L Brands, Inc. (LB) Debt Trading 1% Lower
An issue of L Brands, Inc. (NYSE:LB) debt fell 1% against its face value during trading on Wednesday. The high-yield issue of debt has a 6.875% coupon and is set to mature on November 1, 2035. The debt is now trading at $95.25 and was trading at $96.75 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
A number of equities research analysts have weighed in on the company. Jefferies Group LLC set a $35.00 target price on L Brands and gave the company a “sell” rating in a report on Tuesday, July 4th. FBR & Co set a $60.00 target price on L Brands and gave the company a “buy” rating in a report on Tuesday, July 4th. Cowen and Company reaffirmed a “buy” rating and issued a $56.00 target price on shares of L Brands in a report on Tuesday, July 4th. Vetr downgraded L Brands from a “sell” rating to a “strong sell” rating and set a $46.89 target price on the stock. in a report on Monday, June 12th. Finally, ValuEngine downgraded L Brands from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Five research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $55.76.
Shares of L Brands, Inc. (NYSE LB) traded up 2.86% on Wednesday, reaching $39.55. The company had a trading volume of 8,011,955 shares. L Brands, Inc. has a one year low of $39.00 and a one year high of $79.67. The company’s 50-day moving average is $45.42 and its 200-day moving average is $50.12. The company has a market capitalization of $11.34 billion, a PE ratio of 10.42 and a beta of 0.62. L Brands also was the target of unusually large options trading activity on Monday. Traders acquired 7,919 put options on the stock. This is an increase of 320% compared to the average daily volume of 1,885 put options.
L Brands (NYSE:LB) last posted its quarterly earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.04. The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.75 billion. L Brands had a net margin of 8.87% and a negative return on equity of 104.19%. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 earnings per share. Equities research analysts predict that L Brands, Inc. will post $3.23 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 6.07%. The ex-dividend date is Wednesday, August 16th. L Brands’s dividend payout ratio (DPR) is 63.16%.
In other news, CEO Nicholas Coe sold 39,839 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $48.88, for a total transaction of $1,947,330.32. Following the completion of the transaction, the chief executive officer now directly owns 75,658 shares of the company’s stock, valued at $3,698,163.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 16.45% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Gulf International Bank UK Ltd increased its position in shares of L Brands by 1.2% in the first quarter. Gulf International Bank UK Ltd now owns 74,113 shares of the specialty retailer’s stock valued at $3,490,000 after buying an additional 900 shares during the period. National Pension Service increased its position in shares of L Brands by 28.3% in the first quarter. National Pension Service now owns 261,227 shares of the specialty retailer’s stock valued at $12,411,000 after buying an additional 57,596 shares during the period. Skylands Capital LLC increased its position in shares of L Brands by 51.4% in the first quarter. Skylands Capital LLC now owns 96,825 shares of the specialty retailer’s stock valued at $4,560,000 after buying an additional 32,875 shares during the period. Gateway Investment Advisers LLC increased its position in shares of L Brands by 10.0% in the first quarter. Gateway Investment Advisers LLC now owns 221,500 shares of the specialty retailer’s stock valued at $10,433,000 after buying an additional 20,134 shares during the period. Finally, DnB Asset Management AS increased its position in shares of L Brands by 18.1% in the first quarter. DnB Asset Management AS now owns 27,459 shares of the specialty retailer’s stock valued at $1,293,000 after buying an additional 4,200 shares during the period. 75.20% of the stock is owned by hedge funds and other institutional investors.
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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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