State of Michigan Retirement System trimmed its stake in shares of Ralph Lauren Co. (NYSE:RL – Get Rating) by 3.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,180 shares of the textile maker’s stock after selling 400 shares during the quarter. State of Michigan Retirement System’s holdings in Ralph Lauren were worth $1,181,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Ralph Lauren by 18.3% during the 3rd quarter. BlackRock Inc. now owns 5,918,601 shares of the textile maker’s stock worth $502,667,000 after purchasing an additional 916,317 shares during the period. Vanguard Group Inc. raised its position in shares of Ralph Lauren by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 4,927,941 shares of the textile maker’s stock worth $559,026,000 after purchasing an additional 37,574 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Ralph Lauren by 14.0% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 3,320,091 shares of the textile maker’s stock worth $281,976,000 after purchasing an additional 406,758 shares during the period. Alliancebernstein L.P. raised its position in shares of Ralph Lauren by 25.6% during the 3rd quarter. Alliancebernstein L.P. now owns 1,054,149 shares of the textile maker’s stock worth $89,529,000 after purchasing an additional 214,662 shares during the period. Finally, Royce & Associates LP raised its position in shares of Ralph Lauren by 2.2% during the 3rd quarter. Royce & Associates LP now owns 765,302 shares of the textile maker’s stock worth $64,997,000 after purchasing an additional 16,532 shares during the period. 66.09% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on the company. The Goldman Sachs Group increased their price target on Ralph Lauren from $90.00 to $100.00 and gave the stock a “sell” rating in a research report on Friday, February 10th. Barclays upgraded Ralph Lauren from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $101.00 to $134.00 in a research report on Friday, January 20th. Telsey Advisory Group restated an “outperform” rating and issued a $140.00 target price on shares of Ralph Lauren in a research report on Thursday, February 9th. Credit Suisse Group raised their target price on Ralph Lauren from $115.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, February 10th. Finally, StockNews.com began coverage on Ralph Lauren in a research report on Thursday, March 16th. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $126.57.
Ralph Lauren Stock Performance
Ralph Lauren (NYSE:RL – Get Rating) last issued its earnings results on Thursday, February 9th. The textile maker reported $3.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.91 by $0.44. The business had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Ralph Lauren had a return on equity of 22.88% and a net margin of 8.01%. The company’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.94 EPS. As a group, sell-side analysts forecast that Ralph Lauren Co. will post 8.11 earnings per share for the current fiscal year.
Ralph Lauren Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, April 14th. Investors of record on Friday, March 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend was Thursday, March 30th. Ralph Lauren’s payout ratio is 40.27%.
Insider Buying and Selling
In other news, CEO Patrice Louvet sold 18,500 shares of the firm’s stock in a transaction on Wednesday, January 18th. The stock was sold at an average price of $120.00, for a total value of $2,220,000.00. Following the completion of the sale, the chief executive officer now owns 220,832 shares of the company’s stock, valued at $26,499,840. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 36.56% of the company’s stock.
Ralph Lauren Company Profile
Ralph Lauren Corp. engages in the design, marketing, and distribution of luxury lifestyle products, including apparel, footwear and accessories, home, fragrances, and hospitality categories. The firm offers products under the brands of Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children, and Chaps.
Read More
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