Shares of VF Corp (NYSE:VFC) gained 2% after Bloomberg reported that activist investor Legion Partners took a stake in the global apparel and footwear maker company. According to the report, the Californian-based investment firm wants the business to sell off some of its brands, including Timberland. However, the size of Legion’s investment in VFC is not yet known.
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The recent report follows an earlier move by Engaged Capital, another activist investor, who picked up a sizable stake in the company worth nearly $300 million. As reported, Engaged Capital said it wants to restructure the company behind global brands like North Face and Vans and make it profitable again.
Furthermore, Engaged Capital stated that it wants VFC to restructure its board and divest some of its brands and real estate. Following Engaged Capital’s move, VFC stock recorded a similar surge, rising nearly 14%.
Is VFC a Buy Hold or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on VFC stock based on three Buys, five Holds, and one Sell assigned in the past three months, as indicated by the graphic above. Furthermore, the average VFC price target of $22.33 per share implies a 25.24% upside potential.
