Burlington Stores, Inc. (BURL) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Burlington Stores, Inc. (NYSE:BURL) from a strong-buy rating to a hold rating in a research report released on Monday.

According to Zacks, “Burlington Stores, Inc. operates as an off-price apparel and home product retailer. It provides its customers with a selection of fashionable branded product in women’s ready-to-wear apparel, menswear, youth apparel, baby products, footwear, accessories, home goods and coats. The Company operates within the United States and Puerto Rico. Burlington Stores, Inc. is headquartered in Burlington, New Jersey. “

Other equities research analysts have also recently issued research reports about the company. Buckingham Research reiterated a buy rating and issued a $107.00 price objective on shares of Burlington Stores in a research note on Thursday, October 19th. SunTrust Banks, Inc. set a $109.00 price objective on Burlington Stores and gave the company a buy rating in a research note on Monday, October 16th. Deutsche Bank AG started coverage on Burlington Stores in a research note on Thursday, September 14th. They issued a buy rating and a $108.00 price objective for the company. BMO Capital Markets reiterated a buy rating and issued a $115.00 price objective on shares of Burlington Stores in a research note on Wednesday, September 13th. Finally, Cowen and Company set a $105.00 price objective on Burlington Stores and gave the company a buy rating in a research note on Monday, August 14th. Three equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $105.66.

Shares of Burlington Stores (NYSE BURL) traded up $2.42 during midday trading on Monday, reaching $97.77. The company’s stock had a trading volume of 1,216,701 shares, compared to its average volume of 949,349. The company has a market cap of $6.77 billion, a PE ratio of 26.31 and a beta of 0.51.

Burlington Stores (NYSE:BURL) last issued its quarterly earnings data on Thursday, August 24th. The company reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.22. Burlington Stores had a negative return on equity of 330.30% and a net margin of 4.46%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the previous year, the business earned $0.39 earnings per share. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. equities research analysts forecast that Burlington Stores will post 4.23 earnings per share for the current fiscal year.

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Burlington Stores declared that its Board of Directors has authorized a share buyback program on Thursday, August 24th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

In related news, CEO Thomas Kingsbury sold 20,000 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $84.03, for a total transaction of $1,680,600.00. Following the transaction, the chief executive officer now owns 518,008 shares of the company’s stock, valued at $43,528,212.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joyce Manning Magrini sold 2,400 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $88.00, for a total value of $211,200.00. Following the completion of the sale, the insider now directly owns 49,914 shares in the company, valued at approximately $4,392,432. The disclosure for this sale can be found here. Insiders have sold 87,922 shares of company stock worth $7,763,150 in the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of BURL. BlackRock Inc. grew its holdings in Burlington Stores by 7,290.1% in the first quarter. BlackRock Inc. now owns 3,091,815 shares of the company’s stock valued at $300,802,000 after purchasing an additional 3,049,978 shares during the last quarter. Balyasny Asset Management LLC grew its holdings in Burlington Stores by 123.3% in the second quarter. Balyasny Asset Management LLC now owns 1,408,518 shares of the company’s stock valued at $129,570,000 after purchasing an additional 777,645 shares during the last quarter. KAMES CAPITAL plc acquired a new stake in Burlington Stores in the second quarter valued at $70,090,000. Voya Investment Management LLC grew its holdings in Burlington Stores by 23.9% in the second quarter. Voya Investment Management LLC now owns 2,879,622 shares of the company’s stock valued at $264,896,000 after purchasing an additional 554,717 shares during the last quarter. Finally, Samlyn Capital LLC grew its holdings in Burlington Stores by 89.1% in the second quarter. Samlyn Capital LLC now owns 968,713 shares of the company’s stock valued at $89,112,000 after purchasing an additional 456,305 shares during the last quarter.

About Burlington Stores

Burlington Stores, Inc is a retailer of branded apparel. As of January 28, 2017, the Company operated 592 retail stores, inclusive of an Internet store, in 45 states and Puerto Rico. Its product categories include coats, women, men, juniors, girls, boys, shoes, handbags and accessories, beauty and fragrance, home and toys.

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