Short Interest in L Brands, Inc. (NYSE:LB) Declines By 13.6%
L Brands, Inc. (NYSE:LB) was the target of a significant decrease in short interest during the month of October. As of October 30th, there was short interest totalling 8,860,000 shares, a decrease of 13.6% from the October 15th total of 10,260,000 shares. Based on an average daily volume of 4,770,000 shares, the days-to-cover ratio is presently 1.9 days. Currently, 3.8% of the shares of the stock are short sold.
In other news, insider James L. Bersani sold 28,373 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $30.00, for a total transaction of $851,190.00. Following the sale, the insider now directly owns 242,339 shares of the company’s stock, valued at $7,270,170. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 17.83% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of LB. Egerton Capital UK LLP raised its position in shares of L Brands by 68.2% in the 3rd quarter. Egerton Capital UK LLP now owns 14,543,036 shares of the specialty retailer’s stock valued at $462,614,000 after buying an additional 5,897,656 shares in the last quarter. BlackRock Inc. grew its position in L Brands by 7.4% during the third quarter. BlackRock Inc. now owns 14,098,313 shares of the specialty retailer’s stock valued at $448,468,000 after buying an additional 973,270 shares during the period. AQR Capital Management LLC grew its position in L Brands by 142.6% during the second quarter. AQR Capital Management LLC now owns 1,652,492 shares of the specialty retailer’s stock valued at $24,573,000 after buying an additional 971,470 shares during the period. Voloridge Investment Management LLC grew its position in L Brands by 221.8% during the third quarter. Voloridge Investment Management LLC now owns 1,389,134 shares of the specialty retailer’s stock valued at $44,188,000 after buying an additional 957,421 shares during the period. Finally, Victory Capital Management Inc. grew its position in L Brands by 271.8% during the second quarter. Victory Capital Management Inc. now owns 826,327 shares of the specialty retailer’s stock valued at $12,370,000 after buying an additional 604,102 shares during the period. Institutional investors own 76.89% of the company’s stock.
L Brands (NYSE:LB) last issued its quarterly earnings data on Tuesday, November 17th. The specialty retailer reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.09 by $1.04. L Brands had a negative net margin of 6.96% and a negative return on equity of 19.91%. As a group, analysts expect that L Brands will post 1.26 earnings per share for the current year.
Several equities analysts recently weighed in on LB shares. B. Riley increased their price objective on shares of L Brands from $38.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company increased their price objective on shares of L Brands from $45.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday. Zacks Investment Research upgraded shares of L Brands from a “strong sell” rating to a “hold” rating and set a $20.00 price objective on the stock in a report on Tuesday, July 28th. Telsey Advisory Group increased their price objective on shares of L Brands from $23.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, August 21st. Finally, Bank of America increased their target price on shares of L Brands from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have issued a buy rating to the stock. L Brands has a consensus rating of “Hold” and an average price target of $33.76.
About L Brands
L Brands, Inc operates as a specialty retailer of women's intimate and other apparel, personal care, and beauty and home fragrance products. The company operates in three segments: Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International. Its products include bras and panties, loungewear, athletic attire, shower gels and lotions, aromatherapy, soaps and sanitizers, and body care accessories.
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