Bank of Nova Scotia Buys New Stake in Burlington Stores, Inc. $BURL

Bank of Nova Scotia bought a new stake in Burlington Stores, Inc. (NYSE:BURL) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 5,063 shares of the company’s stock, valued at approximately $1,604,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Burlington Stores during the 2nd quarter valued at $2,157,518,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Burlington Stores by 303,059.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,912,936 shares of the company’s stock worth $552,552,000 after purchasing an additional 1,912,305 shares in the last quarter. Norges Bank purchased a new position in Burlington Stores during the 4th quarter worth $224,971,000. Alyeska Investment Group L.P. grew its stake in Burlington Stores by 103.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,285,336 shares of the company’s stock worth $371,269,000 after buying an additional 653,718 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Burlington Stores during the 2nd quarter valued at about $148,766,000.

Analysts Set New Price Targets

Several equities research analysts have weighed in on BURL shares. Bank of America raised their price target on Burlington Stores from $367.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Morgan Stanley restated an “overweight” rating on shares of Burlington Stores in a research note on Thursday, August 6th. Truist Financial upped their price objective on shares of Burlington Stores from $305.00 to $310.00 and gave the company a “hold” rating in a report on Thursday, May 28th. Jefferies Financial Group increased their price objective on shares of Burlington Stores from $365.00 to $410.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Burlington Stores from $374.00 to $351.00 and set an “overweight” rating for the company in a research note on Friday, May 29th. Thirteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Burlington Stores has a consensus rating of “Moderate Buy” and a consensus price target of $371.50.

Burlington Stores Stock Performance

Shares of BURL stock opened at $313.98 on Thursday. The business has a fifty day moving average of $341.21 and a 200 day moving average of $325.36. Burlington Stores, Inc. has a 1 year low of $240.49 and a 1 year high of $378.33. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.16 and a quick ratio of 0.49. The firm has a market capitalization of $19.76 billion, a price-to-earnings ratio of 32.27, a price-to-earnings-growth ratio of 1.62 and a beta of 1.44.

Burlington Stores (NYSE:BURL) last posted its quarterly earnings results on Thursday, May 28th. The company reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.21. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.80 billion. Burlington Stores had a return on equity of 39.93% and a net margin of 5.24%.The company’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.60 EPS. As a group, research analysts expect that Burlington Stores, Inc. will post 12.21 earnings per share for the current year.

Insider Transactions at Burlington Stores

In related news, insider Matthew Pasch sold 3,773 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $317.21, for a total value of $1,196,833.33. Following the sale, the insider owned 6,523 shares in the company, valued at $2,069,160.83. This represents a 36.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Jennifer Vecchio sold 20,920 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $341.53, for a total transaction of $7,144,807.60. Following the completion of the transaction, the chief marketing officer owned 81,017 shares in the company, valued at approximately $27,669,736.01. This trade represents a 20.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 30,392 shares of company stock worth $10,280,271 over the last three months. 1.30% of the stock is currently owned by insiders.

Burlington Stores Profile

Burlington Stores, Inc is an American off-price retailer that sells apparel and home goods at discounted prices. The company’s merchandise assortment includes clothing for women, men and children, plus baby products, footwear, accessories, beauty items, toys and home décor. Burlington’s merchandising strategy focuses on offering branded and private-label goods at lower prices than traditional department stores by sourcing excess inventory, closeouts and opportunistic buys from manufacturers and other retailers.

The business traces its roots to the Burlington Coat Factory name established in the early 1970s and has since evolved into a broader off-price retailer that carries a wide range of seasonal and everyday merchandise.