Forest Avenue Capital Management LP Acquires 235,173 Shares of Bath & Body Works, Inc. (NYSE:BBWI)

Forest Avenue Capital Management LP raised its holdings in Bath & Body Works, Inc. (NYSE:BBWI) by 19.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,467,763 shares of the company’s stock after acquiring an additional 235,173 shares during the quarter. Bath & Body Works makes up about 5.7% of Forest Avenue Capital Management LP’s portfolio, making the stock its 5th largest holding. Forest Avenue Capital Management LP owned about 0.67% of Bath & Body Works worth $46,851,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Anthracite Investment Company Inc. bought a new stake in Bath & Body Works in the third quarter valued at approximately $2,921,000. Principal Financial Group Inc. boosted its stake in shares of Bath & Body Works by 328.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,069,941 shares of the company’s stock valued at $34,153,000 after purchasing an additional 820,379 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of Bath & Body Works by 18.1% during the third quarter. New York State Teachers Retirement System now owns 266,235 shares of the company’s stock worth $8,498,000 after buying an additional 40,793 shares during the period. Los Angeles Capital Management LLC raised its stake in Bath & Body Works by 404.4% during the third quarter. Los Angeles Capital Management LLC now owns 134,544 shares of the company’s stock worth $4,295,000 after buying an additional 107,868 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Bath & Body Works by 152.7% in the second quarter. Renaissance Technologies LLC now owns 901,133 shares of the company’s stock valued at $35,189,000 after buying an additional 544,599 shares during the period. Institutional investors own 95.14% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on BBWI. Morgan Stanley lowered their price objective on Bath & Body Works from $51.00 to $48.00 and set an “overweight” rating for the company in a research report on Thursday, November 21st. Telsey Advisory Group reissued an “outperform” rating and issued a $42.00 price target on shares of Bath & Body Works in a research note on Monday. BMO Capital Markets reaffirmed an “outperform” rating and set a $50.00 price objective (down previously from $52.00) on shares of Bath & Body Works in a research report on Thursday, August 29th. Wells Fargo & Company boosted their target price on shares of Bath & Body Works from $32.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Citigroup reduced their price target on shares of Bath & Body Works from $48.00 to $35.00 and set a “neutral” rating for the company in a report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $41.88.

Bath & Body Works Stock Performance

BBWI stock opened at $35.23 on Wednesday. The business has a 50-day simple moving average of $30.69 and a two-hundred day simple moving average of $35.74. The company has a market capitalization of $7.72 billion, a P/E ratio of 8.59, a price-to-earnings-growth ratio of 1.14 and a beta of 1.79. Bath & Body Works, Inc. has a 52-week low of $26.20 and a 52-week high of $52.99.

Bath & Body Works (NYSE:BBWI) last announced its earnings results on Wednesday, August 28th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. Bath & Body Works had a negative return on equity of 44.03% and a net margin of 12.43%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.54 billion. As a group, sell-side analysts forecast that Bath & Body Works, Inc. will post 3.18 earnings per share for the current fiscal year.

Bath & Body Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Friday, November 22nd. Bath & Body Works’s dividend payout ratio (DPR) is presently 19.51%.

Insiders Place Their Bets

In other Bath & Body Works news, CEO Gina Boswell purchased 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was bought at an average cost of $29.64 per share, with a total value of $177,840.00. Following the completion of the transaction, the chief executive officer now owns 242,987 shares of the company’s stock, valued at $7,202,134.68. The trade was a 2.53 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.27% of the company’s stock.

Bath & Body Works Profile

Bath & Body Works, Inc operates a specialty retailer of home fragrance, body care, and soaps and sanitizer products. It sells its products under the Bath & Body Works, White Barn, and other brand names through retail stores and e-commerce sites located in the United States and Canada, as well as through international stores operated by partners under franchise, license, and wholesale arrangements.