Renaissance Technologies LLC Sells 414,500 Shares of L Brands Inc (LB)
Renaissance Technologies LLC lowered its position in shares of L Brands Inc (NYSE:LB) by 20.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,600,233 shares of the specialty retailer’s stock after selling 414,500 shares during the quarter. Renaissance Technologies LLC owned 0.58% of L Brands worth $59,017,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in LB. The Manufacturers Life Insurance Company boosted its position in L Brands by 821.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 2,707,103 shares of the specialty retailer’s stock worth $103,438,000 after acquiring an additional 2,413,375 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of L Brands by 10.7% in the 1st quarter. BlackRock Inc. now owns 21,861,287 shares of the specialty retailer’s stock valued at $835,321,000 after buying an additional 2,107,414 shares during the last quarter. Makaira Partners LLC boosted its holdings in shares of L Brands by 235.5% in the 1st quarter. Makaira Partners LLC now owns 2,523,582 shares of the specialty retailer’s stock valued at $96,426,000 after buying an additional 1,771,382 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of L Brands by 499.8% in the 1st quarter. Millennium Management LLC now owns 1,135,675 shares of the specialty retailer’s stock valued at $43,394,000 after buying an additional 946,326 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in shares of L Brands by 219.4% in the 1st quarter. Neuberger Berman Group LLC now owns 1,017,472 shares of the specialty retailer’s stock valued at $38,878,000 after buying an additional 698,884 shares during the last quarter. 72.86% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on the company. Nomura increased their price objective on L Brands from $29.00 to $31.00 and gave the company a “neutral” rating in a report on Thursday, June 7th. UBS Group assumed coverage on L Brands in a report on Thursday, June 21st. They issued a “neutral” rating and a $37.00 price objective for the company. B. Riley cut their price objective on L Brands from $58.00 to $49.00 and set a “buy” rating for the company in a report on Friday, May 25th. Barclays reissued a “hold” rating and issued a $34.00 price objective on shares of L Brands in a report on Monday, May 28th. Finally, Deutsche Bank cut their price objective on L Brands from $50.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, May 24th. Six research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $37.56.
L Brands (NYSE:LB) last announced its quarterly earnings results on Wednesday, August 22nd. The specialty retailer reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.02. L Brands had a negative return on equity of 88.04% and a net margin of 6.87%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter last year, the firm posted $0.48 EPS. The company’s quarterly revenue was up 8.3% on a year-over-year basis. sell-side analysts forecast that L Brands Inc will post 2.51 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 7th. Shareholders of record on Friday, August 24th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 8.52%. The ex-dividend date was Thursday, August 23rd. L Brands’s dividend payout ratio is 75.00%.
L Brands Company Profile
L Brands, Inc operates as a specialty retailer of women's intimate and other apparel, beauty and personal care products, home fragrance products, and accessories. The company operates in three segments: Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International.
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