Levi Strauss & Co. (NYSE:LEVI) Announces Quarterly Earnings Results

Levi Strauss & Co. (NYSE:LEVI) issued its quarterly earnings data on Wednesday. The blue-jean maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.21 by $0.05, Briefing.com reports. Levi Strauss & Co. had a net margin of 2.05% and a return on equity of 20.68%. The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.55 billion. During the same period last year, the business posted $0.34 earnings per share. Levi Strauss & Co.’s quarterly revenue was down 7.8% compared to the same quarter last year. Levi Strauss & Co. updated its FY24 guidance to $1.17-1.27 EPS and its FY 2024 guidance to 1.170-1.270 EPS.

Levi Strauss & Co. Price Performance

Shares of LEVI traded down $0.18 during midday trading on Friday, hitting $20.79. 3,239,468 shares of the company traded hands, compared to its average volume of 2,463,972. The firm has a 50 day moving average of $18.13 and a 200-day moving average of $16.02. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.75 and a current ratio of 1.48. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of 66.74, a PEG ratio of 1.18 and a beta of 1.22. Levi Strauss & Co. has a 52 week low of $12.41 and a 52 week high of $22.39.

Levi Strauss & Co. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Wednesday, May 8th. Levi Strauss & Co.’s dividend payout ratio (DPR) is presently 154.84%.

Insider Activity

In other news, EVP Tracy Layney sold 15,894 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $17.02, for a total transaction of $270,515.88. Following the sale, the executive vice president now directly owns 41,468 shares in the company, valued at approximately $705,785.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Bradley J. Haas sold 23,041 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $20.01, for a total value of $461,050.41. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Tracy Layney sold 15,894 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $17.02, for a total transaction of $270,515.88. Following the completion of the sale, the executive vice president now directly owns 41,468 shares in the company, valued at $705,785.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 154,712 shares of company stock worth $2,965,985. 3.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Levi Strauss & Co.

Institutional investors have recently modified their holdings of the stock. Garner Asset Management Corp purchased a new position in shares of Levi Strauss & Co. during the fourth quarter worth approximately $31,000. Dark Forest Capital Management LP bought a new position in shares of Levi Strauss & Co. during the first quarter valued at approximately $39,000. Deutsche Bank AG bought a new position in shares of Levi Strauss & Co. during the fourth quarter valued at approximately $43,000. Scopus Asset Management L.P. bought a new position in shares of Levi Strauss & Co. during the second quarter valued at approximately $53,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Levi Strauss & Co. by 217.8% during the third quarter. Tower Research Capital LLC TRC now owns 5,041 shares of the blue-jean maker’s stock valued at $68,000 after purchasing an additional 3,455 shares in the last quarter. 69.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on LEVI shares. UBS Group raised their target price on shares of Levi Strauss & Co. from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday. Morgan Stanley boosted their price objective on shares of Levi Strauss & Co. from $17.00 to $20.00 and gave the stock an “equal weight” rating in a report on Friday. JPMorgan Chase & Co. decreased their price objective on shares of Levi Strauss & Co. from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Friday, January 26th. Wells Fargo & Company boosted their price objective on shares of Levi Strauss & Co. from $17.00 to $20.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, TD Cowen boosted their price objective on shares of Levi Strauss & Co. from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.80.

Levi Strauss & Co. Company Profile

Levi Strauss & Co designs, markets, and sells apparels and related accessories for men, women, and children worldwide. The company offers jeans, casual and dress pants, activewears, tops, shorts, skirts, dresses, jumpsuits, shirts, sweaters, jackets, footwear, and related accessories under the Levi's, Dockers, Signature by Levi Strauss & Co, Denizen, and Beyond Yoga brands.