Bed Bath & Beyond Inc. (BBBY) Sees Significant Growth in Short Interest
Bed Bath & Beyond Inc. (NASDAQ:BBBY) was the target of a significant increase in short interest in October. As of October 13th, there was short interest totalling 23,296,317 shares, an increase of 13.9% from the September 29th total of 20,459,035 shares. Currently, 16.9% of the shares of the stock are sold short. Based on an average daily volume of 3,429,923 shares, the short-interest ratio is presently 6.8 days.
BBBY has been the topic of several recent analyst reports. Zacks Investment Research raised shares of Bed Bath & Beyond from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Tuesday, September 5th. UBS AG reaffirmed a “neutral” rating and set a $30.00 price objective (down from $33.00) on shares of Bed Bath & Beyond in a report on Thursday, September 14th. Telsey Advisory Group decreased their price objective on shares of Bed Bath & Beyond from $32.00 to $21.00 and set a “market perform” rating on the stock in a report on Wednesday, September 20th. BidaskClub downgraded shares of Bed Bath & Beyond from a “sell” rating to a “strong sell” rating in a report on Thursday, August 24th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $25.00 target price (down from $34.00) on shares of Bed Bath & Beyond in a research report on Thursday, September 21st. Nine equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $28.12.
Shares of Bed Bath & Beyond (NASDAQ BBBY) opened at 19.93 on Tuesday. Bed Bath & Beyond has a 12 month low of $19.91 and a 12 month high of $48.83. The firm’s 50 day moving average is $23.27 and its 200-day moving average is $30.06. The firm has a market capitalization of $2.77 billion, a PE ratio of 5.09 and a beta of 1.11.
Bed Bath & Beyond (NASDAQ:BBBY) last posted its quarterly earnings data on Tuesday, September 19th. The retailer reported $0.67 EPS for the quarter, missing the Zacks’ consensus estimate of $0.95 by ($0.28). Bed Bath & Beyond had a net margin of 4.64% and a return on equity of 21.74%. The company had revenue of $2.94 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same period in the prior year, the company earned $1.11 EPS. The company’s revenue was down 1.7% compared to the same quarter last year. On average, analysts expect that Bed Bath & Beyond will post $3.01 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date is Thursday, December 14th. Bed Bath & Beyond’s dividend payout ratio is currently 15.42%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Bronfman E.L. Rothschild L.P. increased its stake in shares of Bed Bath & Beyond by 928.4% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 3,836 shares of the retailer’s stock valued at $117,000 after acquiring an additional 3,463 shares during the last quarter. First Quadrant L P CA acquired a new position in shares of Bed Bath & Beyond during the 2nd quarter valued at about $141,000. Glenview State Bank Trust DEPT. acquired a new position in shares of Bed Bath & Beyond during the 2nd quarter valued at about $243,000. Point View Wealth Management Inc. increased its stake in shares of Bed Bath & Beyond by 55.9% during the 2nd quarter. Point View Wealth Management Inc. now owns 8,020 shares of the retailer’s stock valued at $244,000 after acquiring an additional 2,876 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in shares of Bed Bath & Beyond during the 2nd quarter valued at about $251,000. 92.45% of the stock is owned by institutional investors.
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About Bed Bath & Beyond
Bed Bath & Beyond Inc is a retailer, which operates under the names Bed Bath & Beyond (BBB), Christmas Tree Shops, Christmas Tree Shops andThat! or andThat! (collectively, CTS), Harmon or Harmon Face Values (collectively, Harmon), buybuy BABY (Baby) and World Market, Cost Plus World Market or Cost Plus (collectively, Cost Plus World Market).
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