Exane Derivatives boosted its position in L Brands, Inc. (NYSE:LB) by 338.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,330 shares of the specialty retailer’s stock after buying an additional 8,743 shares during the period. Exane Derivatives’ holdings in L Brands were worth $471,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. increased its position in L Brands by 1.3% in the 2nd quarter. BlackRock Inc. now owns 19,257,392 shares of the specialty retailer’s stock valued at $1,037,783,000 after buying an additional 256,464 shares in the last quarter. Vanguard Group Inc. increased its position in L Brands by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 16,435,626 shares of the specialty retailer’s stock valued at $885,716,000 after buying an additional 495,987 shares in the last quarter. FMR LLC increased its position in L Brands by 2.8% in the 2nd quarter. FMR LLC now owns 11,403,917 shares of the specialty retailer’s stock valued at $614,558,000 after buying an additional 305,365 shares in the last quarter. State Street Corp increased its position in L Brands by 0.3% in the 2nd quarter. State Street Corp now owns 10,388,390 shares of the specialty retailer’s stock valued at $559,827,000 after buying an additional 33,815 shares in the last quarter. Finally, Northern Trust Corp increased its position in L Brands by 0.6% in the 2nd quarter. Northern Trust Corp now owns 2,667,007 shares of the specialty retailer’s stock valued at $143,725,000 after buying an additional 17,157 shares in the last quarter. 79.36% of the stock is owned by institutional investors and hedge funds.
LB has been the subject of a number of research analyst reports. Jefferies Group LLC set a $30.00 target price on L Brands and gave the company a “sell” rating in a research report on Monday, August 28th. FBR & Co reaffirmed an “outperform” rating and issued a $60.00 target price on shares of L Brands in a research report on Thursday, July 27th. Sanford C. Bernstein initiated coverage on L Brands in a research report on Tuesday, September 12th. They issued an “outperform” rating and a $57.00 target price for the company. Credit Suisse Group set a $47.00 target price on L Brands and gave the company a “hold” rating in a research report on Wednesday, July 19th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $44.00 target price on shares of L Brands in a research report on Friday, September 1st. Seven research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and ten have given a buy rating to the company’s stock. L Brands currently has a consensus rating of “Hold” and a consensus price target of $46.41.
In related news, Director Allan R. Tessler bought 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 21st. The shares were bought at an average price of $37.00 per share, for a total transaction of $740,000.00. Following the completion of the acquisition, the director now owns 43,342 shares of the company’s stock, valued at approximately $1,603,654. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 16.68% of the company’s stock.
L Brands, Inc. (NYSE:LB) traded up 4.17% during trading on Friday, reaching $43.75. The company had a trading volume of 4,087,029 shares. L Brands, Inc. has a 12-month low of $35.00 and a 12-month high of $75.50. The firm has a market capitalization of $12.42 billion, a PE ratio of 12.84 and a beta of 0.68. The firm’s 50 day moving average price is $40.60 and its 200 day moving average price is $45.69.
L Brands (NYSE:LB) last issued its earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.03. L Brands had a net margin of 8.04% and a negative return on equity of 103.18%. The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter last year, the company posted $0.70 earnings per share. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. Equities research analysts forecast that L Brands, Inc. will post $3.13 EPS for the current year.
L Brands announced that its Board of Directors has initiated a stock buyback program on Monday, September 18th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to buy up to 2.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
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About L Brands
L Brands, Inc operates specialty retail business. The Company is focused on women’s intimate and other apparel, personal care, beauty and home fragrance categories. Its segments include Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International. It sells its merchandise through company-owned specialty retail stores in the United States, Canada, the United Kingdom and Greater China, which are mall-based; through Websites, and through international franchise, license and wholesale partners.
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