Griffin Asset Management Inc. raised its holdings in L Brands Inc (NYSE:LB) by 10.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,922 shares of the specialty retailer’s stock after acquiring an additional 1,425 shares during the period. Griffin Asset Management Inc.’s holdings in L Brands were worth $899,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in LB. American International Group Inc. raised its holdings in L Brands by 74.8% in the 4th quarter. American International Group Inc. now owns 10,436,938 shares of the specialty retailer’s stock valued at $628,512,000 after acquiring an additional 4,466,237 shares during the last quarter. Amundi Pioneer Asset Management Inc. acquired a new stake in L Brands in the 4th quarter valued at about $120,549,000. Victory Capital Management Inc. raised its holdings in L Brands by 1,045.9% in the 4th quarter. Victory Capital Management Inc. now owns 1,091,745 shares of the specialty retailer’s stock valued at $65,745,000 after acquiring an additional 996,468 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in L Brands by 29.0% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,156,510 shares of the specialty retailer’s stock valued at $172,952,000 after acquiring an additional 935,259 shares during the last quarter. Finally, Flossbach Von Storch AG raised its holdings in L Brands by 81.2% in the 3rd quarter. Flossbach Von Storch AG now owns 2,054,020 shares of the specialty retailer’s stock valued at $85,468,000 after acquiring an additional 920,710 shares during the last quarter. Institutional investors own 81.06% of the company’s stock.
A number of analysts have commented on LB shares. Scotiabank reiterated a “hold” rating and issued a $67.00 price objective on shares of L Brands in a report on Wednesday, November 22nd. Robert W. Baird set a $48.00 price objective on shares of L Brands and gave the company a “hold” rating in a report on Saturday, November 25th. Telsey Advisory Group reiterated an “outperform” rating and issued a $64.00 price objective (up previously from $60.00) on shares of L Brands in a report on Tuesday, November 28th. B. Riley reiterated a “buy” rating and issued a $58.00 price objective on shares of L Brands in a report on Wednesday, November 29th. Finally, CIBC restated a “hold” rating and set a $60.00 price target on shares of L Brands in a report on Friday, December 8th. Six equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $50.24.
In other news, CFO Stuart B. Burgdoerfer sold 33,000 shares of L Brands stock in a transaction 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 directly owns 69,640 shares of the company’s stock, valued at approximately $2,961,789.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 16.68% of the stock is currently owned by insiders.
Shares of LB stock traded up $0.33 during mid-day trading on Wednesday, reaching $40.10. 148,449 shares of the company’s stock traded hands, compared to its average volume of 4,847,896. 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 52 week low of $35.00 and a 52 week high of $63.10. The stock has a market cap of $11,265.21, a PE ratio of 11.56, a PEG ratio of 1.09 and a beta of 0.59.
L Brands (NYSE:LB) last issued its quarterly earnings results on Wednesday, February 28th. The specialty retailer reported $2.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.05 by $0.06. L Brands had a net margin of 7.78% and a negative return on equity of 96.25%. The company had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same quarter last year, the company posted $2.03 EPS. The firm’s revenue was up 7.4% compared to the same quarter last year. sell-side analysts predict that L Brands Inc will post 3.17 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Friday, February 23rd were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $2.40 annualized dividend and a dividend yield of 5.99%. L Brands’s dividend payout ratio (DPR) is currently 69.77%.
L Brands announced that its board has initiated a stock 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 repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
About L Brands
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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