Levi Strauss & Co. (NYSE:LEVI) Issues Quarterly Earnings Results

Levi Strauss & Co. (NYSE:LEVI) issued its quarterly earnings data on Wednesday. The blue-jean maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.05, Briefing.com reports. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.55 billion. Levi Strauss & Co. had a net margin of 4.04% and a return on equity of 22.33%. The company’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.34 EPS. Levi Strauss & Co. updated its FY24 guidance to $1.17-1.27 EPS and its FY 2024 guidance to 1.170-1.270 EPS.

Levi Strauss & Co. Trading Up 15.6 %

Shares of LEVI stock traded up $2.91 during trading hours on Thursday, hitting $21.57. 15,480,086 shares of the company were exchanged, compared to its average volume of 2,250,907. The firm has a market cap of $8.58 billion, a PE ratio of 34.06, a PEG ratio of 1.19 and a beta of 1.22. Levi Strauss & Co. has a 1 year low of $12.41 and a 1 year high of $22.39. The company has a quick ratio of 0.75, a current ratio of 1.48 and a debt-to-equity ratio of 0.49. The firm has a fifty day moving average of $18.03 and a 200 day moving average of $15.98.

Levi Strauss & Co. Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Wednesday, February 7th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, February 6th. This represents a $0.48 annualized dividend and a dividend yield of 2.23%. Levi Strauss & Co.’s dividend payout ratio is currently 76.19%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on LEVI. TD Cowen boosted their price objective on shares of Levi Strauss & Co. from $19.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. reduced their price target on shares of Levi Strauss & Co. from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Friday, January 26th. UBS Group upped their price target on shares of Levi Strauss & Co. from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 29th. Wells Fargo & Company upped their price objective on shares of Levi Strauss & Co. from $17.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, TheStreet upgraded shares of Levi Strauss & Co. from a “c+” rating to a “b-” rating in a research report on Tuesday, February 13th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.30.

Insider Transactions at Levi Strauss & Co.

In related news, Director David A. Friedman sold 35,415 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $20.00, for a total value of $708,300.00. Following the transaction, the director now owns 179,430 shares in the company, valued at $3,588,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Levi Strauss & Co. news, major shareholder Margaret E. Haas sold 9,462 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $18.01, for a total value of $170,410.62. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David A. Friedman sold 35,415 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $20.00, for a total transaction of $708,300.00. Following the completion of the sale, the director now owns 179,430 shares in the company, valued at $3,588,600. 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 three months. Company insiders own 3.14% of the company’s stock.

Hedge Funds Weigh In On Levi Strauss & Co.

A number of large investors have recently made changes to their positions in the business. Garner Asset Management Corp acquired a new position in shares of Levi Strauss & Co. in the fourth quarter valued at $31,000. Dark Forest Capital Management LP bought a new position in Levi Strauss & Co. during the first quarter worth about $39,000. Deutsche Bank AG bought a new position in shares of Levi Strauss & Co. during the 4th quarter valued at about $43,000. Scopus Asset Management L.P. bought a new position in shares of Levi Strauss & Co. during the 2nd quarter valued at about $53,000. Finally, Tower Research Capital LLC TRC raised its position in Levi Strauss & Co. by 217.8% in the 3rd quarter. Tower Research Capital LLC TRC now owns 5,041 shares of the blue-jean maker’s stock valued at $68,000 after buying an additional 3,455 shares during the last quarter. Institutional investors and hedge funds own 69.14% of the company’s stock.

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.