State Treasurer State of Michigan lowered its holdings in shares of L Brands Inc (NYSE:LB) by 4.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 72,344 shares of the specialty retailer’s stock after selling 3,400 shares during the quarter. State Treasurer State of Michigan’s holdings in L Brands were worth $4,357,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of LB. Steward Partners Investment Advisory LLC acquired a new stake in shares of L Brands in the third quarter valued at approximately $161,000. IFP Advisors Inc increased its holdings in shares of L Brands by 52.1% in the third quarter. IFP Advisors Inc now owns 4,725 shares of the specialty retailer’s stock valued at $197,000 after purchasing an additional 1,618 shares during the last quarter. Chesapeake Asset Management LLC acquired a new stake in shares of L Brands in the third quarter valued at approximately $205,000. Allianz Asset Management GmbH acquired a new stake in shares of L Brands in the third quarter valued at approximately $206,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of L Brands in the third quarter valued at approximately $208,000. Institutional investors own 78.48% of the company’s stock.
Shares of L Brands Inc (NYSE LB) traded up $1.40 on Wednesday, reaching $49.94. The company’s stock had a trading volume of 1,756,378 shares, compared to its average volume of 4,729,457. The stock has a market cap of $13,746.32, a price-to-earnings ratio of 14.69, a PEG ratio of 1.25 and a beta of 0.61. The company has a debt-to-equity ratio of -5.10, a current ratio of 1.45 and a quick ratio of 0.60. L Brands Inc has a 12 month low of $35.00 and a 12 month high of $63.10.
L Brands (NYSE:LB) last announced its quarterly earnings results on Wednesday, November 15th. The specialty retailer reported $0.30 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.30. The business had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.57 billion. L Brands had a negative return on equity of 101.19% and a net margin of 7.73%. The company’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.42 EPS. equities analysts predict that L Brands Inc will post 3.13 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 9th. Stockholders of record on Friday, February 23rd will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 4.81%. The ex-dividend date is Thursday, February 22nd. L Brands’s dividend payout ratio (DPR) is 72.95%.
In other news, Director David T. Kollat purchased 9,910 shares of the firm’s stock in a transaction dated Monday, November 20th. The shares were acquired at an average price of $50.34 per share, with a total value of $498,869.40. Following the purchase, the director now directly owns 158,878 shares of the company’s stock, valued at $7,997,918.52. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 16.68% of the stock is owned by insiders.
Several research analysts recently weighed in on LB shares. Morgan Stanley reiterated an “overweight” rating and issued a $70.00 price objective on shares of L Brands in a research report on Thursday, December 14th. B. Riley reiterated a “buy” rating and issued a $58.00 price objective on shares of L Brands in a research report on Wednesday, November 29th. CIBC restated a “hold” rating and set a $60.00 price target on shares of L Brands in a research report on Friday, December 8th. Citigroup raised their price target on L Brands from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. Finally, Royal Bank of Canada upgraded L Brands from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $40.00 to $58.00 in a research report on Friday, November 17th. Six equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $52.30.
TRADEMARK VIOLATION NOTICE: “L Brands Inc (LB) Shares Sold by State Treasurer State of Michigan” was first published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this article on another domain, it was stolen and republished in violation of U.S. & international copyright law. The original version of this article can be viewed at https://www.dispatchtribunal.com/2018/02/14/state-treasurer-state-of-michigan-has-4-36-million-position-in-l-brands-inc-lb.html.
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.
Receive News & Ratings for L Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for L Brands and related companies with MarketBeat.com's FREE daily email newsletter.