Urban Outfitters, Inc. (NASDAQ:URBN) was the recipient of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 15,777,235 shares, a drop of 22.7% from the November 15th total of 20,418,693 shares. Currently, 22.1% of the shares of the company are sold short. Based on an average daily volume of 5,638,989 shares, the days-to-cover ratio is presently 2.8 days.
Hedge funds have recently made changes to their positions in the stock. Sun Life Financial INC acquired a new stake in Urban Outfitters in the second quarter worth about $151,000. Pacad Investment Ltd. acquired a new stake in Urban Outfitters in the second quarter worth about $191,000. BT Investment Management Ltd acquired a new stake in Urban Outfitters in the second quarter worth about $196,000. Oppenheimer Asset Management Inc. increased its position in Urban Outfitters by 0.4% in the second quarter. Oppenheimer Asset Management Inc. now owns 10,691 shares of the apparel retailer’s stock worth $198,000 after purchasing an additional 43 shares during the period. Finally, Invictus RG acquired a new position in shares of Urban Outfitters during the 3rd quarter worth about $241,000. Hedge funds and other institutional investors own 86.54% of the company’s stock.
A number of research analysts have issued reports on URBN shares. Zacks Investment Research raised Urban Outfitters from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Tuesday, October 17th. Buckingham Research lifted their price objective on Urban Outfitters from $25.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, November 14th. Wells Fargo & Company reissued a “market perform” rating and set a $28.00 price objective (up from $19.00) on shares of Urban Outfitters in a report on Tuesday, November 21st. Royal Bank of Canada set a $21.00 price objective on Urban Outfitters and gave the company a “hold” rating in a report on Monday, October 30th. Finally, BMO Capital Markets lifted their price objective on Urban Outfitters from $20.00 to $28.00 and gave the company a “market perform” rating in a report on Tuesday, November 21st. Three research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Urban Outfitters currently has a consensus rating of “Hold” and a consensus target price of $25.20.
Urban Outfitters (NASDAQ:URBN) last announced its quarterly earnings data on Monday, November 20th. The apparel retailer reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.08. The firm had revenue of $892.77 million during the quarter, compared to analyst estimates of $860.64 million. Urban Outfitters had a return on equity of 13.34% and a net margin of 4.81%. The company’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the company earned $0.40 earnings per share. equities research analysts expect that Urban Outfitters will post 1.56 EPS for the current fiscal year.
Urban Outfitters announced that its Board of Directors has approved a share buyback program on Thursday, August 24th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the apparel retailer to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
Urban Outfitters Company Profile
Urban Outfitters, Inc is a lifestyle specialty retail company. The Company operates through two segments: Retail and Wholesale. The Company’s Retail segment consists of its Urban Outfitters, Anthropologie, Free People, Terrain and Bhldn brands, whose merchandise is sold to its customers through retail stores, Websites, mobile applications, catalogs and customer contact centers.
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