Public Employees Retirement System of Ohio lessened its stake in shares of L Brands, Inc. (NYSE:LB) by 0.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 311,456 shares of the specialty retailer’s stock after selling 2,764 shares during the quarter. Public Employees Retirement System of Ohio owned about 0.11% of L Brands worth $16,784,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in LB. First Personal Financial Services grew its holdings in L Brands by 127.7% during the second quarter. First Personal Financial Services now owns 1,954 shares of the specialty retailer’s stock worth $105,000 after acquiring an additional 1,096 shares during the period. FNY Partners Fund LP acquired a new position in L Brands during the first quarter worth $129,000. Investors Asset Management of Georgia Inc. GA ADV grew its holdings in L Brands by 11.2% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 3,719 shares of the specialty retailer’s stock worth $200,000 after acquiring an additional 375 shares during the period. Summit Financial Strategies Inc. acquired a new position in L Brands during the second quarter worth $214,000. Finally, Advisor Partners LLC acquired a new position in L Brands during the second quarter worth $215,000. Institutional investors and hedge funds own 79.36% of the company’s stock.
A number of research analysts recently weighed in on LB shares. Jefferies Group LLC set a $30.00 price objective on L Brands and gave the stock a “sell” rating in a report on Monday, August 28th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of L Brands in a report on Thursday, October 5th. Robert W. Baird reaffirmed a “hold” rating and set a $44.00 price objective on shares of L Brands in a report on Friday, September 1st. Buckingham Research dropped their price objective on L Brands from $62.00 to $52.00 and set a “buy” rating on the stock in a report on Friday, August 4th. Finally, Cowen and Company reaffirmed a “buy” rating and set a $56.00 price objective on shares of L Brands in a report on Tuesday, July 4th. Seven research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $46.41.
In other L Brands news, Director Allan R. Tessler purchased 20,000 shares of the stock in a transaction dated Thursday, September 21st. The shares were acquired at an average price of $37.00 per share, for a total transaction of $740,000.00. Following the completion of the acquisition, the director now owns 43,342 shares of the company’s stock, valued at approximately $1,603,654. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 16.68% of the company’s stock.
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L Brands, Inc. (LB) traded down 0.36% during trading on Tuesday, reaching $41.13. The company had a trading volume of 371,812 shares. The stock has a 50 day moving average price of $39.87 and a 200 day moving average price of $45.85. L Brands, Inc. has a 12 month low of $35.00 and a 12 month high of $75.50. The firm has a market capitalization of $11.67 billion, a price-to-earnings ratio of 12.07 and a beta of 0.67.
L Brands (NYSE:LB) last issued its quarterly earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the company posted $0.70 earnings per share. L Brands’s revenue for the quarter was down 4.7% compared to the same quarter last year. On average, equities research analysts predict that L Brands, Inc. will post $3.13 earnings per share for the current year.
L Brands declared that its Board of Directors has authorized a share repurchase plan on Monday, September 18th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the specialty retailer to buy up to 2.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
L Brands Company Profile
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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