Other equities analysts have also issued reports about the company. Sanford C. Bernstein reaffirmed an outperform rating and issued a $57.00 target price on shares of L Brands in a research report on Monday, September 18th. Zacks Investment Research lowered L Brands from a hold rating to a strong sell rating in a research report on Wednesday, August 23rd. FBR & Co reaffirmed a buy rating and issued a $58.00 target price on shares of L Brands in a research report on Wednesday, October 4th. BMO Capital Markets set a $37.00 target price on L Brands and gave the company a market perform rating in a research report on Friday, August 18th. Finally, Bank of America Corporation cut their target price on L Brands from $35.00 to $32.00 and set an underperform rating on the stock in a research report on Friday, August 18th. Seven investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $46.41.
Shares of L Brands (NYSE LB) traded down 4.20% during trading on Friday, reaching $42.83. 6,092,094 shares of the company’s stock traded hands. The company has a 50 day moving average price of $41.49 and a 200 day moving average price of $45.64. The stock has a market capitalization of $12.16 billion, a PE ratio of 12.57 and a beta of 0.67. L Brands has a 1-year low of $35.00 and a 1-year high of $75.50.
L Brands (NYSE:LB) last released its quarterly earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 EPS for the quarter, topping the consensus estimate of $0.45 by $0.03. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.75 billion. L Brands had a negative return on equity of 103.18% and a net margin of 8.04%. L Brands’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 EPS. On average, equities analysts forecast that L Brands will post $3.13 EPS for the current fiscal year.
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L Brands announced that its Board of Directors has authorized a stock buyback plan on Monday, September 18th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the specialty retailer to reacquire up to 2.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, Director Allan R. Tessler acquired 20,000 shares of the business’s stock in a transaction dated Thursday, September 21st. The stock was acquired 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 directly owns 43,342 shares in the company, valued at approximately $1,603,654. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 16.68% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Westpac Banking Corp lifted its holdings in shares of L Brands by 37.7% during the third quarter. Westpac Banking Corp now owns 260,882 shares of the specialty retailer’s stock valued at $10,855,000 after purchasing an additional 71,454 shares during the last quarter. Conning Inc. lifted its holdings in shares of L Brands by 62.5% during the third quarter. Conning Inc. now owns 165,448 shares of the specialty retailer’s stock valued at $6,884,000 after purchasing an additional 63,655 shares during the last quarter. Intact Investment Management Inc. lifted its holdings in shares of L Brands by 301.4% during the third quarter. Intact Investment Management Inc. now owns 28,100 shares of the specialty retailer’s stock valued at $1,169,000 after purchasing an additional 21,100 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new stake in shares of L Brands during the third quarter valued at $9,898,000. Finally, Private Capital Management Inc. lifted its holdings in shares of L Brands by 26.4% during the third quarter. Private Capital Management Inc. now owns 12,700 shares of the specialty retailer’s stock valued at $528,000 after purchasing an additional 2,650 shares during the last quarter. 79.66% of the stock is owned by institutional investors and hedge funds.
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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