Urban Outfitters Inc. (NASDAQ:URBN) shares were down 12% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $33.51 and last traded at $34.31, with a volume of 16,755,821 shares. The stock had previously closed at $39.01.

The apparel retailer reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by $0.04. The company had revenue of $862.50 million for the quarter. Urban Outfitters had a net margin of 6.63% and a return on equity of 19.57%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.42 EPS.

A number of equities analysts have issued reports on URBN shares. Vetr downgraded Urban Outfitters from a “buy” rating to a “strong sell” rating and set a $33.77 price target for the company. in a research note on Tuesday, November 15th. Jefferies Group set a $45.00 target price on Urban Outfitters and gave the stock a “buy” rating in a research note on Monday, October 24th. Zacks Investment Research upgraded Urban Outfitters from a “sell” rating to a “hold” rating in a research note on Wednesday, August 10th. Goldman Sachs Group Inc. downgraded Urban Outfitters from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $33.00 to $35.00 in a research note on Monday, August 22nd. Finally, Wunderlich upgraded Urban Outfitters from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Thursday, November 10th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $35.84.

In related news, General Counsel Azeez Hayne sold 6,260 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $39.95, for a total value of $250,087.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. 24.30% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. boosted its position in shares of Urban Outfitters by 983.2% in the third quarter. Ameriprise Financial Inc. now owns 2,560,815 shares of the apparel retailer’s stock valued at $88,397,000 after buying an additional 2,324,398 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Urban Outfitters by 9.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 16,065,645 shares of the apparel retailer’s stock valued at $441,804,000 after buying an additional 1,388,672 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Urban Outfitters by 78.5% in the second quarter. AQR Capital Management LLC now owns 2,924,749 shares of the apparel retailer’s stock valued at $80,430,000 after buying an additional 1,286,540 shares in the last quarter. Numeric Investors LLC boosted its position in shares of Urban Outfitters by 286.0% in the second quarter. Numeric Investors LLC now owns 998,300 shares of the apparel retailer’s stock valued at $27,453,000 after buying an additional 739,700 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of Urban Outfitters by 3,162.4% in the third quarter. Acadian Asset Management LLC now owns 631,765 shares of the apparel retailer’s stock valued at $21,810,000 after buying an additional 612,400 shares in the last quarter. Institutional investors and hedge funds own 74.17% of the company’s stock.

The firm has a 50-day moving average of $35.27 and a 200 day moving average of $31.93. The firm has a market cap of $4.02 billion, a price-to-earnings ratio of 17.67 and a beta of 0.69.

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About Urban Outfitters

Urban Outfitters, Inc (Urban Outfitters) is a lifestyle retail company. The Company operates through two business segments: Retail and Wholesale. The Retail segment consists of the Company’s Urban Outfitters, Anthropologie Group, Free People and Terrain brands, whose merchandise is sold directly to the Company’s customers through retail stores, Websites, mobile applications, catalogs and customer contact centers.

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