Oppenheimer & Co. Inc. boosted its position in L Brands Inc. (NYSE:LB) by 6.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,924 shares of the company’s stock after buying an additional 230 shares during the period. Oppenheimer & Co. Inc.’s holdings in L Brands were worth $263,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in LB. Renaissance Technologies LLC bought a new stake in L Brands during the first quarter worth approximately $35,118,000. Wellington Management Group LLP boosted its stake in L Brands by 105.4% in the first quarter. Wellington Management Group LLP now owns 2,648,024 shares of the company’s stock worth $232,522,000 after buying an additional 1,358,509 shares during the last quarter. Panagora Asset Management Inc. boosted its stake in L Brands by 7.8% in the first quarter. Panagora Asset Management Inc. now owns 386,655 shares of the company’s stock worth $33,952,000 after buying an additional 27,996 shares during the last quarter. Legal & General Group Plc boosted its stake in L Brands by 3.6% in the first quarter. Legal & General Group Plc now owns 1,089,382 shares of the company’s stock worth $95,706,000 after buying an additional 37,867 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its stake in L Brands by 33.2% in the first quarter. Nuveen Asset Management LLC now owns 55,684 shares of the company’s stock worth $4,890,000 after buying an additional 13,874 shares during the last quarter. 75.60% of the stock is owned by institutional investors and hedge funds.
L Brands Inc. (NYSE:LB) traded up 1.78% during midday trading on Thursday, reaching $74.19. 1,374,061 shares of the company were exchanged. The firm has a market capitalization of $21.22 billion, a PE ratio of 18.08 and a beta of 0.80. The company has a 50-day moving average of $74.24 and a 200 day moving average of $74.48. L Brands Inc. has a 52 week low of $60.00 and a 52 week high of $101.11.
L Brands (NYSE:LB) last released its earnings results on Wednesday, August 17th. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.11. L Brands had a net margin of 9.73% and a negative return on equity of 150.59%. The company had revenue of $2.89 billion for the quarter. During the same quarter in the previous year, the business posted $0.68 EPS. L Brands’s revenue was up 4.5% on a year-over-year basis. Equities analysts predict that L Brands Inc. will post $3.83 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 2nd. Stockholders of record on Friday, August 19th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend was Wednesday, August 17th. L Brands’s payout ratio is currently 58.68%.
LB has been the subject of a number of analyst reports. Bank of America Corp. cut shares of L Brands from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $74.00 to $57.00 in a report on Tuesday, June 28th. Vetr cut shares of L Brands from a “strong-buy” rating to a “hold” rating and set a $66.86 price objective for the company. in a report on Tuesday, June 28th. Citigroup Inc. lifted their price objective on shares of L Brands from $70.00 to $72.00 and gave the company a “neutral” rating in a report on Monday, August 8th. FBR & Co reiterated a “market perform” rating and set a $75.00 price objective on shares of L Brands in a report on Wednesday, August 31st. Finally, Nomura reiterated a “neutral” rating and set a $60.00 price objective (up from $58.00) on shares of L Brands in a report on Sunday, July 10th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $77.52.
In related news, Director Allan R. Tessler acquired 3,500 shares of L Brands stock in a transaction dated Friday, June 24th. The shares were purchased at an average price of $67.92 per share, for a total transaction of $237,720.00. Following the completion of the transaction, the director now directly owns 54,116 shares in the company, valued at approximately $3,675,558.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Martin P. Waters sold 45,500 shares of L Brands stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $77.49, for a total transaction of $3,525,795.00. Following the sale, the insider now owns 13,970 shares in the company, valued at approximately $1,082,535.30. The disclosure for this sale can be found here. Insiders own 16.45% of the company’s stock.
L Brands Company Profile
L Brands, Inc operates specialty retail business. The Company is focused on women’s intimate and other apparel, personal care and beauty categories. The Company operates through three segments: Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International. Victoria’s Secret segment includes PINK, which is the specialty retailer of women’s intimate and other apparel with collections, fragrances, supermodels and runway shows.
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