Sound Shore Management Inc. CT Decreases Holdings in Bath & Body Works, Inc. (NYSE:BBWI)

Sound Shore Management Inc. CT reduced its stake in shares of Bath & Body Works, Inc. (NYSE:BBWI - Free Report) by 8.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,234,214 shares of the company's stock after selling 216,378 shares during the quarter. Bath & Body Works accounts for approximately 2.9% of Sound Shore Management Inc. CT's portfolio, making the stock its 11th largest holding. Sound Shore Management Inc. CT owned 1.03% of Bath & Body Works worth $86,620,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Bath & Body Works by 32.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 52,784 shares of the company's stock worth $2,046,000 after acquiring an additional 12,964 shares during the period. Wellington Management Group LLP purchased a new position in shares of Bath & Body Works in the third quarter valued at $8,129,000. Forest Avenue Capital Management LP raised its stake in shares of Bath & Body Works by 19.1% during the 3rd quarter. Forest Avenue Capital Management LP now owns 1,467,763 shares of the company's stock worth $46,851,000 after buying an additional 235,173 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Bath & Body Works by 13.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,704,625 shares of the company's stock worth $66,088,000 after buying an additional 195,813 shares in the last quarter. Finally, iA Global Asset Management Inc. grew its stake in Bath & Body Works by 1,078.2% in the 3rd quarter. iA Global Asset Management Inc. now owns 49,331 shares of the company's stock valued at $1,575,000 after acquiring an additional 45,144 shares during the last quarter. 95.14% of the stock is owned by hedge funds and other institutional investors.

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Bath & Body Works Stock Performance

Bath & Body Works stock traded down $0.97 during trading on Friday, reaching $30.93. The company had a trading volume of 3,958,558 shares, compared to its average volume of 4,493,882. The firm has a market capitalization of $6.63 billion, a price-to-earnings ratio of 7.54, a PEG ratio of 0.92 and a beta of 1.89. Bath & Body Works, Inc. has a 12-month low of $26.21 and a 12-month high of $52.99. The stock's 50 day moving average price is $35.21 and its two-hundred day moving average price is $34.03.

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

Bath & Body Works declared that its board has approved a stock buyback plan on Thursday, February 27th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Bath & Body Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.59%. The ex-dividend date was Friday, February 21st. Bath & Body Works's dividend payout ratio is currently 21.98%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BBWI shares. Piper Sandler lifted their target price on shares of Bath & Body Works from $36.00 to $39.00 and gave the stock a "neutral" rating in a research report on Monday, January 6th. Telsey Advisory Group restated an "outperform" rating and set a $43.00 price objective on shares of Bath & Body Works in a research report on Thursday, February 27th. Cowen reaffirmed a "buy" rating on shares of Bath & Body Works in a research note on Thursday, February 27th. JPMorgan Chase & Co. set a $47.00 price target on Bath & Body Works in a report on Thursday, February 27th. Finally, Citigroup raised Bath & Body Works from a "neutral" rating to a "buy" rating and increased their price objective for the company from $40.00 to $48.00 in a research note on Friday, February 28th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $45.06.

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.