Raymond James & Associates raised its position in shares of Lululemon Athletica inc. (NASDAQ:LULU) by 89.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 114,302 shares of the apparel retailer’s stock after buying an additional 54,077 shares during the quarter. Raymond James & Associates’ holdings in Lululemon Athletica were worth $18,731,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in LULU. Oregon Public Employees Retirement Fund lifted its position in shares of Lululemon Athletica by 11,283.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,059,463 shares of the apparel retailer’s stock valued at $33,000 after buying an additional 4,023,801 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Lululemon Athletica during the fourth quarter valued at about $314,834,000. Norges Bank purchased a new stake in shares of Lululemon Athletica during the fourth quarter valued at about $161,284,000. Vanguard Group Inc lifted its position in shares of Lululemon Athletica by 10.6% during the third quarter. Vanguard Group Inc now owns 9,411,318 shares of the apparel retailer’s stock valued at $1,529,244,000 after buying an additional 899,080 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in shares of Lululemon Athletica during the fourth quarter valued at about $39,700,000. 80.26% of the stock is owned by institutional investors and hedge funds.
In other Lululemon Athletica news, COO Stuart Haselden sold 49,319 shares of the firm’s stock in a transaction that occurred on Friday, March 29th. The shares were sold at an average price of $164.62, for a total transaction of $8,118,893.78. Following the completion of the transaction, the chief operating officer now directly owns 24,685 shares of the company’s stock, valued at approximately $4,063,644.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michelle Sun Choe sold 6,170 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $170.92, for a total transaction of $1,054,576.40. Following the transaction, the insider now directly owns 11,294 shares of the company’s stock, valued at $1,930,370.48. The disclosure for this sale can be found here. Insiders have sold a total of 519,344 shares of company stock valued at $79,873,942 over the last three months. 0.32% of the stock is currently owned by insiders.
Lululemon Athletica (NASDAQ:LULU) last posted its quarterly earnings results on Wednesday, March 27th. The apparel retailer reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.11. Lululemon Athletica had a net margin of 14.71% and a return on equity of 35.49%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the firm posted $1.33 EPS. Lululemon Athletica’s revenue for the quarter was up 25.6% compared to the same quarter last year. As a group, equities analysts predict that Lululemon Athletica inc. will post 4.67 earnings per share for the current fiscal year.
Lululemon Athletica declared that its board has initiated a share repurchase program on Wednesday, March 27th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the apparel retailer to purchase up to 2.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
Several analysts have commented on LULU shares. Stifel Nicolaus increased their price target on shares of Lululemon Athletica from $152.00 to $187.00 and gave the company a “buy” rating in a research report on Thursday, March 28th. BidaskClub raised shares of Lululemon Athletica from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 22nd. Nomura reissued a “neutral” rating and set a $157.00 price target (up from $140.00) on shares of Lululemon Athletica in a research report on Tuesday, February 19th. They noted that the move was a valuation call. Oppenheimer increased their price objective on shares of Lululemon Athletica from $190.00 to $225.00 and gave the company an “outperform” rating in a research report on Wednesday, May 1st. Finally, Cowen increased their price objective on shares of Lululemon Athletica from $190.00 to $192.00 and gave the company an “outperform” rating in a research report on Thursday, March 28th. Eleven research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $175.23.
About Lululemon Athletica
lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women, men, and female youth. It operates through two segments, Company-Operated Stores and Direct to Consumer. The company offers pants, shorts, tops, and jackets for healthy lifestyle and athletic activities, such as yoga, running, and training, as well as other sweaty pursuits; and athletic wear for female youth.
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