Crossmark Global Holdings Inc. bought a new position in L Brands, Inc. (NYSE:LB) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 237,887 shares of the specialty retailer’s stock, valued at approximately $9,898,000. Crossmark Global Holdings Inc. owned about 0.08% of L Brands at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the stock. Norway Savings Bank lifted its position in L Brands by 0.5% in the 2nd quarter. Norway Savings Bank now owns 10,345 shares of the specialty retailer’s stock worth $557,000 after buying an additional 50 shares during the last quarter. M&T Bank Corp lifted its position in L Brands by 0.3% in the 2nd quarter. M&T Bank Corp now owns 17,171 shares of the specialty retailer’s stock worth $925,000 after buying an additional 53 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in L Brands by 0.5% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,901 shares of the specialty retailer’s stock worth $965,000 after buying an additional 83 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in L Brands by 0.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 14,900 shares of the specialty retailer’s stock worth $803,000 after buying an additional 100 shares during the last quarter. Finally, Financial Advisors Network Inc. lifted its position in L Brands by 2.8% in the 2nd quarter. Financial Advisors Network Inc. now owns 4,879 shares of the specialty retailer’s stock worth $263,000 after buying an additional 134 shares during the last quarter. Institutional investors own 79.66% of the company’s stock.
LB has been the subject of a number of recent research reports. Jefferies Group LLC set a $32.00 target price on L Brands and gave the stock a “sell” rating in a research report on Wednesday, July 19th. BidaskClub downgraded L Brands from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Oppenheimer Holdings, Inc. set a $55.00 target price on L Brands and gave the stock a “buy” rating in a research report on Thursday, August 17th. Cowen and Company restated a “buy” rating and issued a $56.00 target price on shares of L Brands in a research report on Tuesday, July 4th. Finally, Instinet dropped their target price on L Brands from $43.00 to $38.00 and set a “neutral” rating for the company in a research report on Thursday, August 17th. Seven research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. L Brands currently has an average rating of “Hold” and an average price target of $46.41.
L Brands, Inc. (LB) traded up 1.59% during midday trading on Tuesday, hitting $43.51. The stock had a trading volume of 985,842 shares. The stock has a market cap of $12.35 billion, a PE ratio of 12.77 and a beta of 0.67. L Brands, Inc. has a 52-week low of $35.00 and a 52-week high of $75.50. The company’s 50 day moving average price is $41.65 and its 200-day moving average price is $45.57.
L Brands (NYSE:LB) last announced its quarterly earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same period last year, the business posted $0.70 EPS. The business’s revenue was down 4.7% compared to the same quarter last year. Analysts forecast that L Brands, Inc. will post $3.13 EPS for the current fiscal year.
L Brands declared that its Board of Directors has initiated a share buyback plan on Monday, September 18th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
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In related news, Director Allan R. Tessler purchased 20,000 shares of the business’s stock in a transaction dated Thursday, September 21st. The shares were acquired at an average cost of $37.00 per share, for a total transaction of $740,000.00. Following 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 legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 16.68% of the company’s stock.
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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