Bank of Nova Scotia Trims Stock Position in lululemon athletica inc. (NASDAQ:LULU)

Key Points

• Bank of Nova Scotia reduced its ownership in lululemon athletica by 75.4%, selling 49,887 shares to end with 16,273 shares valued at approximately $4.6 million.
• Other large investors are increasing their positions, with Price T Rowe Associates raising its stake by 95.7% to nearly 4.85 million shares, valued at $1.85 billion.
• lululemon athletica's stock is currently down 0.7%, with a market capitalization of $23.38 billion and a PE ratio of 13.22.

Bank of Nova Scotia lowered its position in lululemon athletica inc. (NASDAQ:LULU - Free Report) by 75.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,273 shares of the apparel retailer's stock after selling 49,887 shares during the quarter. Bank of Nova Scotia's holdings in lululemon athletica were worth $4,608,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Twin Capital Management Inc. lifted its stake in lululemon athletica by 58.3% in the first quarter. Twin Capital Management Inc. now owns 3,676 shares of the apparel retailer's stock valued at $1,041,000 after buying an additional 1,354 shares during the last quarter. Narwhal Capital Management increased its holdings in shares of lululemon athletica by 262.7% in the first quarter. Narwhal Capital Management now owns 18,777 shares of the apparel retailer's stock valued at $5,315,000 after purchasing an additional 13,600 shares during the period. Sawgrass Asset Management LLC acquired a new position in shares of lululemon athletica in the first quarter valued at approximately $9,209,000. Flossbach Von Storch SE increased its holdings in shares of lululemon athletica by 10.3% in the first quarter. Flossbach Von Storch SE now owns 1,401,885 shares of the apparel retailer's stock valued at $396,818,000 after purchasing an additional 130,565 shares during the period. Finally, Bender Robert & Associates increased its holdings in shares of lululemon athletica by 18.5% in the first quarter. Bender Robert & Associates now owns 44,961 shares of the apparel retailer's stock valued at $12,727,000 after purchasing an additional 7,028 shares during the period. Hedge funds and other institutional investors own 85.20% of the company's stock.

lululemon athletica Price Performance

LULU traded down $1.71 during trading on Friday, reaching $189.43. 3,184,383 shares of the stock were exchanged, compared to its average volume of 3,128,553. The business's 50 day moving average price is $236.47 and its two-hundred day moving average price is $293.65. The company has a market capitalization of $22.70 billion, a price-to-earnings ratio of 12.83, a P/E/G ratio of 1.63 and a beta of 1.16. lululemon athletica inc. has a 1 year low of $186.52 and a 1 year high of $423.32.

lululemon athletica (NASDAQ:LULU - Get Free Report) last posted its earnings results on Thursday, June 5th. The apparel retailer reported $2.60 EPS for the quarter, hitting analysts' consensus estimates of $2.60. The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.36 billion. lululemon athletica had a return on equity of 43.48% and a net margin of 16.82%. During the same period in the previous year, the business earned $2.54 earnings per share. lululemon athletica's quarterly revenue was up 7.3% compared to the same quarter last year. On average, analysts anticipate that lululemon athletica inc. will post 14.36 EPS for the current year.

Insider Activity

In other news, CEO Calvin Mcdonald sold 27,049 shares of the company's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $235.69, for a total value of $6,375,178.81. Following the sale, the chief executive officer directly owned 110,564 shares in the company, valued at $26,058,829.16. This represents a 19.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on LULU shares. Truist Financial dropped their target price on lululemon athletica from $297.00 to $290.00 and set a "buy" rating on the stock in a report on Friday, June 6th. TD Securities boosted their target price on lululemon athletica from $370.00 to $373.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Evercore ISI boosted their target price on lululemon athletica from $320.00 to $400.00 and gave the company an "outperform" rating in a report on Tuesday, June 3rd. Stifel Nicolaus dropped their target price on lululemon athletica from $353.00 to $324.00 and set a "buy" rating on the stock in a report on Friday, June 6th. Finally, CICC Research reissued a "market perform" rating and issued a $280.49 target price on shares of lululemon athletica in a report on Monday, June 9th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $329.91.

lululemon athletica Profile

Lululemon Athletica Inc, together with its subsidiaries, designs, distributes, and retails athletic apparel, footwear, and accessories under the lululemon brand for women and men. It offers pants, shorts, tops, and jackets for healthy lifestyle, such as yoga, running, training, and other activities. It also provides fitness-inspired accessories.