Levi Strauss & Co. (NYSE:LEVI – Get Free Report) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $24.91 and last traded at $24.89, with a volume of 692744 shares. The stock had previously closed at $23.99.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on LEVI shares. BTIG Research restated a “buy” rating and set a $27.00 target price on shares of Levi Strauss & Co. in a research report on Wednesday, April 8th. UBS Group boosted their price objective on Levi Strauss & Co. from $33.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $27.00 target price on shares of Levi Strauss & Co. in a research note on Wednesday, April 1st. Raymond James Financial reissued an “outperform” rating and issued a $25.00 price target on shares of Levi Strauss & Co. in a research note on Monday, May 4th. Finally, Weiss Ratings upgraded Levi Strauss & Co. from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Thirteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $26.79.
Check Out Our Latest Research Report on Levi Strauss & Co.
Levi Strauss & Co. Stock Up 3.2%
Levi Strauss & Co. (NYSE:LEVI – Get Free Report) last released its earnings results on Tuesday, April 7th. The blue-jean maker reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.65 billion. Levi Strauss & Co. had a net margin of 9.52% and a return on equity of 25.35%. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 earnings per share. Equities research analysts anticipate that Levi Strauss & Co. will post 1.5 EPS for the current year.
Levi Strauss & Co. Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 6th. Investors of record on Wednesday, April 22nd were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.3%. The ex-dividend date was Wednesday, April 22nd. Levi Strauss & Co.’s payout ratio is 35.67%.
Insider Activity at Levi Strauss & Co.
In other news, major shareholder Robert D. Haas sold 488,851 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $24.11, for a total transaction of $11,786,197.61. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder E. Haas Jr. Family Fund Peter sold 145,662 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $24.01, for a total transaction of $3,497,344.62. Following the completion of the transaction, the insider owned 145,662 shares of the company’s stock, valued at $3,497,344.62. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,468,570 shares of company stock worth $34,136,152 over the last 90 days. Company insiders own 1.08% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Levi Strauss & Co. by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 9,320,747 shares of the blue-jean maker’s stock valued at $193,312,000 after acquiring an additional 342,009 shares during the period. Bank of New York Mellon Corp increased its stake in Levi Strauss & Co. by 462.4% in the 1st quarter. Bank of New York Mellon Corp now owns 4,839,861 shares of the blue-jean maker’s stock valued at $89,489,000 after purchasing an additional 3,979,223 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Levi Strauss & Co. by 44.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,243,680 shares of the blue-jean maker’s stock worth $88,014,000 after purchasing an additional 1,296,474 shares during the last quarter. Balyasny Asset Management L.P. raised its holdings in Levi Strauss & Co. by 9.3% during the third quarter. Balyasny Asset Management L.P. now owns 3,457,702 shares of the blue-jean maker’s stock worth $80,564,000 after purchasing an additional 294,053 shares during the last quarter. Finally, GW&K Investment Management LLC grew its holdings in Levi Strauss & Co. by 31.5% in the fourth quarter. GW&K Investment Management LLC now owns 2,219,599 shares of the blue-jean maker’s stock valued at $46,034,000 after purchasing an additional 531,963 shares during the last quarter. 69.14% of the stock is owned by hedge funds and other institutional investors.
About Levi Strauss & Co.
Levi Strauss & Co is a global apparel company best known for its denim jeans and casual wear. Founded in 1853 in San Francisco by Bavarian immigrant Levi Strauss, the company pioneered the modern blue jean with the introduction of rivet-reinforced work pants. Over its more than 160-year history, Levi Strauss has evolved into a lifestyle brand, offering a broad portfolio that includes denim for men, women and children, as well as tops, outerwear, footwear and accessories.
The company’s flagship label, Levi’s®, is recognized worldwide for its iconic styles such as the 501® Original Fit Jeans, while additional brands, including Dockers®, Target core metric, and Denizen® by Levi’s, cater to diverse price points and consumer segments.
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