American International Group Inc. lessened its stake in shares of L Brands, Inc. (NYSE:LB) by 3.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 76,789 shares of the specialty retailer’s stock after selling 2,685 shares during the period. American International Group Inc.’s holdings in L Brands were worth $2,443,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Creative Financial Designs Inc. ADV grew its position in L Brands by 268.1% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,491 shares of the specialty retailer’s stock valued at $47,000 after acquiring an additional 1,086 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of L Brands during the third quarter worth about $64,000. Cerebellum GP LLC acquired a new position in shares of L Brands during the third quarter worth about $65,000. Meeder Asset Management Inc. grew its position in shares of L Brands by 578.8% during the third quarter. Meeder Asset Management Inc. now owns 3,170 shares of the specialty retailer’s stock worth $101,000 after buying an additional 2,703 shares in the last quarter. Finally, Captrust Financial Advisors acquired a new position in shares of L Brands during the second quarter worth about $58,000. Institutional investors and hedge funds own 76.89% of the company’s stock.
In other L Brands news, insider James L. Bersani sold 28,373 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $30.00, for a total transaction of $851,190.00. Following the completion of the sale, the insider now owns 242,339 shares in the company, valued at approximately $7,270,170. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 17.83% of the stock is owned by company insiders.
LB stock opened at $39.97 on Friday. L Brands, Inc. has a 1 year low of $8.00 and a 1 year high of $40.79. The firm has a market cap of $11.11 billion, a P/E ratio of -13.98, a price-to-earnings-growth ratio of 2.06 and a beta of 1.62. The stock has a 50-day simple moving average of $33.40 and a 200-day simple moving average of $24.14.
L Brands (NYSE:LB) last posted its earnings results on Tuesday, November 17th. The specialty retailer reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $1.04. L Brands had a negative return on equity of 19.91% and a negative net margin of 6.96%. As a group, research analysts expect that L Brands, Inc. will post 1.26 EPS for the current fiscal year.
A number of brokerages have recently commented on LB. Citigroup downgraded L Brands from a “neutral” rating to a “sell” rating and boosted their price objective for the stock from $15.00 to $17.00 in a research report on Thursday, July 30th. Royal Bank of Canada boosted their price objective on L Brands from $30.00 to $42.00 and gave the stock a “sector perform” rating in a research report on Friday. They noted that the move was a valuation call. Morgan Stanley boosted their price objective on L Brands from $30.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft boosted their price objective on L Brands from $39.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Wells Fargo & Company upped their price target on L Brands from $45.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $33.76.
About L Brands
L Brands, Inc operates as a specialty retailer of women's intimate and other apparel, personal care, and beauty and home fragrance products. The company operates in three segments: Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International. Its products include bras and panties, loungewear, athletic attire, shower gels and lotions, aromatherapy, soaps and sanitizers, and body care accessories.
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