Lazard Asset Management LLC raised its position in shares of L Brands, Inc. (NYSE:LB) by 52.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,212,102 shares of the specialty retailer’s stock after buying an additional 419,560 shares during the period. Lazard Asset Management LLC owned 0.43% of L Brands worth $57,090,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of LB. ICICI Prudential Asset Management Co Ltd purchased a new position in L Brands during the first quarter valued at approximately $476,000. Johnson Financial Group Inc. raised its position in L Brands by 35.7% in the first quarter. Johnson Financial Group Inc. now owns 8,778 shares of the specialty retailer’s stock valued at $413,000 after buying an additional 2,311 shares during the last quarter. Dimensional Fund Advisors LP raised its position in L Brands by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 476,306 shares of the specialty retailer’s stock valued at $22,435,000 after buying an additional 6,806 shares during the last quarter. Global Endowment Management LP raised its position in L Brands by 935.5% in the first quarter. Global Endowment Management LP now owns 69,690 shares of the specialty retailer’s stock valued at $3,282,000 after buying an additional 62,960 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in L Brands by 9.2% in the first quarter. Geode Capital Management LLC now owns 2,358,075 shares of the specialty retailer’s stock valued at $110,909,000 after buying an additional 198,097 shares during the last quarter. 77.25% of the stock is owned by hedge funds and other institutional investors.
Shares of L Brands, Inc. (LB) traded up 1.06% on Tuesday, hitting $52.42. The stock had a trading volume of 3,577,134 shares. The company has a market cap of $15.04 billion, a price-to-earnings ratio of 13.81 and a beta of 0.62. The firm’s 50-day moving average is $51.22 and its 200-day moving average is $55.70. L Brands, Inc. has a one year low of $43.04 and a one year high of $79.67.
L Brands (NYSE:LB) last posted its quarterly earnings data on Wednesday, May 17th. The specialty retailer reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.04. L Brands had a net margin of 8.87% and a negative return on equity of 104.19%. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter in the previous year, the company posted $0.59 EPS. L Brands’s revenue was down 6.8% on a year-over-year basis. On average, analysts expect that L Brands, Inc. will post $3.23 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 16th. Investors of record on Friday, June 2nd were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 4.58%. The ex-dividend date of this dividend was Wednesday, May 31st. L Brands’s dividend payout ratio (DPR) is presently 63.16%.
LB has been the subject of several research analyst reports. FBR & Co decreased their target price on L Brands from $60.00 to $54.00 and set a “market perform” rating for the company in a research report on Thursday, February 23rd. Instinet reiterated a “neutral” rating and set a $54.00 target price on shares of L Brands in a research report on Thursday, February 23rd. Atlantic Securities downgraded L Brands from an “overweight” rating to a “neutral” rating and set a $56.00 target price for the company. in a research report on Thursday, February 23rd. Jefferies Group LLC decreased their target price on L Brands from $48.00 to $40.00 and set an “underperform” rating for the company in a research report on Thursday, February 23rd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $61.00 price objective (down from $75.00) on shares of L Brands in a report on Thursday, February 23rd. Five analysts have rated the stock with a sell rating, eighteen have issued a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $58.05.
In related news, CEO Nicholas Coe sold 39,839 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $48.88, for a total value of $1,947,330.32. Following the completion of the transaction, the chief executive officer now owns 75,658 shares in the company, valued at approximately $3,698,163.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 16.45% of the company’s stock.
About L Brands
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.
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