Levi Strauss & Co. (NYSE:LEVI) Updates FY 2024 Earnings Guidance

Levi Strauss & Co. (NYSE:LEVI) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 1.170-1.270 for the period, compared to the consensus earnings per share estimate of 1.210. The company issued revenue guidance of $6.2 billion-$6.4 billion, compared to the consensus revenue estimate of $6.3 billion. Levi Strauss & Co. also updated its FY24 guidance to $1.17-1.27 EPS.

Levi Strauss & Co. Stock Performance

LEVI traded down $0.08 during trading on Wednesday, hitting $18.66. The stock had a trading volume of 7,937,282 shares, compared to its average volume of 2,035,523. The company has a 50 day moving average price of $17.97 and a 200-day moving average price of $15.96. The firm has a market cap of $7.43 billion, a price-to-earnings ratio of 29.62, a P/E/G ratio of 1.29 and a beta of 1.22. Levi Strauss & Co. has a one year low of $12.41 and a one year high of $20.36. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.48 and a quick ratio of 0.75.

Levi Strauss & Co. (NYSE:LEVI) last released its quarterly earnings results on Tuesday, January 23rd. The blue-jean maker reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.66 billion. Levi Strauss & Co. had a return on equity of 22.33% and a net margin of 4.04%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 EPS. As a group, research analysts predict that Levi Strauss & Co. will post 1.22 EPS for the current year.

Levi Strauss & Co. Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Wednesday, February 7th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, February 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.57%. Levi Strauss & Co.’s payout ratio is 76.19%.

Analyst Ratings Changes

A number of research firms have recently commented on LEVI. Wells Fargo & Company lowered their price target on Levi Strauss & Co. from $18.00 to $17.00 and set an equal weight rating for the company in a report on Friday, January 26th. Telsey Advisory Group boosted their price target on Levi Strauss & Co. from $18.00 to $22.00 and gave the stock an outperform rating in a report on Wednesday, March 27th. JPMorgan Chase & Co. lowered their price target on Levi Strauss & Co. from $16.00 to $15.00 and set a neutral rating for the company in a report on Friday, January 26th. UBS Group upped their target price on Levi Strauss & Co. from $21.00 to $23.00 and gave the stock a buy rating in a report on Monday, January 29th. Finally, TheStreet raised Levi Strauss & Co. from a c+ rating to a b- rating in a report on Tuesday, February 13th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $17.10.

Insider Activity at Levi Strauss & Co.

In other Levi Strauss & Co. news, EVP Tracy Layney sold 15,894 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $17.02, for a total value of $270,515.88. Following the transaction, the executive vice president now owns 41,468 shares in the company, valued at $705,785.36. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Levi Strauss & Co. news, EVP Tracy Layney sold 15,894 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $17.02, for a total value of $270,515.88. Following the transaction, the executive vice president now owns 41,468 shares in the company, valued at $705,785.36. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Margaret E. Haas sold 32,398 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $18.03, for a total value of $584,135.94. The disclosure for this sale can be found here. Insiders have sold a total of 154,712 shares of company stock worth $2,965,985 in the last 90 days. Corporate insiders own 3.14% of the company’s stock.

Institutional Trading of Levi Strauss & Co.

A number of institutional investors and hedge funds have recently modified their holdings of the business. California State Teachers Retirement System increased its position in shares of Levi Strauss & Co. by 0.7% during the fourth quarter. California State Teachers Retirement System now owns 84,278 shares of the blue-jean maker’s stock valued at $1,394,000 after acquiring an additional 618 shares during the last quarter. Deutsche Bank AG increased its position in Levi Strauss & Co. by 30.6% in the first quarter. Deutsche Bank AG now owns 3,636 shares of the blue-jean maker’s stock worth $66,000 after buying an additional 851 shares during the last quarter. Advisor Group Holdings Inc. increased its position in Levi Strauss & Co. by 2.8% in the fourth quarter. Advisor Group Holdings Inc. now owns 34,037 shares of the blue-jean maker’s stock worth $528,000 after buying an additional 941 shares during the last quarter. Credit Suisse AG increased its position in Levi Strauss & Co. by 0.9% in the second quarter. Credit Suisse AG now owns 118,153 shares of the blue-jean maker’s stock worth $1,928,000 after buying an additional 1,080 shares during the last quarter. Finally, LPL Financial LLC increased its position in Levi Strauss & Co. by 2.5% in the first quarter. LPL Financial LLC now owns 48,686 shares of the blue-jean maker’s stock worth $888,000 after buying an additional 1,173 shares during the last quarter. 69.14% of the stock is owned by hedge funds and other institutional investors.

About Levi Strauss & Co.

Levi Strauss & Co designs, markets, and sells apparels and related accessories for men, women, and children worldwide. The company offers jeans, casual and dress pants, activewears, tops, shorts, skirts, dresses, jumpsuits, shirts, sweaters, jackets, footwear, and related accessories under the Levi's, Dockers, Signature by Levi Strauss & Co, Denizen, and Beyond Yoga brands.