Principal Financial Group Inc. reduced its holdings in L Brands Inc (NYSE:LB) by 2.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 351,503 shares of the specialty retailer’s stock after selling 8,398 shares during the quarter. Principal Financial Group Inc. owned approximately 0.13% of L Brands worth $5,262,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Lone Pine Capital LLC acquired a new position in L Brands in the 1st quarter valued at approximately $303,624,000. State Street Corp boosted its stake in shares of L Brands by 0.4% in the 1st quarter. State Street Corp now owns 10,501,314 shares of the specialty retailer’s stock valued at $121,395,000 after purchasing an additional 44,428 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of L Brands by 1.3% in the 1st quarter. Geode Capital Management LLC now owns 4,014,514 shares of the specialty retailer’s stock valued at $46,468,000 after purchasing an additional 50,599 shares during the last quarter. Polaris Capital Management LLC boosted its stake in shares of L Brands by 2.5% in the 2nd quarter. Polaris Capital Management LLC now owns 2,411,268 shares of the specialty retailer’s stock valued at $36,097,000 after purchasing an additional 59,800 shares during the last quarter. Finally, Makaira Partners LLC boosted its stake in shares of L Brands by 10.5% in the 1st quarter. Makaira Partners LLC now owns 2,112,748 shares of the specialty retailer’s stock valued at $24,423,000 after purchasing an additional 200,000 shares during the last quarter. Hedge funds and other institutional investors own 76.89% of the company’s stock.
In related news, insider James L. Bersani sold 28,373 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $30.00, for a total transaction of $851,190.00. Following the completion of the sale, the insider now owns 242,339 shares in the company, valued at $7,270,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 17.83% of the company’s stock.
Shares of LB stock opened at $33.13 on Friday. The firm has a 50-day moving average of $29.59 and a 200-day moving average of $18.95. The company has a market cap of $9.21 billion, a P/E ratio of -11.58, a P/E/G ratio of 1.81 and a beta of 1.64. L Brands Inc has a one year low of $8.00 and a one year high of $33.46.
L Brands (NYSE:LB) last announced its earnings results on Wednesday, August 19th. The specialty retailer reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.67. The company had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.17 billion. L Brands had a negative net margin of 6.96% and a negative return on equity of 19.91%. The firm’s revenue for the quarter was down 20.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.24 earnings per share. On average, equities research analysts predict that L Brands Inc will post 1.24 earnings per share for the current year.
A number of research firms have recently commented on LB. Credit Suisse Group reaffirmed a “neutral” rating and issued a $31.00 price objective (up from $24.00) on shares of L Brands in a research note on Friday, August 21st. Deutsche Bank upped their price objective on shares of L Brands from $27.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Barclays upped their price objective on shares of L Brands from $25.00 to $31.00 and gave the company an “equal weight” rating in a research note on Friday, August 21st. Morgan Stanley increased their target price on shares of L Brands from $25.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Friday, August 21st. Finally, B. Riley increased their target price on shares of L Brands from $24.00 to $31.00 in a research note on Tuesday, August 18th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $27.55.
About L Brands
L Brands, Inc operates as a specialty retailer of women's intimate and other apparel, beauty and personal care products, home fragrance products, and accessories. The company operates in three segments: Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International.
Want to see what other hedge funds are holding LB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for L Brands Inc (NYSE:LB).
Receive News & Ratings for L Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for L Brands and related companies with MarketBeat.com's FREE daily email newsletter.