Bath & Body Works, Inc. (NYSE:BBWI) Shares Sold by Summit Global Investments

Summit Global Investments cut its stake in shares of Bath & Body Works, Inc. (NYSE:BBWI) by 9.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,320 shares of the company’s stock after selling 1,463 shares during the quarter. Summit Global Investments’ holdings in Bath & Body Works were worth $555,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Mutual of America Capital Management LLC grew its stake in shares of Bath & Body Works by 18.4% during the 3rd quarter. Mutual of America Capital Management LLC now owns 33,429 shares of the company’s stock worth $1,067,000 after purchasing an additional 5,203 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Bath & Body Works during the third quarter worth approximately $309,000. Intech Investment Management LLC purchased a new stake in Bath & Body Works in the third quarter valued at approximately $735,000. Massachusetts Financial Services Co. MA boosted its position in Bath & Body Works by 124.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 54,709 shares of the company’s stock worth $1,746,000 after purchasing an additional 30,369 shares during the period. Finally, Citigroup Inc. lifted its position in shares of Bath & Body Works by 59.8% during the third quarter. Citigroup Inc. now owns 374,664 shares of the company’s stock worth $11,959,000 after purchasing an additional 140,221 shares in the last quarter. 95.14% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BBWI has been the subject of a number of analyst reports. Raymond James reissued an “outperform” rating and set a $46.00 target price (up from $42.00) on shares of Bath & Body Works in a research note on Tuesday, February 25th. TD Cowen raised their price objective on shares of Bath & Body Works from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Telsey Advisory Group reiterated an “outperform” rating and set a $43.00 price target on shares of Bath & Body Works in a report on Thursday, February 27th. JPMorgan Chase & Co. set a $47.00 target price on Bath & Body Works in a report on Thursday, February 27th. Finally, Piper Sandler upped their price target on Bath & Body Works from $36.00 to $39.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Bath & Body Works has a consensus rating of “Moderate Buy” and an average price target of $45.06.

Bath & Body Works Trading Up 7.2 %

Shares of BBWI opened at $32.47 on Tuesday. The stock has a 50 day simple moving average of $35.62 and a 200-day simple moving average of $34.01. Bath & Body Works, Inc. has a 1 year low of $26.21 and a 1 year high of $52.99. The stock has a market cap of $6.96 billion, a PE ratio of 7.92, a PEG ratio of 0.92 and a beta of 1.89.

Bath & Body Works (NYSE:BBWI) last announced its earnings results on Thursday, February 27th. The company reported $2.09 EPS for the quarter, topping the consensus estimate of $2.04 by $0.05. The business had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.78 billion. Bath & Body Works had a negative return on equity of 44.03% and a net margin of 12.43%. On average, 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 company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were given a dividend of $0.20 per share. The ex-dividend date was Friday, February 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.46%. Bath & Body Works’s payout ratio is currently 21.98%.

Bath & Body Works announced that its Board of Directors has authorized a stock buyback program on Thursday, February 27th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.