Cooper Creek Partners Management LLC Takes $4.86 Million Position in L Brands Inc (NYSE:LB)
Cooper Creek Partners Management LLC acquired a new stake in L Brands Inc (NYSE:LB) during the 1st quarter, HoldingsChannel reports. The firm acquired 176,200 shares of the specialty retailer’s stock, valued at approximately $4,860,000. L Brands makes up 1.7% of Cooper Creek Partners Management LLC’s investment portfolio, making the stock its 25th biggest holding.
Other institutional investors also recently added to or reduced their stakes in the company. American International Group Inc. increased its stake in shares of L Brands by 25.4% during the 4th quarter. American International Group Inc. now owns 12,224,858 shares of the specialty retailer’s stock worth $313,812,000 after purchasing an additional 2,472,416 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of L Brands by 47.0% during the 4th quarter. Bank of New York Mellon Corp now owns 7,464,698 shares of the specialty retailer’s stock worth $191,619,000 after purchasing an additional 2,385,201 shares during the last quarter. Norges Bank acquired a new position in shares of L Brands during the 4th quarter worth $60,190,000. Thompson Siegel & Walmsley LLC acquired a new position in shares of L Brands during the 1st quarter worth $28,618,000. Finally, Menora Mivtachim Holdings LTD. acquired a new position in shares of L Brands during the 1st quarter worth $20,685,000. Hedge funds and other institutional investors own 69.23% of the company’s stock.
NYSE:LB traded up $0.30 during midday trading on Friday, reaching $22.51. The stock had a trading volume of 5,474,433 shares, compared to its average volume of 5,756,374. L Brands Inc has a 1-year low of $21.44 and a 1-year high of $38.00. The firm has a market capitalization of $6.20 billion, a PE ratio of 7.98, a PEG ratio of 0.85 and a beta of 0.58.
The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 5.33%. The ex-dividend date of this dividend was Thursday, May 30th. L Brands’s dividend payout ratio (DPR) is presently 42.55%.
Several brokerages have recently commented on LB. Bank of America set a $30.00 price target on shares of L Brands and gave the stock a “hold” rating in a research note on Thursday, May 23rd. Royal Bank of Canada set a $35.00 price target on shares of L Brands and gave the stock a “buy” rating in a research note on Friday, May 24th. Wells Fargo & Co set a $35.00 price target on shares of L Brands and gave the stock an “outperform” rating in a research note on Thursday, May 23rd. Loop Capital dropped their price target on shares of L Brands to $20.00 and set a “sell” rating on the stock in a research note on Wednesday, May 15th. Finally, Zacks Investment Research lowered shares of L Brands from a “hold” rating to a “sell” rating in a research note on Monday, May 13th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $31.96.
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L Brands 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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