American Century Companies Inc. reduced its holdings in L Brands (NYSE:LB) by 7.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 587,190 shares of the specialty retailer’s stock after selling 47,630 shares during the period. American Century Companies Inc. owned 0.21% of L Brands worth $22,437,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Tower Research Capital LLC TRC increased its stake in shares of L Brands by 182.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,110 shares of the specialty retailer’s stock worth $128,000 after purchasing an additional 1,364 shares during the last quarter. Camarda Financial Advisors LLC acquired a new position in shares of L Brands during the 1st quarter worth about $131,000. Gradient Investments LLC acquired a new position in shares of L Brands during the 4th quarter worth about $153,000. Sciencast Management LP acquired a new position in shares of L Brands during the 4th quarter worth about $202,000. Finally, Belpointe Asset Management LLC acquired a new position in shares of L Brands during the 4th quarter worth about $202,000. Hedge funds and other institutional investors own 81.88% of the company’s stock.
In other news, CFO Stuart B. Burgdoerfer sold 33,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $42.53, for a total transaction of $1,403,490.00. Following the completion of the sale, the chief financial officer now owns 69,640 shares of the company’s stock, valued at approximately $2,961,789.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Stuart B. Burgdoerfer sold 17,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 21st. The stock was sold at an average price of $39.56, for a total transaction of $672,520.00. Following the sale, the chief financial officer now directly owns 52,640 shares of the company’s stock, valued at approximately $2,082,438.40. The disclosure for this sale can be found here. Corporate insiders own 17.32% of the company’s stock.
L Brands (NYSE:LB) last issued its quarterly earnings results on Wednesday, February 28th. The specialty retailer reported $2.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.05 by $0.06. L Brands had a net margin of 7.78% and a negative return on equity of 101.69%. The company had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter in the prior year, the firm posted $2.03 EPS. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. research analysts forecast that L Brands will post 3.03 EPS for the current fiscal year.
L Brands announced that its Board of Directors has authorized a share buyback program on Thursday, March 8th that permits the company to buyback $226.90 million in shares. This buyback authorization permits the specialty retailer to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
Several research firms have recently weighed in on LB. Citigroup upgraded shares of L Brands from a “neutral” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Monday. They noted that the move was a valuation call. MKM Partners set a $33.00 target price on shares of L Brands and gave the stock a “hold” rating in a report on Saturday, May 12th. Atlantic Securities downgraded shares of L Brands from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $63.10 to $30.70 in a report on Friday, May 11th. Jefferies Group reduced their target price on shares of L Brands from $30.00 to $23.00 and set an “underperform” rating for the company in a report on Thursday, May 10th. Finally, Loop Capital downgraded shares of L Brands from a “hold” rating to a “sell” rating and set a $28.00 target price for the company. in a report on Thursday, May 10th. Eight equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $46.47.
About L Brands
L Brands, Inc operates as a specialty retailer of women's intimate and other apparel, beauty and personal care products, home fragrance products, and accessories. The company operates in three segments: Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International.
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