Palisade Asset Management LLC Sells 800 Shares of L Brands, Inc. (NYSE:LB)
Palisade Asset Management LLC reduced its stake in L Brands, Inc. (NYSE:LB) by 6.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,108 shares of the specialty retailer’s stock after selling 800 shares during the period. Palisade Asset Management LLC’s holdings in L Brands were worth $653,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. DnB Asset Management AS increased its position in 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 last quarter. Gateway Investment Advisers LLC increased its position in 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 last quarter. Heritage Investors Management Corp increased its position in L Brands by 17.5% in the first quarter. Heritage Investors Management Corp now owns 146,953 shares of the specialty retailer’s stock valued at $6,921,000 after buying an additional 21,835 shares during the last quarter. Financial & Investment Management Group Ltd. acquired a new position in L Brands during the first quarter valued at $2,678,000. Finally, Skylands Capital LLC increased its position in 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 last quarter. Institutional investors and hedge funds own 75.43% of the company’s stock.
Shares of L Brands, Inc. (NYSE LB) opened at 42.66 on Thursday. L Brands, Inc. has a 12-month low of $41.28 and a 12-month high of $79.67. The stock has a 50 day moving average of $47.26 and a 200 day moving average of $50.86. The company has a market cap of $12.24 billion, a price-to-earnings ratio of 11.24 and a beta of 0.62.
L Brands (NYSE:LB) last announced its quarterly earnings data on Wednesday, May 17th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.04. L Brands had a net margin of 8.87% and a negative return on equity of 104.19%. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the prior year, the firm posted $0.59 earnings per share. L Brands’s quarterly revenue was down 6.8% on a year-over-year basis. Equities research analysts predict that L Brands, Inc. will post $3.24 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be given a $0.60 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $2.40 dividend on an annualized basis and a yield of 5.63%. L Brands’s payout ratio is currently 63.16%.
LB has been the subject of a number of analyst reports. Cowen and Company reissued a “buy” rating and issued a $56.00 price objective on shares of L Brands in a research note on Tuesday, July 4th. FBR & Co set a $60.00 price objective on shares of L Brands and gave the stock a “buy” rating in a research note on Tuesday, July 4th. Jefferies Group LLC set a $35.00 price objective on shares of L Brands and gave the stock a “sell” rating in a research note on Tuesday, July 4th. Vetr cut shares of L Brands from a “sell” rating to a “strong sell” rating and set a $46.89 price objective for the company. in a research note on Monday, June 12th. Finally, ValuEngine cut shares of L Brands from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Five analysts have rated the stock with a sell rating, nineteen have issued a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $55.76.
In other L Brands 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 value of $1,947,330.32. Following the transaction, the chief executive officer now owns 75,658 shares of the company’s stock, valued at $3,698,163.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 16.45% of the company’s stock.
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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