Zacks Investment Research Downgrades Burlington Stores, Inc. (BURL) to Hold
Burlington Stores, Inc. (NYSE:BURL) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “Burlington Stores, Inc. operates as an off-price apparel and home product retailer. It provides its customers with a selection of fashionable branded product in women’s ready-to-wear apparel, menswear, youth apparel, baby products, footwear, accessories, home goods and coats. The Company operates within the United States and Puerto Rico. Burlington Stores, Inc. is headquartered in Burlington, New Jersey. “
A number of other research firms have also weighed in on BURL. BidaskClub raised shares of Burlington Stores from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. Deutsche Bank AG assumed coverage on shares of Burlington Stores in a research report on Thursday, September 14th. They issued a “buy” rating and a $108.00 price objective on the stock. BMO Capital Markets reissued a “buy” rating and issued a $115.00 price objective on shares of Burlington Stores in a research report on Wednesday, September 13th. Buckingham Research reissued a “buy” rating and issued a $107.00 price objective on shares of Burlington Stores in a research report on Thursday, October 19th. Finally, SunTrust Banks, Inc. set a $109.00 price objective on shares of Burlington Stores and gave the stock a “buy” rating in a research report on Monday, October 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $105.70.
Burlington Stores (NYSE BURL) traded down 2.06% during mid-day trading on Monday, hitting $89.00. The company had a trading volume of 1,012,764 shares. The stock has a 50 day moving average price of $90.96 and a 200-day moving average price of $91.74. Burlington Stores has a 1-year low of $68.94 and a 1-year high of $104.07. The stock has a market capitalization of $6.06 billion, a PE ratio of 24.59 and a beta of 0.53.
Burlington Stores (NYSE:BURL) last announced its earnings results on Thursday, August 24th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.22. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Burlington Stores had a net margin of 4.46% and a negative return on equity of 330.30%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.39 EPS. On average, analysts forecast that Burlington Stores will post $4.21 earnings per share for the current year.
Burlington Stores declared that its board has initiated a share buyback plan on Thursday, August 24th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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In other news, insider Joyce Manning Magrini sold 3,335 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $88.12, for a total transaction of $293,880.20. Following the transaction, the insider now directly owns 53,949 shares in the company, valued at $4,753,985.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Thomas Kingsbury sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $84.03, for a total transaction of $1,680,600.00. Following the transaction, the chief executive officer now owns 518,008 shares in the company, valued at $43,528,212.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,857 shares of company stock worth $7,828,142. Insiders own 2.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisor Group Inc. boosted its stake in shares of Burlington Stores by 9.2% during the second quarter. Advisor Group Inc. now owns 1,520 shares of the company’s stock valued at $139,000 after purchasing an additional 128 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Burlington Stores by 10.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,257 shares of the company’s stock valued at $208,000 after acquiring an additional 210 shares in the last quarter. Gilbert & Cook Inc. acquired a new stake in Burlington Stores in the second quarter valued at approximately $210,000. Sanders Morris Harris LLC acquired a new stake in Burlington Stores in the third quarter valued at approximately $239,000. Finally, Sciencast Management LP acquired a new stake in Burlington Stores in the second quarter valued at approximately $231,000.
About Burlington Stores
Burlington Stores, Inc is a retailer of branded apparel. As of January 28, 2017, the Company operated 592 retail stores, inclusive of an Internet store, in 45 states and Puerto Rico. Its product categories include coats, women, men, juniors, girls, boys, shoes, handbags and accessories, beauty and fragrance, home and toys.
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