Fifth Third Bancorp Sells 6,238 Shares of e.l.f. Beauty $ELF

Key Points

• Fifth Third Bancorp has reduced its stake in e.l.f. Beauty by 28.7%, selling 6,238 shares and leaving it with 15,513 shares valued at approximately $1.93 million.
• Several large investors have increased their holdings in e.l.f. Beauty, with notable increases from Champlain Investment Partners (19.7%) and Mackenzie Financial Corp (68.0%) during the first quarter.
• Recent analyst ratings for e.l.f. Beauty show a consensus of "Moderate Buy" with an average price target of $133.40, reflecting positive growth outlooks despite mixed reviews from different research firms.

Fifth Third Bancorp cut its holdings in e.l.f. Beauty (NYSE:ELF - Free Report) by 28.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,513 shares of the company's stock after selling 6,238 shares during the quarter. Fifth Third Bancorp's holdings in e.l.f. Beauty were worth $1,930,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Champlain Investment Partners LLC grew its stake in shares of e.l.f. Beauty by 19.7% in the first quarter. Champlain Investment Partners LLC now owns 2,665,026 shares of the company's stock worth $167,337,000 after purchasing an additional 438,575 shares during the last quarter. Swedbank AB grew its stake in shares of e.l.f. Beauty by 42.6% in the first quarter. Swedbank AB now owns 1,157,760 shares of the company's stock worth $72,696,000 after purchasing an additional 345,760 shares during the last quarter. Congress Asset Management Co. grew its stake in shares of e.l.f. Beauty by 53.7% in the first quarter. Congress Asset Management Co. now owns 938,970 shares of the company's stock worth $58,958,000 after purchasing an additional 327,980 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of e.l.f. Beauty by 68.0% in the first quarter. Mackenzie Financial Corp now owns 862,671 shares of the company's stock worth $54,167,000 after purchasing an additional 349,024 shares during the last quarter. Finally, Zevenbergen Capital Investments LLC grew its stake in shares of e.l.f. Beauty by 9.9% in the first quarter. Zevenbergen Capital Investments LLC now owns 682,009 shares of the company's stock worth $42,823,000 after purchasing an additional 61,282 shares during the last quarter. 92.44% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Kory Marchisotto sold 13,515 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $140.10, for a total value of $1,893,451.50. Following the completion of the transaction, the insider directly owned 144,788 shares in the company, valued at $20,284,798.80. The trade was a 8.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lauren Cooks Levitan sold 4,630 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $118.94, for a total transaction of $550,692.20. Following the completion of the transaction, the director owned 11,507 shares of the company's stock, valued at approximately $1,368,642.58. The trade was a 28.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 184,745 shares of company stock valued at $25,613,238. 3.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ELF. Bank of America lifted their price objective on e.l.f. Beauty from $135.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, September 17th. Deutsche Bank Aktiengesellschaft cut e.l.f. Beauty from a "buy" rating to a "hold" rating and lifted their price objective for the company from $121.00 to $128.00 in a research report on Tuesday, September 2nd. Raymond James Financial reaffirmed a "strong-buy" rating and set a $155.00 price objective (up from $140.00) on shares of e.l.f. Beauty in a research report on Monday, September 8th. Piper Sandler began coverage on e.l.f. Beauty in a research report on Thursday, September 4th. They set an "overweight" rating and a $150.00 price objective on the stock. Finally, Robert W. Baird lifted their price objective on e.l.f. Beauty from $110.00 to $145.00 and gave the company an "outperform" rating in a research report on Friday, June 6th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $133.40.

e.l.f. Beauty Price Performance

ELF stock opened at $129.99 on Friday. The firm has a 50 day moving average price of $124.78 and a 200-day moving average price of $99.91. e.l.f. Beauty has a 52-week low of $49.40 and a 52-week high of $150.99. The firm has a market capitalization of $7.71 billion, a price-to-earnings ratio of 76.47, a PEG ratio of 3.01 and a beta of 1.59. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.34 and a current ratio of 3.26.

e.l.f. Beauty (NYSE:ELF - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.05. e.l.f. Beauty had a net margin of 7.29% and a return on equity of 16.36%. The firm had revenue of $353.74 million during the quarter, compared to analyst estimates of $348.99 million. During the same period last year, the business earned $1.10 earnings per share. The business's revenue was up 9.0% on a year-over-year basis. Equities research analysts forecast that e.l.f. Beauty will post 2.38 EPS for the current fiscal year.

e.l.f. Beauty Company Profile

e.l.f. Beauty, Inc is a holding company, which engages in the provision of inclusive, accessible, clean, vegan and cruelty free cosmetics and skin care products. The company focuses on the e-commerce, national retailers and international business channels. Its brands include elf, elf skin, WELL People and KEYS soulcare.

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