Bank of Nova Scotia Buys New Stake in Burlington Stores, Inc. $BURL

Bank of Nova Scotia purchased a new stake in Burlington Stores, Inc. (NYSE:BURL) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 5,063 shares of the company’s stock, valued at approximately $1,604,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BURL. Elevation Point Wealth Partners LLC purchased a new position in shares of Burlington Stores during the 2nd quarter valued at about $692,000. Daiichi Life Insurance Co. Ltd. acquired a new position in shares of Burlington Stores in the 2nd quarter valued at about $989,000. Commerce Bank purchased a new stake in shares of Burlington Stores in the second quarter worth about $1,421,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Burlington Stores in the second quarter worth about $248,000. Finally, Quantbot Technologies LP acquired a new stake in Burlington Stores during the second quarter worth about $167,000.

Burlington Stores Stock Down 0.4%

Shares of NYSE BURL opened at $313.98 on Thursday. The company’s 50-day simple moving average is $341.21 and its 200-day simple moving average is $325.36. Burlington Stores, Inc. has a 52-week low of $240.49 and a 52-week high of $378.33. The firm has a market cap of $19.76 billion, a price-to-earnings ratio of 32.27, a price-to-earnings-growth ratio of 1.62 and a beta of 1.44. The company has a quick ratio of 0.49, a current ratio of 1.16 and a debt-to-equity ratio of 1.03.

Burlington Stores (NYSE:BURL) last released its earnings results on Thursday, May 28th. The company reported $2.01 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.21. Burlington Stores had a net margin of 5.24% and a return on equity of 39.93%. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.80 billion. During the same quarter in the previous year, the company earned $1.60 earnings per share. The company’s quarterly revenue was up 14.1% on a year-over-year basis. Equities analysts predict that Burlington Stores, Inc. will post 12.21 EPS for the current fiscal year.

Insider Activity at Burlington Stores

In other Burlington Stores news, CAO Stephen Ferroni sold 2,343 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $337.22, for a total transaction of $790,106.46. Following the completion of the sale, the chief accounting officer directly owned 1,391 shares in the company, valued at approximately $469,073.02. The trade was a 62.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Jennifer Vecchio sold 20,920 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $341.53, for a total value of $7,144,807.60. Following the transaction, the chief marketing officer directly owned 81,017 shares of the company’s stock, valued at $27,669,736.01. The trade was a 20.52% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 30,392 shares of company stock valued at $10,280,271. 1.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Jefferies Financial Group lifted their price target on Burlington Stores from $365.00 to $410.00 and gave the company a “buy” rating in a research report on Friday, August 14th. UBS Group upped their price objective on Burlington Stores from $435.00 to $440.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Barclays raised their price objective on shares of Burlington Stores from $365.00 to $411.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Morgan Stanley reaffirmed an “overweight” rating on shares of Burlington Stores in a report on Thursday, August 6th. Finally, Weiss Ratings cut shares of Burlington Stores from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 23rd. Thirteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $371.50.

Burlington Stores Profile

Burlington Stores, Inc is an American off-price retailer that sells apparel and home goods at discounted prices. The company’s merchandise assortment includes clothing for women, men and children, plus baby products, footwear, accessories, beauty items, toys and home décor. Burlington’s merchandising strategy focuses on offering branded and private-label goods at lower prices than traditional department stores by sourcing excess inventory, closeouts and opportunistic buys from manufacturers and other retailers.

The business traces its roots to the Burlington Coat Factory name established in the early 1970s and has since evolved into a broader off-price retailer that carries a wide range of seasonal and everyday merchandise.