Fred Alger Management Inc. Sells 3,646 Shares of Burlington Stores, Inc. (BURL)
Fred Alger Management Inc. decreased its stake in Burlington Stores, Inc. (NYSE:BURL) by 5.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 65,110 shares of the company’s stock after selling 3,646 shares during the quarter. Fred Alger Management Inc. owned about 0.09% of Burlington Stores worth $5,989,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of Burlington Stores by 7,290.1% during the 1st quarter. BlackRock Inc. now owns 3,091,815 shares of the company’s stock worth $300,802,000 after acquiring an additional 3,049,978 shares during the last quarter. Balyasny Asset Management LLC lifted its stake in shares of Burlington Stores by 123.3% during the 2nd quarter. Balyasny Asset Management LLC now owns 1,408,518 shares of the company’s stock worth $129,570,000 after acquiring an additional 777,645 shares during the last quarter. KAMES CAPITAL plc bought a new stake in shares of Burlington Stores during the 2nd quarter worth approximately $70,090,000. Vanguard Group Inc. lifted its stake in shares of Burlington Stores by 9.8% during the 1st quarter. Vanguard Group Inc. now owns 6,361,806 shares of the company’s stock worth $618,940,000 after acquiring an additional 570,160 shares during the last quarter. Finally, Voya Investment Management LLC lifted its stake in shares of Burlington Stores by 23.9% during the 2nd quarter. Voya Investment Management LLC now owns 2,879,622 shares of the company’s stock worth $264,896,000 after acquiring an additional 554,717 shares during the last quarter.
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In other news, CEO Thomas Kingsbury sold 20,000 shares of the stock in a transaction on Monday, July 10th. The stock was sold at an average price of $88.20, for a total value of $1,764,000.00. Following the sale, the chief executive officer now directly owns 538,308 shares in the company, valued at $47,478,765.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joyce Manning Magrini sold 2,400 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $94.16, for a total value of $225,984.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 88,857 shares of company stock valued at $7,746,342. Company insiders own 2.60% of the company’s stock.
A number of equities research analysts recently issued reports on the company. Cowen and Company set a $105.00 price target on Burlington Stores and gave the stock a “buy” rating in a research note on Monday, August 14th. BMO Capital Markets reissued a “buy” rating and set a $115.00 price target on shares of Burlington Stores in a research note on Wednesday, September 13th. Credit Suisse Group lowered Burlington Stores from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $97.00 to $89.00 in a research note on Wednesday, August 2nd. Morgan Stanley reissued an “overweight” rating and set a $107.00 price target (up from $105.00) on shares of Burlington Stores in a research note on Friday, August 25th. Finally, BidaskClub raised Burlington Stores from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Burlington Stores has a consensus rating of “Buy” and a consensus price target of $105.38.
Shares of Burlington Stores, Inc. (NYSE BURL) opened at 93.15 on Friday. Burlington Stores, Inc. has a 12 month low of $68.94 and a 12 month high of $104.07. The firm’s 50-day moving average price is $89.62 and its 200-day moving average price is $92.29. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of 25.73 and a beta of 0.53.
Burlington Stores (NYSE:BURL) last released its quarterly earnings results on Thursday, August 24th. The company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.50 by $0.22. Burlington Stores had a negative return on equity of 330.30% and a net margin of 4.46%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the business posted $0.39 earnings per share. The company’s quarterly revenue was up 8.6% on a year-over-year basis. Equities research analysts expect that Burlington Stores, Inc. will post $4.20 EPS for the current year.
Burlington Stores announced that its Board of Directors has initiated a stock repurchase plan on Thursday, August 24th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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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