L Brands, Inc. Shares Climb 3.5% Following Same Store Sales Report (NYSE:LB)
L Brands’ (NYSE:LB) same-store sales dropped 2% during the month of September. L Brands’ shares climbed by 3.5% in the first full-day of trading following the news.
A number of equities research analysts recently commented on the stock. Sanford C. Bernstein restated an “outperform” rating and issued a $57.00 price objective on shares of L Brands in a research report on Monday, September 18th. Zacks Investment Research downgraded shares of L Brands from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 23rd. FBR & Co restated a “buy” rating and issued a $58.00 price objective on shares of L Brands in a research report on Wednesday. Vetr upgraded shares of L Brands from a “strong sell” rating to a “sell” rating and set a $46.34 price objective for the company in a research report on Monday, June 19th. Finally, BMO Capital Markets set a $37.00 price objective on shares of L Brands and gave the company a “market perform” rating in a research report on Friday, August 18th. Seven equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the company. L Brands presently has a consensus rating of “Hold” and an average target price of $46.71.
In other news, Director Allan R. Tessler purchased 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 21st. The shares were purchased at an average price of $37.00 per share, with a total value of $740,000.00. Following the purchase, the director now directly owns 43,342 shares of the company’s stock, valued at approximately $1,603,654. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 16.68% of the company’s stock.
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L Brands (LB) traded up 3.46% during midday trading on Thursday, reaching $42.79. 8,725,647 shares of the company traded hands. L Brands has a 12 month low of $35.00 and a 12 month high of $75.50. The stock has a market capitalization of $12.15 billion, a price-to-earnings ratio of 12.56 and a beta of 0.68. The firm has a 50 day moving average of $38.80 and a 200-day moving average of $46.15.
L Brands (NYSE:LB) last issued its quarterly earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. L Brands had a net margin of 8.04% and a negative return on equity of 103.18%. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the prior year, the firm earned $0.70 EPS. The business’s revenue was down 4.7% on a year-over-year basis. Analysts forecast that L Brands will post $3.14 EPS for the current fiscal year.
L Brands declared that its Board of Directors has initiated a share repurchase plan on Monday, September 18th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the specialty retailer to reacquire up to 2.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of L Brands by 1.3% in the 2nd quarter. BlackRock Inc. now owns 19,257,392 shares of the specialty retailer’s stock valued at $1,037,783,000 after buying an additional 256,464 shares in the last quarter. Primecap Management Co. CA raised its stake in shares of L Brands by 16.1% in the 1st quarter. Primecap Management Co. CA now owns 18,797,936 shares of the specialty retailer’s stock valued at $885,383,000 after buying an additional 2,600,605 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of L Brands by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 16,435,626 shares of the specialty retailer’s stock valued at $885,716,000 after buying an additional 495,987 shares in the last quarter. FMR LLC raised its stake in shares of L Brands by 2.8% in the 2nd quarter. FMR LLC now owns 11,403,917 shares of the specialty retailer’s stock valued at $614,558,000 after buying an additional 305,365 shares in the last quarter. Finally, State Street Corp raised its stake in shares of L Brands by 0.3% in the 2nd quarter. State Street Corp now owns 10,388,390 shares of the specialty retailer’s stock valued at $559,827,000 after buying an additional 33,815 shares in the last quarter. Institutional investors own 79.48% of the company’s stock.
About L Brands
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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