1832 Asset Management L.P. Invests $35.55 Million in Lululemon Athletica Inc. (NASDAQ:LULU)

1832 Asset Management L.P. purchased a new stake in shares of Lululemon Athletica Inc. (NASDAQ:LULU) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 119,000 shares of the apparel retailer’s stock, valued at approximately $35,545,000. 1832 Asset Management L.P. owned about 0.10% of Lululemon Athletica at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Value Star Asset Management Hong Kong Ltd boosted its stake in shares of Lululemon Athletica by 19,890.3% during the second quarter. Value Star Asset Management Hong Kong Ltd now owns 4,653,746 shares of the apparel retailer’s stock valued at $1,390,074,000 after purchasing an additional 4,630,466 shares in the last quarter. Vanguard Group Inc. boosted its position in Lululemon Athletica by 32.3% during the 4th quarter. Vanguard Group Inc. now owns 9,692,969 shares of the apparel retailer’s stock worth $4,955,918,000 after buying an additional 2,369,119 shares during the period. Northern Trust Corp grew its holdings in Lululemon Athletica by 32.7% during the 4th quarter. Northern Trust Corp now owns 1,046,011 shares of the apparel retailer’s stock worth $534,815,000 after acquiring an additional 257,944 shares during the last quarter. Public Employees Retirement Association of Colorado increased its position in Lululemon Athletica by 2,485.5% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 238,664 shares of the apparel retailer’s stock valued at $122,027,000 after acquiring an additional 229,433 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Lululemon Athletica by 38.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 737,872 shares of the apparel retailer’s stock valued at $220,423,000 after acquiring an additional 203,882 shares during the period. 85.20% of the stock is currently owned by institutional investors and hedge funds.

Lululemon Athletica Trading Down 1.1 %

Shares of NASDAQ:LULU opened at $259.80 on Tuesday. The stock has a market cap of $32.48 billion, a PE ratio of 20.83, a price-to-earnings-growth ratio of 1.38 and a beta of 1.25. The stock’s fifty day simple moving average is $259.24 and its two-hundred day simple moving average is $316.11. Lululemon Athletica Inc. has a 1-year low of $226.01 and a 1-year high of $516.39.

Lululemon Athletica (NASDAQ:LULU) last released its quarterly earnings results on Thursday, August 29th. The apparel retailer reported $3.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.93 by $0.22. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.41 billion. Lululemon Athletica had a net margin of 16.34% and a return on equity of 42.59%. The firm’s revenue was up 9.1% on a year-over-year basis. During the same period last year, the firm earned $2.68 earnings per share. On average, sell-side analysts forecast that Lululemon Athletica Inc. will post 14.03 earnings per share for the current fiscal year.

Lululemon Athletica declared that its board has authorized a share buyback plan on Wednesday, June 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the apparel retailer to repurchase up to 2.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Lululemon Athletica news, CEO Calvin Mcdonald bought 4,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $260.00 per share, for a total transaction of $1,040,000.00. Following the purchase, the chief executive officer now directly owns 89,922 shares of the company’s stock, valued at approximately $23,379,720. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.48% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on LULU. Piper Sandler boosted their price objective on shares of Lululemon Athletica from $250.00 to $260.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Telsey Advisory Group reduced their price target on Lululemon Athletica from $470.00 to $360.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Robert W. Baird lowered their price objective on Lululemon Athletica from $470.00 to $350.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Stifel Nicolaus decreased their target price on shares of Lululemon Athletica from $416.00 to $370.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company dropped their price target on shares of Lululemon Athletica from $350.00 to $285.00 and set an “equal weight” rating on the stock in a research report on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, Lululemon Athletica presently has an average rating of “Moderate Buy” and an average price target of $354.94.

Lululemon Athletica Company Profile

Lululemon Athletica Inc, together with its subsidiaries, designs, distributes, and retails athletic apparel, footwear, and accessories under the lululemon brand for women and men. It offers pants, shorts, tops, and jackets for healthy lifestyle, such as yoga, running, training, and other activities. It also provides fitness-inspired accessories.