L Brands, Inc. Stock Climbs 3.5% Following Same Store Sales Report (NYSE:LB)
L Brands’ (NYSE:LB) same-store sales increased by 2% during the month of October. L Brands’ stock climbed by 3.5% in the first day of trading following the news.
A number of research analysts have issued reports on the company. BMO Capital Markets set a $44.00 price objective on L Brands and gave the company a “hold” rating in a research note on Tuesday, August 8th. Jefferies Group LLC set a $32.00 price objective on L Brands and gave the company a “sell” rating in a research note on Thursday, August 17th. Instinet reduced their price objective on L Brands from $43.00 to $38.00 and set a “neutral” rating for the company in a research note on Thursday, August 17th. Nomura set a $38.00 price objective on L Brands and gave the company a “hold” rating in a research note on Thursday, August 17th. Finally, Buckingham Research set a $43.00 price objective on L Brands and gave the company a “buy” rating in a research note on Friday, August 18th. Seven research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $46.41.
In other news, Director Allan R. Tessler acquired 20,000 shares of L Brands stock in a transaction dated Thursday, September 21st. The shares were purchased at an average cost of $37.00 per share, for a total transaction of $740,000.00. Following the transaction, the director now owns 43,342 shares of the company’s stock, valued at $1,603,654. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 16.68% of the company’s stock.
L Brands (NYSE:LB) last released its earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period last year, the company posted $0.70 EPS. The business’s revenue was down 4.7% on a year-over-year basis.
L Brands declared that its board has authorized a share buyback program on Monday, September 18th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the specialty retailer to purchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in LB. Teachers Advisors LLC lifted its stake in L Brands by 5.5% in the 1st quarter. Teachers Advisors LLC now owns 314,940 shares of the specialty retailer’s stock worth $14,834,000 after purchasing an additional 16,532 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in L Brands by 1.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 476,306 shares of the specialty retailer’s stock worth $22,435,000 after purchasing an additional 6,806 shares in the last quarter. AQR Capital Management LLC lifted its stake in L Brands by 21.6% in the 1st quarter. AQR Capital Management LLC now owns 36,352 shares of the specialty retailer’s stock worth $1,712,000 after purchasing an additional 6,449 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in L Brands in the 1st quarter worth approximately $752,000. Finally, HighTower Advisors LLC lifted its stake in L Brands by 30.0% in the 1st quarter. HighTower Advisors LLC now owns 13,922 shares of the specialty retailer’s stock worth $655,000 after purchasing an additional 3,215 shares in the last quarter. 79.66% of the stock is currently owned by institutional investors and hedge funds.
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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