Pendal Group Ltd Sells 44,571 Shares of Ralph Lauren Corp (NYSE:RL)
Pendal Group Ltd reduced its holdings in shares of Ralph Lauren Corp (NYSE:RL) by 48.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 47,102 shares of the textile maker’s stock after selling 44,571 shares during the quarter. Pendal Group Ltd owned 0.06% of Ralph Lauren worth $5,350,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. CWM LLC grew its stake in Ralph Lauren by 589.2% in the second quarter. CWM LLC now owns 255 shares of the textile maker’s stock valued at $29,000 after acquiring an additional 218 shares during the period. Cutter & CO Brokerage Inc. bought a new stake in shares of Ralph Lauren in the 2nd quarter valued at about $258,000. Municipal Employees Retirement System of Michigan raised its position in Ralph Lauren by 16.5% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 4,380 shares of the textile maker’s stock valued at $498,000 after purchasing an additional 620 shares during the last quarter. Highstreet Asset Management Inc. raised its position in shares of Ralph Lauren by 5.5% in the 2nd quarter. Highstreet Asset Management Inc. now owns 6,604 shares of the textile maker’s stock worth $750,000 after acquiring an additional 344 shares in the last quarter. Finally, AGF Investments LLC grew its stake in shares of Ralph Lauren by 48.1% in the 2nd quarter. AGF Investments LLC now owns 2,880 shares of the textile maker’s stock worth $327,000 after buying an additional 936 shares during the last quarter. Institutional investors and hedge funds own 65.51% of the company’s stock.
In other news, major shareholder Family L.L.C. Lauren sold 71,428 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $112.22, for a total transaction of $8,015,650.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 428,568 shares of company stock worth $46,648,913 over the last three months. Corporate insiders own 34.26% of the company’s stock.
Ralph Lauren (NYSE:RL) last announced its quarterly earnings data on Tuesday, July 30th. The textile maker reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.11. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.43 billion. Ralph Lauren had a net margin of 6.91% and a return on equity of 18.33%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.54 earnings per share. On average, equities research analysts forecast that Ralph Lauren Corp will post 7.73 EPS for the current fiscal year.
A number of research firms have commented on RL. Zacks Investment Research cut Ralph Lauren from a “buy” rating to a “hold” rating in a report on Monday, May 20th. Nomura decreased their price target on Ralph Lauren from $129.00 to $123.00 and set a “neutral” rating on the stock in a report on Wednesday, May 15th. ValuEngine cut Ralph Lauren from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Credit Suisse Group decreased their price target on Ralph Lauren from $158.00 to $145.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Finally, UBS Group raised their price objective on Ralph Lauren from $127.00 to $136.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $131.00.
About Ralph Lauren
Ralph Lauren Corp. engages in the design, marketing and distribution of premium lifestyle products. The firm offers apparel, accessories, home furnishings, and other licensed product. It operates through the following segments: North America, Europe, and Asia. The North America segment consists of sales of Ralph Lauren branded apparel, accessories, home furnishings, and related products made through the Company’s wholesale and retail businesses in the U.S.
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