L Brands Inc (NYSE:LB) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 13,620,000 shares, a drop of 19.1% from the August 15th total of 16,830,000 shares. Based on an average daily volume of 6,410,000 shares, the days-to-cover ratio is currently 2.1 days. Approximately 5.9% of the shares of the stock are short sold.
NYSE:LB traded up $0.85 during trading hours on Wednesday, hitting $29.84. 3,768,638 shares of the company traded hands, compared to its average volume of 8,958,213. L Brands has a twelve month low of $8.00 and a twelve month high of $31.93. The firm has a 50-day moving average of $27.87 and a 200 day moving average of $18.21. The stock has a market capitalization of $8.29 billion, a price-to-earnings ratio of -10.43, a P/E/G ratio of 1.74 and a beta of 1.64.
L Brands (NYSE:LB) last released its earnings results on Wednesday, August 19th. The specialty retailer reported $0.25 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of ($0.42) by $0.67. L Brands had a negative net margin of 6.96% and a negative return on equity of 19.91%. The business had revenue of $2.32 billion during the quarter, compared to analysts' expectations of $2.17 billion. During the same quarter last year, the company earned $0.24 earnings per share. The firm's revenue was down 20.1% on a year-over-year basis. On average, analysts expect that L Brands will post 1.24 EPS for the current year.
A number of brokerages have recently issued reports on LB. Citigroup lowered L Brands from a "neutral" rating to a "sell" rating and boosted their target price for the stock from $15.00 to $17.00 in a research report on Thursday, July 30th. Bank of America upped their price objective on shares of L Brands from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Barclays lifted their target price on shares of L Brands from $25.00 to $31.00 and gave the stock an "equal weight" rating in a research report on Friday, August 21st. Wells Fargo & Company upped their price target on shares of L Brands from $35.00 to $40.00 and gave the company an "overweight" rating in a research report on Thursday, August 20th. Finally, TheStreet cut shares of L Brands from a "c-" rating to a "d" rating in a research report on Monday, June 22nd. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the stock. The company has an average rating of "Hold" and an average price target of $27.55.
In related news, insider James L. Bersani sold 28,373 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $30.00, for a total transaction of $851,190.00. Following the completion of the transaction, the insider now owns 242,339 shares of the company's stock, valued at $7,270,170. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 17.83% of the company's stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Harvest Fund Management Co. Ltd bought a new position in L Brands during the first quarter worth about $32,000. Captrust Financial Advisors acquired a new stake in L Brands in the 2nd quarter valued at $58,000. Rockefeller Capital Management L.P. grew its position in L Brands by 610.3% in the second quarter. Rockefeller Capital Management L.P. now owns 4,695 shares of the specialty retailer's stock valued at $70,000 after acquiring an additional 4,034 shares during the period. Rampart Investment Management Company LLC raised its stake in L Brands by 128.1% during the second quarter. Rampart Investment Management Company LLC now owns 5,084 shares of the specialty retailer's stock worth $76,000 after acquiring an additional 2,855 shares in the last quarter. Finally, Wexford Capital LP bought a new position in shares of L Brands during the second quarter valued at $108,000. Institutional investors and hedge funds own 76.89% of the company's stock.
L Brands Company Profile
L Brands, Inc operates as a specialty retailer of women's intimate and other apparel, beauty and personal care products, home fragrance products, and accessories. The company operates in three segments: Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International.
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