Burlington Stores, Inc. (BURL) Updates Q3 Earnings Guidance
Burlington Stores, Inc. (NYSE:BURL) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.58-0.61 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.59. The company issued revenue guidance of +6.7-7.7% to ~$1.43-1.445 billion, compared to the consensus revenue estimate of $1.45 billion.
Burlington Stores, Inc. (NYSE BURL) opened at 86.11 on Friday. The firm has a 50-day moving average price of $86.38 and a 200 day moving average price of $92.18. Burlington Stores, Inc. has a 1-year low of $68.94 and a 1-year high of $104.07. The stock has a market cap of $5.95 billion, a price-to-earnings ratio of 26.72 and a beta of 0.51.
Burlington Stores (NYSE:BURL) last announced its quarterly earnings data on Thursday, August 24th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.21. Burlington Stores had a negative return on equity of 294.39% and a net margin of 4.08%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the prior year, the firm posted $0.39 earnings per share. Burlington Stores’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities research analysts anticipate that Burlington Stores, Inc. will post $4.11 EPS for the current fiscal year.
Burlington Stores announced that its Board of Directors has initiated a stock buyback plan on Thursday, August 24th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
BURL has been the topic of several research reports. Wolfe Research initiated coverage on Burlington Stores in a research note on Friday, April 28th. They set an outperform rating and a $113.00 price objective on the stock. BMO Capital Markets set a $96.00 price objective on Burlington Stores and gave the company a buy rating in a research note on Friday, May 26th. Bank of America Corporation upped their price objective on Burlington Stores from $110.00 to $114.00 and gave the company a buy rating in a research note on Tuesday, May 30th. Morgan Stanley cut their price objective on Burlington Stores from $105.00 to $98.00 and set an overweight rating on the stock in a research note on Tuesday, May 30th. Finally, Citigroup Inc. dropped their price target on Burlington Stores from $100.00 to $94.00 and set a neutral rating on the stock in a research report on Tuesday, May 30th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Burlington Stores currently has a consensus rating of Buy and an average price target of $104.28.
In related news, insider Joyce Manning Magrini sold 3,335 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $88.12, for a total value of $293,880.20. Following the completion of the transaction, the insider now directly owns 53,949 shares of the company’s stock, valued at approximately $4,753,985.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas Kingsbury sold 20,000 shares of the stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $88.20, for a total value of $1,764,000.00. Following the completion of the transaction, the chief executive officer now directly owns 538,308 shares of the company’s stock, valued at $47,478,765.60. The disclosure for this sale can be found here. Insiders sold a total of 69,168 shares of company stock valued at $6,272,491 over the last three months. Corporate insiders own 2.60% of the company’s stock.
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Burlington Stores Company Profile
Burlington Stores, Inc is a retailer of branded apparel. As of January 28, 2017, the Company operated 592 retail stores, inclusive of an Internet store, in 45 states and Puerto Rico. Its product categories include coats, women, men, juniors, girls, boys, shoes, handbags and accessories, beauty and fragrance, home and toys.
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