Korea Investment CORP Has $3.61 Million Position in L Brands, Inc. (LB)
Korea Investment CORP decreased its position in L Brands, Inc. (NYSE:LB) by 9.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 86,757 shares of the specialty retailer’s stock after selling 9,000 shares during the quarter. Korea Investment CORP’s holdings in L Brands were worth $3,610,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. First Personal Financial Services raised its stake in L Brands by 127.7% in the 2nd quarter. First Personal Financial Services now owns 1,954 shares of the specialty retailer’s stock valued at $105,000 after purchasing an additional 1,096 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV increased its stake in shares of L Brands by 11.2% during the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 3,719 shares of the specialty retailer’s stock valued at $200,000 after acquiring an additional 375 shares during the last quarter. Summit Financial Strategies Inc. acquired a new position in shares of L Brands during the 2nd quarter valued at about $214,000. Advisor Partners LLC acquired a new position in shares of L Brands during the 2nd quarter valued at about $215,000. Finally, Crescent Grove Advisors LLC acquired a new position in shares of L Brands during the 2nd quarter valued at about $216,000. 79.66% of the stock is owned by hedge funds and other institutional investors.
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 acquired at an average cost of $37.00 per share, with a total value of $740,000.00. Following the transaction, the director now owns 43,342 shares in the company, valued at approximately $1,603,654. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 16.68% of the company’s stock.
A number of research firms have recently commented on LB. Nomura upped their price objective on shares of L Brands from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday. Citigroup Inc. upped their price objective on shares of L Brands from $40.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday. B. Riley reaffirmed a “buy” rating on shares of L Brands in a research note on Thursday. Deutsche Bank AG reaffirmed a “buy” rating and set a $60.00 price objective on shares of L Brands in a research note on Tuesday, August 1st. Finally, BidaskClub downgraded shares of L Brands from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Seven analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $46.28.
L Brands, Inc. (NYSE LB) opened at $46.72 on Friday. The company has a market capitalization of $13,261.29, a P/E ratio of 14.33, a PEG ratio of 1.32 and a beta of 0.67. The company has a debt-to-equity ratio of -6.25, a quick ratio of 1.05 and a current ratio of 1.68. L Brands, Inc. has a one year low of $35.00 and a one year high of $75.50.
L Brands (NYSE:LB) last posted its quarterly earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.75 billion. L Brands had a negative return on equity of 103.18% and a net margin of 8.04%. The business’s revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.70 EPS. sell-side analysts anticipate that L Brands, Inc. will post 3.21 earnings per share for the current year.
L Brands announced that its board has initiated a stock buyback plan on Monday, September 18th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the specialty retailer to purchase up to 2.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
L Brands Profile
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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