered their target price on shares of TJX Companies from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, November 15th. Wells Fargo & Co set a $76.00 price target on shares of TJX Companies and gave the stock a “buy” rating in a research note on Tuesday, November 14th. Goldman Sachs Group set a $79.00 price target on shares of TJX Companies and gave the stock a “buy” rating in a research note on Wednesday, November 15th. Morgan Stanley cut their price objective on shares of TJX Companies from $86.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 15th. Finally, Royal Bank of Canada set a $70.00 price objective on shares of TJX Companies and gave the stock an “outperform” rating in a report on Tuesday, November 14th. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. TJX Companies currently has a consensus rating of “Buy” and a consensus price target of $87.30.
Shares of TJX Companies (TJX) traded down $0.20 during trading hours on Friday, hitting $82.47. 3,570,613 shares of the stock traded hands, compared to its average volume of 5,330,000. The firm has a market capitalization of $52,150.00, a P/E ratio of 19.09, a PEG ratio of 1.65 and a beta of 0.67. TJX Companies has a 52 week low of $66.44 and a 52 week high of $84.79. The company has a quick ratio of 0.84, a current ratio of 1.66 and a debt-to-equity ratio of 0.43.
TJX Companies (NYSE:TJX) last issued its quarterly earnings results on Wednesday, February 28th. The apparel and home fashions retailer reported $1.37 EPS for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.10. The business had revenue of $10.96 billion for the quarter, compared to analysts’ expectations of $10.75 billion. TJX Companies had a net margin of 7.27% and a return on equity of 55.23%. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 earnings per share. sell-side analysts expect that TJX Companies will post 4.86 earnings per share for the current fiscal year.
TJX Companies declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 28th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the apparel and home fashions retailer to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
In other TJX Companies news, Director Amy B. Lane sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $82.81, for a total transaction of $82,810.00. Following the completion of the sale, the director now directly owns 15,998 shares of the company’s stock, valued at $1,324,794.38. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ernie Herrman sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 6th. The shares were sold at an average price of $84.00, for a total transaction of $840,000.00. The disclosure for this sale can be found here. Insiders have sold 65,020 shares of company stock valued at $5,446,635 over the last three months. 0.23% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of TJX Companies by 0.9% during the fourth quarter. BlackRock Inc. now owns 45,354,058 shares of the apparel and home fashions retailer’s stock worth $3,467,773,000 after acquiring an additional 425,832 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of TJX Companies by 3.9% during the fourth quarter. Bank of New York Mellon Corp now owns 19,328,384 shares of the apparel and home fashions retailer’s stock worth $1,477,847,000 after acquiring an additional 728,422 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of TJX Companies by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 7,118,209 shares of the apparel and home fashions retailer’s stock worth $543,162,000 after acquiring an additional 211,836 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of TJX Companies by 5.6% during the fourth quarter. Alliancebernstein L.P. now owns 7,095,183 shares of the apparel and home fashions retailer’s stock worth $542,498,000 after acquiring an additional 376,424 shares during the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in shares of TJX Companies by 1.6% during the fourth quarter. UBS Asset Management Americas Inc. now owns 6,112,104 shares of the apparel and home fashions retailer’s stock worth $467,331,000 after acquiring an additional 95,862 shares during the last quarter. 91.07% of the stock is owned by hedge funds and other institutional investors.
About TJX Companies
The TJX Companies, Inc (TJX) is an off-price apparel and home fashions retailer in the United States and across the world. The Company operates through four segments: Marmaxx, HomeGoods, TJX Canada and TJX International. T.J. Maxx and Marshalls chains in the United States were collectively the off-price retailer in the United States with a total of 2,221 stores, as of January 28, 2017.
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