Heritage Investors Management Corp Has $5.84 Million Position in L Brands, Inc. (LB)
Heritage Investors Management Corp cut its holdings in L Brands, Inc. (NYSE:LB) by 5.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 140,252 shares of the specialty retailer’s stock after selling 7,606 shares during the quarter. Heritage Investors Management Corp’s holdings in L Brands were worth $5,836,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Aviva PLC lifted its holdings in shares of L Brands by 5.7% during the 2nd quarter. Aviva PLC now owns 140,599 shares of the specialty retailer’s stock valued at $7,578,000 after buying an additional 7,635 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of L Brands by 14.3% during the 2nd quarter. Victory Capital Management Inc. now owns 95,421 shares of the specialty retailer’s stock valued at $5,142,000 after buying an additional 11,967 shares during the period. Swiss National Bank lifted its holdings in shares of L Brands by 2.8% during the 2nd quarter. Swiss National Bank now owns 885,489 shares of the specialty retailer’s stock valued at $47,719,000 after buying an additional 24,300 shares during the period. Bridgewater Associates LP lifted its holdings in shares of L Brands by 16.5% during the 2nd quarter. Bridgewater Associates LP now owns 81,603 shares of the specialty retailer’s stock valued at $4,398,000 after buying an additional 11,570 shares during the period. Finally, Coronation Fund Managers Ltd. lifted its holdings in shares of L Brands by 18.1% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 965,759 shares of the specialty retailer’s stock valued at $52,045,000 after buying an additional 148,076 shares during the period. 79.66% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently weighed in on LB. BMO Capital Markets set a $44.00 price target on L Brands and gave the company a “hold” rating in a report on Tuesday, August 8th. Jefferies Group LLC set a $32.00 price target on L Brands and gave the company a “sell” rating in a report on Thursday, August 17th. Robert W. Baird reissued a “hold” rating and set a $44.00 price target on shares of L Brands in a report on Wednesday. Instinet lowered their price target on L Brands from $43.00 to $38.00 and set a “neutral” rating on the stock in a report on Thursday, August 17th. Finally, Nomura set a $38.00 price target on L Brands and gave the company a “hold” rating in a report on Thursday, August 17th. Seven research analysts have rated the stock with a sell rating, nineteen have given a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $46.41.
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In related news, Director Allan R. Tessler bought 20,000 shares of the business’s stock in a transaction dated Thursday, September 21st. The stock was acquired at an average price of $37.00 per share, with a total value of $740,000.00. Following the completion of the purchase, the director now directly owns 43,342 shares of the company’s stock, valued at $1,603,654. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 16.68% of the stock is owned by insiders.
Shares of L Brands, Inc. (NYSE:LB) traded up 1.81% on Wednesday, hitting $43.82. The stock had a trading volume of 1,125,191 shares. The firm’s 50-day moving average price is $41.79 and its 200 day moving average price is $45.55. L Brands, Inc. has a 12 month low of $35.00 and a 12 month high of $75.50. The firm has a market cap of $12.44 billion, a P/E ratio of 12.86 and a beta of 0.68.
L Brands (NYSE:LB) last released its earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. The business had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.75 billion. L Brands had a net margin of 8.04% and a negative return on equity of 103.18%. The company’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.70 earnings per share. Analysts anticipate that L Brands, Inc. will post $3.12 EPS for the current fiscal year.
L Brands announced that its Board of Directors has initiated a stock repurchase plan on Monday, September 18th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the specialty retailer to buy up to 2.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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.
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