Horowitz tendered his resignation on April 13, 2015, the company announced late Friday. Horowitz served as COO for Iconix for about one year.
Iconix said it does not plan to seek a new COO at the moment. The COO's responsibilities will be assumed by the broader Iconic team, according to the company.
About 2.6 million shares of Iconix were traded by 10:03 a.m. Monday, well above the company's average trading volume of about 962,000 shares a day.
Iconix Brand is a New York-based apparel company that owns several brands including Ecko Unltd., Joe Boxer, London Fog, Mossimo, and Umbro.
TheStreet Ratings team rates ICONIX BRAND GROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ICONIX BRAND GROUP INC (ICON) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- ICON's revenue growth has slightly outpaced the industry average of 11.3%. Since the same quarter one year prior, revenues rose by 17.3%. This growth in revenue does not appear to have trickled down to the company's bottom line, displaying stagnant earnings per share.
- ICONIX BRAND GROUP INC reported flat earnings per share in the most recent quarter. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, ICONIX BRAND GROUP INC increased its bottom line by earning $2.65 versus $2.11 in the prior year. This year, the market expects an improvement in earnings ($3.06 versus $2.65).
- The gross profit margin for ICONIX BRAND GROUP INC is currently very high, coming in at 100.00%. ICON has managed to maintain the strong profit margin since the same quarter of last year. Despite the mixed results of the gross profit margin, ICON's net profit margin of 21.36% significantly outperformed against the industry.
- The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Textiles, Apparel & Luxury Goods industry and the overall market on the basis of return on equity, ICONIX BRAND GROUP INC has underperformed in comparison with the industry average, but has exceeded that of the S&P 500.
- ICON has underperformed the S&P 500 Index, declining 11.87% from its price level of one year ago. Looking ahead, although the push and pull of the overall market trend could certainly make a critical difference, we do not see any strong reason stemming from the company's fundamentals that would cause a continuation of last year's decline. In fact, the stock is now selling for less than others in its industry in relation to its current earnings.
- You can view the full analysis from the report here: ICON Ratings Report