Parametric Portfolio Associates LLC Has $30.03 Million Holdings in L Brands Inc (LB)
Parametric Portfolio Associates LLC cut its stake in shares of L Brands Inc (NYSE:LB) by 11.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 721,708 shares of the specialty retailer’s stock after selling 90,336 shares during the quarter. Parametric Portfolio Associates LLC owned approximately 0.26% of L Brands worth $30,030,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of LB. Janus Henderson Group PLC increased its stake in shares of L Brands by 4,925.7% in the second quarter. Janus Henderson Group PLC now owns 1,703,014 shares of the specialty retailer’s stock valued at $91,776,000 after buying an additional 1,669,128 shares in the last quarter. American Century Companies Inc. increased its stake in shares of L Brands by 328.4% in the third quarter. American Century Companies Inc. now owns 1,240,439 shares of the specialty retailer’s stock valued at $51,615,000 after buying an additional 950,859 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of L Brands by 29.0% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,156,510 shares of the specialty retailer’s stock valued at $172,952,000 after buying an additional 935,259 shares in the last quarter. Flossbach Von Storch AG increased its stake in shares of L Brands by 81.2% in the third quarter. Flossbach Von Storch AG now owns 2,054,020 shares of the specialty retailer’s stock valued at $85,468,000 after buying an additional 920,710 shares in the last quarter. Finally, Scharf Investments LLC increased its stake in shares of L Brands by 24.9% in the third quarter. Scharf Investments LLC now owns 3,875,215 shares of the specialty retailer’s stock valued at $161,248,000 after buying an additional 772,740 shares in the last quarter. 78.68% of the stock is owned by institutional investors.
Shares of L Brands Inc (NYSE LB) opened at $61.36 on Friday. The company has a market capitalization of $17,102.45, a P/E ratio of 18.65, a price-to-earnings-growth ratio of 1.68 and a beta of 0.81. 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 12 month low of $35.00 and a 12 month high of $68.79.
L Brands announced that its Board of Directors has authorized a stock repurchase program on Monday, September 18th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the specialty retailer to purchase up to 2.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 8th. Shareholders of record on Friday, November 24th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Wednesday, November 22nd. L Brands’s dividend payout ratio is 72.95%.
In related news, Director David T. Kollat bought 9,910 shares of the business’s stock in a transaction dated Monday, November 20th. The stock was purchased at an average cost of $50.34 per share, for a total transaction of $498,869.40. Following the transaction, the director now owns 158,878 shares in the company, valued at approximately $7,997,918.52. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 16.68% of the company’s stock.
A number of analysts have recently weighed in on the company. Scotiabank restated a “hold” rating and issued a $67.00 target price on shares of L Brands in a research note on Wednesday, November 22nd. Telsey Advisory Group reiterated an “outperform” rating and issued a $64.00 price objective (up from $60.00) on shares of L Brands in a research report on Tuesday, November 28th. Barclays assumed coverage on L Brands in a research report on Tuesday, September 19th. They issued an “equal weight” rating and a $41.00 price objective for the company. Sanford C. Bernstein reiterated an “outperform” rating and issued a $57.00 price objective on shares of L Brands in a research report on Monday, September 18th. Finally, Atlantic Securities upgraded L Brands from a “neutral” rating to an “overweight” rating in a research report on Tuesday, September 26th. Six analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $50.45.
L Brands 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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