BlueCrest Capital Management Ltd Buys Shares of 112,404 L Brands, Inc. (LB)
BlueCrest Capital Management Ltd bought a new stake in shares of L Brands, Inc. (NYSE:LB) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 112,404 shares of the specialty retailer’s stock, valued at approximately $6,057,000.
Several other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of L Brands by 1.3% during the 2nd quarter. BlackRock Inc. now owns 19,257,392 shares of the specialty retailer’s stock valued at $1,037,783,000 after acquiring an additional 256,464 shares during the period. Vanguard Group Inc. grew its position in shares of L Brands by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 16,435,626 shares of the specialty retailer’s stock valued at $885,716,000 after acquiring an additional 495,987 shares during the period. FMR LLC grew its position in shares of L Brands by 2.8% during the 2nd quarter. FMR LLC now owns 11,403,917 shares of the specialty retailer’s stock valued at $614,558,000 after acquiring an additional 305,365 shares during the period. State Street Corp grew its position in shares of L Brands by 0.3% during the 2nd quarter. State Street Corp now owns 10,388,390 shares of the specialty retailer’s stock valued at $559,827,000 after acquiring an additional 33,815 shares during the period. Finally, Northern Trust Corp grew its position in shares of L Brands by 0.6% during the 2nd quarter. Northern Trust Corp now owns 2,667,007 shares of the specialty retailer’s stock valued at $143,725,000 after acquiring an additional 17,157 shares during the period. 79.48% of the stock is owned by hedge funds and other institutional investors.
In other L Brands news, Director Allan R. Tessler purchased 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 21st. The shares were bought at an average price of $37.00 per share, with a total value of $740,000.00. Following the completion of the purchase, the director now directly owns 43,342 shares in the company, valued at $1,603,654. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.68% of the stock is owned by corporate insiders.
A number of brokerages recently commented on LB. Sanford C. Bernstein restated an “outperform” rating and set a $57.00 price target on shares of L Brands in a research note on Monday, September 18th. Zacks Investment Research cut shares of L Brands from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 23rd. FBR & Co restated a “buy” rating and set a $58.00 price target on shares of L Brands in a research note on Wednesday. Vetr upgraded shares of L Brands from a “strong sell” rating to a “sell” rating and set a $46.34 price target on the stock in a research note on Monday, June 19th. Finally, BMO Capital Markets set a $37.00 price target on shares of L Brands and gave the company a “market perform” rating in a research note on Friday, August 18th. Seven research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $46.41.
L Brands, Inc. (NYSE:LB) traded up 0.30% during trading on Friday, hitting $42.92. 4,514,867 shares of the company traded hands. The stock has a market capitalization of $12.18 billion, a PE ratio of 12.60 and a beta of 0.68. The company’s 50 day moving average is $38.95 and its 200-day moving average is $46.09. L Brands, Inc. has a 52 week low of $35.00 and a 52 week high of $75.50. L Brands also saw some unusual options trading activity on Thursday. Stock traders purchased 19,923 put options on the company. This is an increase of approximately 801% compared to the average volume of 2,211 put options.
L Brands (NYSE:LB) last released its quarterly earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.03. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.75 billion. L Brands had a net margin of 8.04% and a negative return on equity of 103.18%. L Brands’s revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.70 earnings per share. Analysts predict that L Brands, Inc. will post $3.14 earnings per share for the current year.
L Brands declared that its board has authorized a share buyback plan on Monday, September 18th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the specialty retailer to buy up to 2.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
L Brands Company Profile
L Brands, Inc operates specialty retail business. The Company is focused on women’s intimate and other apparel, personal care, beauty and home fragrance categories. Its segments include Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International. It sells its merchandise through company-owned specialty retail stores in the United States, Canada, the United Kingdom and Greater China, which are mall-based; through Websites, and through international franchise, license and wholesale partners.
Want to see what other hedge funds are holding LB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for L Brands, Inc. (NYSE:LB).
Receive News & Stock Ratings for L Brands Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for L Brands Inc. and related stocks with our FREE daily email newsletter.