L Brands Inc. (LB) Sees Unusually-High Trading Volume
L Brands Inc. (NYSE:LB) saw strong trading volume on Thursday . 2,215,769 shares changed hands during trading, a decline of 5% from the previous session’s volume of 2,324,070 shares.The stock last traded at $67.86 and had previously closed at $68.47.
A number of equities research analysts have weighed in on the stock. Cowen and Company decreased their target price on shares of L Brands from $81.00 to $70.00 and set an “outperform” rating for the company in a research note on Friday, May 20th. Goldman Sachs Group Inc. lowered shares of L Brands from a “buy” rating to a “neutral” rating and decreased their target price for the company from $115.00 to $91.00 in a research note on Tuesday, April 12th. Telsey Advisory Group boosted their target price on shares of L Brands from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, May 6th. MKM Partners reiterated a “buy” rating on shares of L Brands in a research note on Saturday, April 9th. Finally, Oppenheimer Holdings Inc. reiterated a “market perform” rating and set a $75.00 target price on shares of L Brands in a research note on Tuesday, June 21st. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $74.47.
The company’s 50-day moving average price is $67.71 and its 200 day moving average price is $80.76. The firm has a market capitalization of $19.89 billion and a PE ratio of 17.71.
L Brands (NYSE:LB) last posted its earnings results on Wednesday, May 18th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. The business had revenue of $2.61 billion for the quarter. L Brands’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.61 EPS. On average, analysts expect that L Brands Inc. will post $3.72 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 17th. Investors of record on Friday, June 3rd were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Wednesday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 3.47%. This is a positive change from L Brands’s previous quarterly dividend of $0.50.
In other L Brands news, CEO Nicholas Coe sold 28,444 shares of L Brands stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $64.59, for a total value of $1,837,197.96. Following the completion of the transaction, the chief executive officer now owns 9,333 shares of the company’s stock, valued at $602,818.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Allan R. Tessler acquired 3,500 shares of the business’s stock in a transaction on Friday, June 24th. The stock was purchased at an average cost of $67.92 per share, with a total value of $237,720.00. Following the acquisition, the director now directly owns 54,116 shares of the company’s stock, valued at approximately $3,675,558.72. The disclosure for this purchase can be found here.
Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. Tortoise Investment Management LLC boosted its position in L Brands by 0.7% in the fourth quarter. Tortoise Investment Management LLC now owns 13,800 shares of the company’s stock worth $1,322,000 after buying an additional 100 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in L Brands by 0.8% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,641 shares of the company’s stock worth $1,595,000 after buying an additional 133 shares during the last quarter. Strs Ohio boosted its position in L Brands by 0.7% in the fourth quarter. Strs Ohio now owns 22,310 shares of the company’s stock worth $2,137,000 after buying an additional 149 shares during the last quarter. Tredje AP fonden boosted its position in L Brands by 2.2% in the fourth quarter. Tredje AP fonden now owns 15,140 shares of the company’s stock worth $1,451,000 after buying an additional 324 shares during the last quarter. Finally, Advantus Capital Management Inc boosted its position in L Brands by 2.4% in the fourth quarter. Advantus Capital Management Inc now owns 24,693 shares of the company’s stock worth $2,366,000 after buying an additional 577 shares during the last quarter.
L Brands, Inc operates specialty retail business. The Company is focused on women’s intimate and other apparel, personal care and beauty categories. The Company operates through three segments: Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International. Victoria’s Secret segment includes PINK, which is the specialty retailer of women’s intimate and other apparel with collections, fragrances, supermodels and runway shows.
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