Barclays Cuts Bath & Body Works (NYSE:BBWI) Price Target to $31.00

Bath & Body Works (NYSE:BBWI) had its price target lowered by Barclays from $38.00 to $31.00 in a report released on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

BBWI has been the subject of several other reports. Robert W. Baird raised their target price on Bath & Body Works from $45.00 to $47.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. Raymond James reduced their target price on Bath & Body Works from $46.00 to $37.00 and set an “outperform” rating for the company in a research report on Thursday, April 17th. JPMorgan Chase & Co. reduced their target price on Bath & Body Works from $47.00 to $41.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Piper Sandler upgraded Bath & Body Works from a “neutral” rating to an “overweight” rating and dropped their price objective for the stock from $38.00 to $35.00 in a research note on Wednesday, April 9th. Finally, Cowen reiterated a “buy” rating on shares of Bath & Body Works in a research note on Thursday, February 27th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bath & Body Works currently has an average rating of “Moderate Buy” and a consensus price target of $41.69.

Bath & Body Works Trading Up 0.3%

BBWI opened at $33.77 on Monday. Bath & Body Works has a 1-year low of $24.96 and a 1-year high of $52.99. The stock has a market capitalization of $7.19 billion, a price-to-earnings ratio of 8.24, a P/E/G ratio of 0.92 and a beta of 1.87. The business has a 50 day moving average of $29.82 and a 200-day moving average of $33.86.

Bath & Body Works (NYSE:BBWI) last posted its quarterly earnings data on Thursday, February 27th. The company reported $2.09 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.05. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.78 billion. Bath & Body Works had a negative return on equity of 44.03% and a net margin of 12.43%. Equities analysts predict that Bath & Body Works will post 3.3 EPS for the current year.

Bath & Body Works announced that its Board of Directors has authorized a share buyback plan on Thursday, February 27th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Bath & Body Works

Hedge funds and other institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Bath & Body Works by 32.6% in the fourth 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 in the last quarter. PNC Financial Services Group Inc. increased its position in Bath & Body Works by 5.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 88,423 shares of the company’s stock worth $3,428,000 after purchasing an additional 4,625 shares during the period. Kovitz Investment Group Partners LLC acquired a new stake in Bath & Body Works in the fourth quarter worth about $258,000. Charles Schwab Investment Management Inc. increased its position in Bath & Body Works by 13.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,704,625 shares of the company’s stock worth $66,088,000 after purchasing an additional 195,813 shares during the period. Finally, New Age Alpha Advisors LLC acquired a new stake in Bath & Body Works in the fourth quarter worth about $1,350,000. 95.14% of the stock is currently owned by institutional investors and hedge funds.

About Bath & Body Works

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.