Buckingham Research Lowers L Brands, Inc. (LB) to Neutral

Buckingham Research lowered shares of L Brands, Inc. (NYSE:LB) from a buy rating to a neutral rating in a research note issued to investors on Thursday, MarketBeat Ratings reports. They currently have $43.00 price target on the specialty retailer’s stock.

Other research analysts have also recently issued research reports about the company. Deutsche Bank AG reiterated a buy rating and issued a $60.00 target price on shares of L Brands in a research report on Tuesday, August 1st. FBR & Co set a $60.00 target price on L Brands and gave the company a buy rating in a research report on Tuesday, July 4th. Cowen and Company reiterated a buy rating and issued a $56.00 target price on shares of L Brands in a research report on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) set a $59.00 target price on L Brands and gave the company a buy rating in a research report on Thursday, August 17th. Finally, Oppenheimer Holdings Inc. set a $55.00 target price on L Brands and gave the company a buy rating in a research report on Thursday, August 17th. Seven equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $46.41.

Shares of L Brands (LB) traded down 3.51% during midday trading on Thursday, hitting $43.14. 2,434,475 shares of the stock traded hands. The stock has a 50 day moving average of $41.49 and a 200 day moving average of $45.64. L Brands has a 1-year low of $35.00 and a 1-year high of $75.50. The company has a market capitalization of $12.25 billion, a P/E ratio of 12.66 and a beta of 0.67.

L Brands (NYSE:LB) last issued its quarterly earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.03. L Brands had a negative return on equity of 103.18% and a net margin of 8.04%. 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 business earned $0.70 earnings per share. L Brands’s revenue was down 4.7% on a year-over-year basis. Equities research analysts predict that L Brands will post $3.13 earnings per share for the current fiscal year.

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L Brands declared that its board has authorized a stock buyback program on Monday, September 18th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the specialty retailer to buy up to 2.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

In other L Brands news, Director Allan R. Tessler acquired 20,000 shares of the business’s stock in a transaction on Thursday, September 21st. The shares were acquired at an average price of $37.00 per share, with a total value of $740,000.00. Following the completion of the transaction, the director now owns 43,342 shares in the company, valued at $1,603,654. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 16.68% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC lifted its position in shares of L Brands by 4,925.7% during the 2nd quarter. Janus Henderson Group PLC now owns 1,703,014 shares of the specialty retailer’s stock valued at $91,776,000 after buying an additional 1,669,128 shares during the last quarter. William Blair Investment Management LLC purchased a new position in shares of L Brands during the 2nd quarter valued at $46,840,000. Black Creek Investment Management Inc. purchased a new position in shares of L Brands during the 2nd quarter valued at $38,262,000. State of New Jersey Common Pension Fund D lifted its position in shares of L Brands by 1,021.9% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 768,500 shares of the specialty retailer’s stock valued at $31,977,000 after buying an additional 700,000 shares during the last quarter. Finally, Lodge Hill Capital LLC purchased a new position in shares of L Brands during the 2nd quarter valued at $30,178,000. 79.66% of the stock is currently owned by institutional investors and hedge funds.

L Brands Company Profile

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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