Shellback Capital LP Buys 8,368 Shares of Ralph Lauren Corporation $RL

Key Points

• Shellback Capital LP increased its stake in Ralph Lauren Corporation by 10.3%, acquiring an additional 8,368 shares, bringing its total to 89,868 shares, valued at approximately $19.8 million.
• Analysts have raised their price targets for Ralph Lauren, with Barclays setting a new target of $360, while Evercore ISI increased their target to $335, indicating positive growth forecasts.
• Ralph Lauren recently announced a $1.5 billion stock buyback plan, which suggests that the company's leadership believes its stock is currently undervalued.

Shellback Capital LP increased its holdings in shares of Ralph Lauren Corporation (NYSE:RL - Free Report) by 10.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 89,868 shares of the textile maker's stock after acquiring an additional 8,368 shares during the quarter. Ralph Lauren makes up about 1.9% of Shellback Capital LP's holdings, making the stock its 20th largest position. Shellback Capital LP owned about 0.15% of Ralph Lauren worth $19,837,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of RL. OMNI 360 Wealth Inc. bought a new position in Ralph Lauren during the first quarter valued at about $248,000. Crossmark Global Holdings Inc. grew its holdings in Ralph Lauren by 13.5% during the first quarter. Crossmark Global Holdings Inc. now owns 22,590 shares of the textile maker's stock valued at $4,987,000 after purchasing an additional 2,684 shares during the period. Triglav Skladi D.O.O. purchased a new stake in Ralph Lauren in the fourth quarter worth $10,872,000. Truist Financial Corp raised its stake in shares of Ralph Lauren by 7.8% in the first quarter. Truist Financial Corp now owns 300,837 shares of the textile maker's stock valued at $66,407,000 after buying an additional 21,681 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in shares of Ralph Lauren by 8.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 237,479 shares of the textile maker's stock valued at $52,421,000 after buying an additional 17,732 shares during the last quarter. Institutional investors own 67.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RL. Cfra Research upgraded Ralph Lauren from a "moderate sell" rating to a "hold" rating in a research report on Monday, August 11th. Wall Street Zen downgraded Ralph Lauren from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. Bank of America upped their price target on Ralph Lauren from $318.00 to $328.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Jefferies Financial Group reissued a "buy" rating on shares of Ralph Lauren in a report on Wednesday, August 27th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Ralph Lauren from $355.00 to $406.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Ralph Lauren has an average rating of "Moderate Buy" and an average price target of $307.88.

Ralph Lauren Trading Up 0.9%

Shares of RL stock traded up $2.93 during trading hours on Wednesday, reaching $312.72. The company's stock had a trading volume of 630,032 shares, compared to its average volume of 846,948. The firm's fifty day simple moving average is $293.97 and its 200 day simple moving average is $261.25. Ralph Lauren Corporation has a one year low of $170.26 and a one year high of $321.77. The company has a current ratio of 1.84, a quick ratio of 1.30 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $18.94 billion, a P/E ratio of 24.98, a P/E/G ratio of 1.56 and a beta of 1.60.

Ralph Lauren (NYSE:RL - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The textile maker reported $3.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.50 by $0.27. Ralph Lauren had a return on equity of 33.72% and a net margin of 10.91%.The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the prior year, the company earned $2.70 earnings per share. The firm's quarterly revenue was up 13.7% compared to the same quarter last year. Equities research analysts expect that Ralph Lauren Corporation will post 12.01 EPS for the current year.

Ralph Lauren announced that its board has initiated a stock repurchase program on Thursday, May 22nd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the textile maker to reacquire up to 8.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

About Ralph Lauren

Ralph Lauren Corporation designs, markets, and distributes lifestyle products in North America, Europe, Asia, and internationally. The company offers apparel, including a range of men's, women's, and children's clothing; footwear and accessories, which comprise casual shoes, dress shoes, boots, sneakers, sandals, eyewear, watches, fashion and fine jewelry, scarves, hats, gloves, and umbrellas, as well as leather goods, such as handbags, luggage, small leather goods, and belts; home products consisting of bed and bath lines, furniture, fabric and wallcoverings, floor coverings, lighting, tabletop, kitchen linens, floor coverings, dining, decorative accessories, and giftware; and fragrances.