ATLANTA—Tracey Hernandez, Senior Vice President and Chief Human Resources Officer at Oxford Industries Inc . (NYSE:OXM), recently sold 250 shares of the company's common stock. The transaction, which took place on October 16, was executed at an average price of $78.731 per share, amounting to a total value of $19,682.
Following this sale, Hernandez now holds 2,931 shares of Oxford Industries. The company, known for its men's and boys' furnishings and work clothing, is headquartered in Atlanta, Georgia.
In other recent news, Oxford Industries has been facing a challenging financial scenario. The company's second-quarter earnings report showed sales of $420 million and adjusted earnings per share (EPS) of $2.70, both falling short of initial guidance. Oxford Industries also revised its full-year sales forecast downward, predicting a 2% to 4% decline from the $1.57 billion reported in 2023, with adjusted EPS forecasted to range from $7 to $7.30.
Recent developments show a decrease in wholesale sales by 5% and a slight increase of 1% in full-price brick-and-mortar sales. The company's adjusted gross margin has decreased to 63.3%, and SG&A expenses have risen to $213 million. Despite these challenges, Oxford Industries plans to open 30 new stores and invest in IT improvements.
Citi has reduced the price target for Oxford Industries from $92.00 to $65.00, maintaining a Sell rating on the stock. This adjustment was made in light of the company's sales and gross margin falling short of both consensus and guidance. Additionally, Telsey Advisory Group has adjusted its outlook on Oxford Industries, reducing the price target to $86 from the previous $110 while maintaining a Market Perform rating.
InvestingPro Insights
While Tracey Hernandez's recent stock sale might raise eyebrows, it's essential to consider the broader financial picture of Oxford Industries (NYSE:OXM). According to InvestingPro data, the company boasts a market capitalization of $1.26 billion and has maintained an impressive track record of dividend payments. An InvestingPro Tip reveals that Oxford Industries has maintained dividend payments for 54 consecutive years, demonstrating a strong commitment to shareholder returns.
Despite recent market volatility, with the stock price falling significantly over the last three months, Oxford Industries continues to show financial resilience. The company's gross profit margin stands at a robust 62.56%, reflecting its ability to manage costs effectively in the competitive apparel industry.
However, investors should note that the stock is currently trading at a relatively high P/E ratio of 42.79, which may indicate that the market has high expectations for future growth. This valuation metric should be considered alongside the company's solid dividend history and profitability.
For those seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Oxford Industries, providing deeper insights into the company's financial health and market position.
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