First Trust Advisors LP cut its position in L Brands, Inc. (NYSE:LB) by 2.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 431,183 shares of the specialty retailer’s stock after selling 9,105 shares during the period. First Trust Advisors LP owned 0.15% of L Brands worth $17,942,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. First Personal Financial Services boosted its stake in L Brands by 127.7% during the 2nd quarter. First Personal Financial Services now owns 1,954 shares of the specialty retailer’s stock valued at $105,000 after purchasing an additional 1,096 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV boosted its stake in L Brands by 11.2% during the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 3,719 shares of the specialty retailer’s stock valued at $200,000 after purchasing an additional 375 shares during the last quarter. Summit Financial Strategies Inc. acquired a new position in L Brands during the 2nd quarter valued at about $214,000. Advisor Partners LLC acquired a new position in L Brands during the 2nd quarter valued at about $215,000. Finally, Crescent Grove Advisors LLC acquired a new position in L Brands during the 2nd quarter valued at about $216,000. Institutional investors own 80.02% of the company’s stock.
A number of equities analysts have issued reports on the company. Royal Bank Of Canada reiterated a “hold” rating and set a $55.00 price target on shares of L Brands in a research note on Monday, July 24th. Jefferies Group LLC set a $32.00 target price on L Brands and gave the stock a “sell” rating in a research note on Wednesday, July 19th. Goldman Sachs Group, Inc. (The) set a $59.00 target price on L Brands and gave the stock a “buy” rating in a research note on Thursday, August 17th. Instinet cut their target price on L Brands from $43.00 to $38.00 and set a “neutral” rating on the stock in a research note on Thursday, August 17th. Finally, Cowen and Company set a $40.00 target price on L Brands and gave the stock a “buy” rating in a research note on Friday, August 18th. Seven research analysts have rated the stock with a sell rating, nineteen have given a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $46.28.
L Brands, Inc. (NYSE:LB) opened at $46.72 on Monday. The company has a market cap of $13,261.31, a price-to-earnings ratio of 14.33, a PEG ratio of 1.26 and a beta of 0.67. The company has a current ratio of 1.68, a quick ratio of 1.05 and a debt-to-equity ratio of -6.25. L Brands, Inc. 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, beating analysts’ consensus estimates of $0.45 by $0.03. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.75 billion. L Brands had a net margin of 8.04% and a negative return on equity of 103.18%. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.70 EPS. sell-side analysts anticipate that L Brands, Inc. will post 3.21 earnings per share for the current fiscal year.
L Brands declared that its Board of Directors has initiated a stock repurchase program on Monday, September 18th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the specialty retailer to purchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, Director Allan R. Tessler purchased 20,000 shares of L Brands stock in a transaction dated Thursday, September 21st. The stock was purchased at an average cost of $37.00 per share, for a total transaction of $740,000.00. Following the transaction, the director now directly owns 43,342 shares of the company’s stock, valued at $1,603,654. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 16.68% of the stock is owned by insiders.
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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