State of Michigan Retirement System Takes $1.57 Million Position in Bath & Body Works, Inc. (NYSE:BBWI)

State of Michigan Retirement System purchased a new stake in Bath & Body Works, Inc. (NYSE:BBWI - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 51,800 shares of the company's stock, valued at approximately $1,571,000.

Several other institutional investors and hedge funds also recently made changes to their positions in BBWI. Victory Capital Management Inc. boosted its stake in Bath & Body Works by 25.2% in the 4th quarter. Victory Capital Management Inc. now owns 45,834 shares of the company's stock worth $1,777,000 after purchasing an additional 9,215 shares during the period. Proficio Capital Partners LLC acquired a new position in Bath & Body Works in the 4th quarter valued at about $1,378,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Bath & Body Works by 32.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 52,784 shares of the company's stock valued at $2,046,000 after buying an additional 12,964 shares during the last quarter. Sequoia Financial Advisors LLC grew its stake in Bath & Body Works by 40.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 9,149 shares of the company's stock valued at $355,000 after buying an additional 2,635 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Bath & Body Works by 109.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,629 shares of the company's stock valued at $63,000 after buying an additional 852 shares in the last quarter. Institutional investors and hedge funds own 95.14% of the company's stock.

Bath & Body Works Price Performance

NYSE BBWI traded down $0.23 during trading hours on Friday, reaching $31.48. 2,370,313 shares of the company's stock traded hands, compared to its average volume of 5,168,843. Bath & Body Works, Inc. has a 52-week low of $24.94 and a 52-week high of $41.87. The firm has a market cap of $6.66 billion, a PE ratio of 8.40, a PEG ratio of 1.03 and a beta of 1.72. The firm has a 50-day simple moving average of $30.15 and a 200 day simple moving average of $32.35.

Bath & Body Works (NYSE:BBWI - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.02. Bath & Body Works had a net margin of 11.10% and a negative return on equity of 47.44%. The firm had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.42 billion. During the same period in the previous year, the company earned $0.38 earnings per share. The firm's quarterly revenue was up 2.9% on a year-over-year basis. Sell-side analysts forecast that Bath & Body Works, Inc. will post 3.3 EPS for the current fiscal year.

Bath & Body Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.80 annualized dividend and a yield of 2.54%. Bath & Body Works's dividend payout ratio (DPR) is currently 21.33%.

Analyst Ratings Changes

BBWI has been the topic of several analyst reports. Citigroup increased their price target on shares of Bath & Body Works from $36.00 to $42.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Barclays dropped their price target on shares of Bath & Body Works from $35.00 to $30.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. The Goldman Sachs Group lowered their target price on shares of Bath & Body Works from $44.00 to $43.00 and set a "buy" rating for the company in a research note on Friday, May 30th. JPMorgan Chase & Co. lifted their price target on shares of Bath & Body Works from $41.00 to $43.00 and gave the company an "overweight" rating in a research note on Monday, May 19th. Finally, Telsey Advisory Group reaffirmed an "outperform" rating and issued a $38.00 price target (down from $43.00) on shares of Bath & Body Works in a research note on Thursday, May 29th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Bath & Body Works presently has an average rating of "Moderate Buy" and an average target price of $42.00.

Bath & Body Works Company Profile

Bath & Body Works, Inc is a specialty retailers and home to America's Favorite Fragrances, offering a breadth of exclusive fragrances for the body and home, including the selling collections for fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap.