Wedge Capital Management L L P NC Decreases Stake in Urban Outfitters, Inc. $URBN

Key Points

• Wedge Capital Management reduced its Urban Outfitters stake by 3.5%, selling 17,720 shares and retaining 487,891 shares valued at approximately $34.6 million.
• Other institutional investors made significant purchases, while hedge funds and institutions collectively owned 77.61% of Urban Outfitters. Two company insiders also sold shares in May.
• Urban Outfitters exceeded quarterly expectations with $1.30 in EPS and $1.48 billion in revenue, up 11.4% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $87.91.

Wedge Capital Management L L P NC lessened its position in shares of Urban Outfitters, Inc. (NASDAQ:URBN - Free Report) by 3.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 487,891 shares of the apparel retailer's stock after selling 17,720 shares during the period. Wedge Capital Management L L P NC owned about 0.57% of Urban Outfitters worth $34,572,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of URBN. Abrams Bison Investments LLC purchased a new stake in shares of Urban Outfitters during the 4th quarter worth $127,114,000. Balyasny Asset Management L.P. increased its holdings in Urban Outfitters by 5,360.2% in the third quarter. Balyasny Asset Management L.P. now owns 618,152 shares of the apparel retailer's stock valued at $44,155,000 after buying an additional 606,831 shares during the last quarter. Norges Bank purchased a new position in Urban Outfitters in the fourth quarter valued at $44,191,000. UBS Group AG raised its stake in Urban Outfitters by 339.3% in the fourth quarter. UBS Group AG now owns 641,454 shares of the apparel retailer's stock valued at $48,276,000 after buying an additional 495,441 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Urban Outfitters by 8.5% in the first quarter. Dimensional Fund Advisors LP now owns 4,313,938 shares of the apparel retailer's stock valued at $273,274,000 after buying an additional 338,622 shares in the last quarter. 77.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Urban Outfitters

In other news, insider Azeez Hayne sold 8,733 shares of Urban Outfitters stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $73.18, for a total value of $639,080.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Melanie Marein-Efron sold 5,036 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $73.42, for a total transaction of $369,743.12. Following the completion of the sale, the chief financial officer owned 17,023 shares of the company's stock, valued at approximately $1,249,828.66. This trade represents a 22.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 32.10% of the stock is currently owned by corporate insiders.

Urban Outfitters Stock Performance

Urban Outfitters stock opened at $79.43 on Wednesday. Urban Outfitters, Inc. has a fifty-two week low of $59.53 and a fifty-two week high of $84.35. The company has a market capitalization of $6.80 billion, a P/E ratio of 15.25, a PEG ratio of 1.47 and a beta of 1.23. The stock has a 50-day simple moving average of $73.43 and a 200-day simple moving average of $70.29.

Urban Outfitters (NASDAQ:URBN - Get Free Report) last announced its earnings results on Thursday, May 21st. The apparel retailer reported $1.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.18. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.46 billion. Urban Outfitters had a return on equity of 18.92% and a net margin of 7.48%.The business's revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.16 EPS. As a group, analysts forecast that Urban Outfitters, Inc. will post 6.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on URBN shares. The Goldman Sachs Group raised Urban Outfitters from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $76.00 to $93.00 in a research report on Monday, July 20th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $72.00 price target on shares of Urban Outfitters in a report on Thursday, May 21st. Weiss Ratings lowered shares of Urban Outfitters from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday. Barclays cut their price objective on shares of Urban Outfitters from $102.00 to $100.00 and set an "overweight" rating on the stock in a report on Friday, May 22nd. Finally, Morgan Stanley restated an "overweight" rating and issued a $89.00 target price on shares of Urban Outfitters in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $87.91.

Urban Outfitters Company Profile

Urban Outfitters, Inc is a global lifestyle retailer headquartered in Philadelphia, Pennsylvania. Established in 1970 by Richard Hayne, Scott Belair and Judy Wicks, the company began as a single store catering to college students in the city's historic Old City neighborhood. Over the decades, Urban Outfitters has expanded its reach and diversified its portfolio to include multiple retail concepts addressing distinct customer segments.

The company operates through several well-known brands, each offering a curated selection of apparel, footwear, accessories and home goods.

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